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Diamonds Are Forever, but What About Their Appeal?

Millennials are said to be uninterested in diamonds, but the industry isn't so sure.

Millennials are easy to hate. They've apparently killed the department store. They're overeating avocado toast. And now they're giving grief to the diamond industry, or so say news headlines this past year.

 The diamond industry itself, however, maintains a sunny outlook, according to the CEO of the Diamond Producers Association, Jean-Marc Lieberherr. But even if it is, the DPA's got it covered: From its members, the association has a $57 million budget this year to promote diamonds as a categorical product, $50 million of which will target the U.S. market.

 The DPA is made up of the world's seven top diamond miners. The most famous one, De Beers, is responsible for the first and only other diamond campaign in history: "A Diamond is Forever." But this campaign was retired in 2008, and about 10 years later, the DPA came up with a new catch phrase, "Real is Rare," meant for the ears-and the hearts-of Millennials.

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