view transcript

Katherine: Millennials and Gen Zers are very influencer focused. They're very social media focus. They're doing a lot more research than just walking into a store. How does that change the advertising strategies for a lot of these companies?

Debbie: So retailers are, really, again, through omni-channel approaches and coming up with new and innovative ways of selling diamonds and marketing diamonds to, whether it's millennials or Gen Xers. Um, they're really stepping up their game. They're offering different kinds of product that's more, um, consumer focused or more generation based. You know, a lot of, a lot of consumers today want to know where their diamonds came from. So at GSI, we were actually one of the first laboratories to offer a mines to market report that tells you where your diamond came from and all about the diamonds entire journey from the mine all the way to the market.

Katherine: According to De Beers 2018 diamond insight study, millennials make up 41% of diamond jewelry sales. So I'm wondering why are we seeing such high numbers from a generation who's afraid to buy a house?

Debbie: Well, I think with diamonds and jewelry, there's always that sentimental value that people continue to appreciate. And I think it's also important to note that diamonds make you feel good. They make you look good, but they also do a lot of good around the world. Um, every time you buy a diamond, you're helping to create economic stability in emerging countries and helping to provide jobs, clean water, education to citizens.

Katherine: That's definitely a different approach than a lot of millennials would think. Right. Okay. So let's look at influencers. Now, I've mentioned them previously, but I'm wondering within the diamond industry itself, when it's within the jewelry industry, how important are influencers?

Debbie: Influencers, I think, are important in every industry. Um, you know, but at the end of the day, I think that, um, retailers just are continuing to put their best foot forward. Um, they're working together with celebrities. They're building brands, they're making jewelry and diamonds, much more exciting for consumers, and they're just looking for innovative, new ways to sell their diamonds, both online and in store.

Katherine: Debbie, thank you for joining me.

Debbie: Thank you for having me.

Just like every other retailer, diamond companies are also having to take a close look at their online presences and their sustainability. 

Debbie Azar, president and co-founder of Gemological Science International, sat down with TheStreet to discuss the diamond industry. 

She covered how the retail market for diamonds has changed, how companies are using influencers to promote their products and why such a high number of millennials are buying diamonds. 

So, how are retailers appealing to the younger generations?

"So retailers [are going] through omnichannel approaches and coming up with new and innovative ways of selling diamonds and marketing diamonds to, whether it's millennials or Gen Xers. Um, they're really stepping up their game. They're offering different kinds of product that's more, um, consumer-focused or more generation based. You know, a lot of, a lot of consumers today want to know where their diamonds came from. So at GSI, we were actually one of the first laboratories to offer a mines-to-market report that tells you where your diamond came from and all about the diamonds entire journey from the mine all the way to the market," responded Azar.
 
Want to see what else she has to say about influencers? Watch the full video. 

Amazon's Taking a Celebrity Twist on Prime Day