There is a noticeable shift in how millennials and Gen Z purchase compared to previous generations. These modern tastes have led to a new tradition in jewelry shopping among this generation.
It may surprise you to know that Millennials and Gen Z account for two-thirds of all diamond jewelry sales, with used/pre-owned jewelry being a popular trend among them. This led to the rise in the used jewelry resale market and Diamond Banque is emerging to be a player when it comes to the peace of mind associated with the quality of the jewelry for the buyer.
But why do they prefer to buy used jewelry, watches, and luxury accessories? Is it a cost-cutting strategy or something else? Let us delve deeper to find this out. The reasons can be obvious that you may also consider while buying such luxury accessories-
BUYING USED JEWELRY-COST-CUTTING STRATEGY? - “NO”
This generation does not perceive buying used jewelry as a way to save money, rather there are several reasons why this generation prefers buying used jewelry, watches, and luxury accessories.
Sustainability and Eco-friendly- Manufacturing new jewelry or watches contributes to hazardous by-products that harm wildlife habitats and water resources. Extending the life of used jewelry means less mining and air pollution, in short, less or no harm to the environment.
- millennials and Gen Z are aware and concerned about these climatic worsening conditions and that is why they consider sustainability when making a purchasing decision.
No compromise on quality- You definitely would not prefer to put yourself in a situation where your jewelry or watch experiences break or wear and tear in a short period after the purchase. Second-hand jewelry has already stood the test of quality. There is a big misconception that used jewelry is of poor quality however, there is far from the truth. Retailers who sell used jewelry maintain the quality standards as that of new jewelry. Because premium jewelry is made to last a lifetime, it appears brand new once polished. Even the refurbished rings, watches, bracelets, and accessories, necklaces look as stunning as they were new.
- It’s not about cheap, it's about better pricing and value- Assets lose value over time, such as when you buy a car, its worth drops year after year. However, buying used jewelry gives greater value and pricing because it contains high-value metals and jewels that you will find in new jewelry. The jewelry has unique intrinsic worth. Even if they lose their initial worth, they are unlikely to depreciate anymore.
- Own the past- A piece of vintage jewelry will have a story to tell, and emotions to relate to. Many people enjoy imagining the life and events that antique jewelry has witnessed, as well as the memories that it holds. Maybe your cocktail ring belonged to a famous socialite, or maybe your locket was a gift from one lover to another.
- Pass the past down to future generations - Certain eras of jewelry would be forgotten if people did not buy used jewelry. Purchasing used jewelry helps to preserve the past for future generations, allowing them to appreciate each era of vintage jewelry.
It is critical to preserve the history of these outstanding works. Once in your family, pre-owned items can easily be passed down to the generations. These are works of art that can be preserved for future generations to appreciate and remember for a long time.
If you are under the assumption of “new is better”, you are mistaken. The fact that millennials and Gen Z understand the above-mentioned facts indicates that the jewelry resale market will continue to surge in the near future with no signs of slowing down. Diamond Banque is a premier jewelry buyer and lender, the focuses on these aspects to offer the used jewelry to the people and make them buy it enthusiastically.
From the above discussion, it is very much clear that you should also opt to buy used jewelry because of the various benefits it offers. From fantastic design and quality, sustainability, and better value, the reasons are immense.