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    De Beers’ Gen Z diamond rebound: demand signals and price outlook for miners

    June 13, 2026|

    Reviewed by Tom Sullivan

    De Beers’ Gen Z diamond rebound: demand signals and price outlook for miners

    First reported on MINING.com

    30 Second Briefing

    Gen Z buyers are driving a rebound in US natural diamond demand, accounting for 23% of value while only 18% of the population, with average spend per purchase of $4,080 versus $2,250 for Baby Boomers and average stone sizes rising to 1.86 carats. De Beers’ data from 950 independent US jewellers show natural diamonds still command 85% of diamond jewellery sales value, despite lab-grown competition and total natural supply falling towards 90 million carats, the lowest since 1987. For Botswana, Angola, Namibia, South Africa and Lesotho, stabilising US demand and the Luanda Accord’s 1% rough-revenue marketing fund could support mine revenues and rough prices after several weak years.

    Technical Brief

    • De Beers’ US Diamond Acquisition Study surveyed 18,500 women, giving unusually granular demand segmentation data.
    • Natural diamonds were the top-ranked luxury gift for 11% of respondents, ahead of lab-grown at 8%.
    • Coloured gemstones and plain gold trailed far behind in stated desirability, at 5% and 4% respectively.
    • Average natural diamond jewellery ticket prices rose 25% year-on-year, from $3,242 to $4,063.
    • Bridal still dominates but only accounts for 45% of Gen Z natural diamond demand, indicating diversification of use-cases.
    • Non-bridal purchases now include promotions, career milestones, birthdays and self-reward, smoothing demand beyond engagement seasonality.
    • De Beers–Signet “Worth the Wait” campaign (launched October 2024) targets Zillennials with milestone-focused messaging.
    • Luanda Accord allocates 1% of rough diamond revenues to a Natural Diamond Council marketing fund.
    • Analyst Paul Zimnisky estimates 2026 natural diamond supply at ~90 million carats, the lowest since 1987.
    • Zimnisky reports early rough-price support, suggesting tightening supply–demand balance after four years of contraction.

    Our Take

    The rebound in natural diamond demand that De Beers is attributing to Gen Z comes as Anglo American has written De Beers down to $2.3 billion and is exploring an exit, so sustained US bridal and gifting demand will be central to any valuation case for potential buyers such as Botswana’s proposed sovereign-backed vehicle.

    With natural diamond supply estimated around 90 million carats versus 150 million carats historically, De Beers’ upstream technology push noted in our recent coverage suggests a parallel strategy: squeeze more value from a structurally tighter supply base through higher average prices and improved recovery rather than chasing volume growth.

    In our database of diamond-tagged mining pieces, only a handful link consumer behaviour metrics (like Gen Z’s 23% share of US natural diamond demand) directly to upstream strategy, which signals De Beers is unusually explicit in tying mine-side decisions and marketing spend (e.g. the 1% Luanda Accord contribution) to retail demographic data.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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