ix) Diamonds (over the years it has continually re-invented itself)

In the USA, after World War II (1945), the diamond industry ran a successful marketing campaign to establish a diamond ring as the most appropriate way to celebrate an engagement and/or wedding. In the late 1960s, the diamond industry repeated its success in Japan with the penetration of engagement rings going from less than 10% to around 60% in less than 20 years (Peter Ker 2018). In more recent years the industry has struggled. It was expected that countries with rising wealth like China and India would follow the same trend as the US and Japan. This has not happened. Some reasons for the decline in the diamond industry's profitability and popularity include

- too many layers of middle-men, all adding to the cost, like traders, polishers, cutters, etc between the diamond miners and the customers of diamonds

- synthetic diamonds which are grown in labs

- image of diamonds tarnished as they are used to finance conflicts and exploit diamond mine workers

- the slowing economies of India and China

- increased supply of diamonds

- declining marriage rates in most developing countries, eg from 70+ % (1960s) of all adults to around 50% (2018) in USA (Peter Ker 2018)

- reduced advertising expenditure by diamond industry

The industry is hoping for increasing demand for diamonds (2018)

- in places like India and China with their growing economies

- increasing purchase power of the millenniums

- same-sex marriage interest

- synthetic diamonds seen as less of a challenge to the upmarket, higher quality diamonds

- increase advertising and promotions

- some major diamond mines closing

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