Diamonds shine with millennials

India, are considered the most crucial components of the $80 billion global diamond market.

Gone is the motto “diamonds are forever” that was introduced after World War II and popularized by Marilyn Monroe, who sang of America Merrill Lynch said in a research note.

“They tend to be more value conscious, more concerned with sustainability and ethical production, and often value unique and individual products versus items that are standardized and mass-produced.”

Another shift has been greater use of diamonds as an accessory and not simply for rings. Jewelers are making creative uses of the four “C’s” — cut, clarity, carat weight and color.

Popular choices include diamonds in red, coffee or champagne colors. Sales of so-called “designer” diamonds as accessories now comprise 60 percent of the US total, with solitary diamonds at 40 percent.

While diamond sellers are more confident they have cracked the millennial code, there are some challenges on the horizon.

Most worrisome is the trend of more consumers preferring cheaper synthetic diamonds, such as those made by California startup Diamond Foundry, which is backed by actor Leonardo DiCaprio, the star of the 2007 movie Blood Diamond.

Growth of synthetic diamonds has taken market share from giants such as Tiffany, Blue Nile and Signet Jewelers.