Millennials spent more than US$25 billion on diamond jewellery in 2015 in the four largest consumer markets, acquiring more than any other generation, according to The Diamond Insight Report 2016, published this week by The De Beers Group of Companies.
Despite Millennials (those aged 15-34 in 2015) facing more financial challenges than their parents’ generation, they already account for almost half of the total retail value of new diamond jewellery acquired in the four largest markets – the US, China, Japan and India.
In the top four markets, which account for 73 per cent of global diamond jewellery demand, the potential Millennial market for diamond jewellery is more than 220 million people. Meanwhile, the Millennial generation is not expected to reach its most affluent life stage for another 10 years, meaning this demographic also represents the diamond sector’s largest growth opportunity.
Millennial consumers also display particular purchasing trends. For example, self-purchasing of diamond jewellery is an important and growing acquisition route among Millennials, with this generation’s self-purchases in the US representing 31 per cent of all non-bridal diamond jewellery pieces acquired in 2015. Given the differences from previous generations’ buying behaviours, the diamond industry will need to adopt effective strategies for maintaining and growing demand from the Millennial consumer group.
Alongside suggesting ways in which the industry could capitalise on the opportunity with the Millennial generation, the report also found that:
Despite lower rough diamond demand in 2015, consumer diamond jewellery demand remained robust at US$79 billion, driven by five per cent growth in the US.
China, the second largest market, also saw growth, albeit at a lower rate (three per cent in local currency). In India, consumer demand slowed as a result of a more restricted consumer credit environment and overall weakness in consumer spending.
Consumer demand growth will continue to be generated from the US and Asia, particularly China and India, driven by increasing household income over the next 10 years.
Bruce Cleaver, CEO, De Beers Group, said: “Millennials are already expressing very strong demand for diamond jewellery in the major consumer markets, acquiring more than any other generation.
“Most encouragingly, however, Millennials are still 10 years away from their most affluent life stage and the generation comprises more than 220 million potential diamond consumers in the four main markets. The diamond industry therefore has a major opportunity on the horizon but it will only capitalise on it fully if it continues to innovate and invest across the value chain.”
Cleaver says 2014 was a record year for consumer diamond jewellery demand and also a strong year for rough diamond demand. 2015, however, saw a more contrasting performance. While consumer diamond demand remained reasonably strong, rough diamond demand fell.
“With the first half of 2016 showing signs of more stable conditions returning, it is clear that volatility in the diamond sector is not a short-term phenomenon, but the new normal.
The sector has shown itself consistently to be resilient – in the face of financial crises, fluctuating demand and increased competition from other luxury categories.
But the pace of change is quickening and, as a sector, we cannot look to the past for solutions to tomorrow’s challenges. As our research with Millennials shows, tomorrow’s consumers are not the same as yesterday’s. However, they do share many of the same views as older generations. It is perhaps because of this that diamonds are high on their wish list.”
Cleaver added: Indeed, they spent nearly US$26 billion on diamond jewellery in the four main markets last year, acquiring more than any other generation. And, perhaps most encouragingly, Millennials are still 10 years away from their most affluent life stage, presenting a significant opportunity for the sector to capitalise fully on a generation comprising more than 220 million potential diamond consumers in the four main markets.
Prices for cereals or staple foods in Botswana and other Southern African countries continue to rise at a slower pace, following trends in the global markets, according to the latest November 2022 Food Price Monitoring and Analysis by Food Agricultural Organization (FAO) of the United Nations.
Running a digital businessMTN Business Solutions Botswana, popularly known as MTN Business is an Internet Service Provider. We are a subsidiary of MTN Group Limited, a multinational telecommunications Group headquartered in South Africa, which operates in 19 markets across Africa and the Middle East.
More and more, clients are looking for ways to keep their staff productive in a dynamically changing business environment. Whether your people are working from home, the office or abroad, there is a growing recognition that digitising your operations can offer unprecedented commercial value in flexibility, productivity and growth. This new, digital reality means that it is more important than ever to stay agile – if there is anything that can slow a business down, it is being burdened by othatld technology.
Having made substantial investments in fibre technology, high-speed terrestrial and undersea networks and new frequency spectrum across the markets wherein it operates, MTN is perfectly positioned to respond to this shift in the market.
A few years ago, MTN also made the decision to build an IP capable radio network for its mobile services, giving its core network the ability to seamlessly integrate with enterprise IP networks. The mobile towers deliver services to enterprise clients absolutely anywhere it has a network, shortening the last mile and removing complexity and cost.
Now there is increasing demand from clients to connect their remote sites in all areas, including rural and semi- rural. MTN has assisted clients with overcoming this connectivity hurdle, enabling their staff to get the job done wherever they are.
For MTN, the focus has shifted from just being a core telecommunications services provider, towards also becoming a technology solutions provider. The service offering now also includes Unified Communications, Data Hosting and Cloud Solutions, Security-As-A-Service and Managed Network Services. The scope has changed to being client and industry specific, so the requirements and service portfolio vary from one client to the next. The expectation is that a company like MTN must respond to these challenges, helping clients to get business done better as they shift from old to new technologies.
As many businesses continue to grapple with a digitally dynamic world, they face new challenges that have to be solved. This environment will benefit those that are more digitally enabled and agile. It is a brave new world that will favour online over on-site, wireless over wired and fluid over formulaic. Businesses will seek out partners and suppliers that are every bit as flexible and forward-looking as they are.
Ultimately, clients need partners like MTN Business that will invest in infrastructure, deliver the services they require, have market credibility, are financially sound and have a long-term commitment to their market presence.
Botswana Institution Of Engineers (BIE), has last week hosted a gala dinner in which they appreciated engineers who worked tirelessly and with dedication for 10 years from 1983 to steer the BIE to its current status.
The event that was held at the Phakalane Golf Estate had brought together young, experienced and veteran engineers and was held under the theme “Vitalize the dignity and eminence of all professional engineers”.
Explaining the theme, the institution’s treasurer, Thanabalasingam Raveendran said that engineers were looked upon reverentially with respect as the educated but with time it seems to have deteriorated. He indicated that there is a need to change the narrative by all means.
“The BIE exists for the welfare and the betterment of us Botswana engineers, we need to recognize specialised units within our Institution. We Engineers strongly believe in Engineers make it happen” Raveendran said.
He indicated that under the theme they appeal to all engineers to energize, to attain quality of being worthy of honour and respect and to achieve recognized superiority amongst the Society.
Raveendran stated that engineers need to ensure their end product is of good quality satisfying the end users expectations and engineers must be honest in their work.
“Approximately 8000 engineers registered with Engineering Regulatory Board (ERB) are not members of the BIE, engineers need to make every effort to recruit them to BIE” he said.
He alluded that BIE being a society, it currently needs to upgrade itself at par with professional institutions elsewhere like the UK and USA.
He further stated that BIE has to have engineering units of specialised disciplines like Civil/Mechanical/electrical etc
“As President Masisi indicated in his inaugural speech, the young people, who make 60 percent of the population of this country, are the future leaders and therefore investing in them is building the bridge to the future” said Raveendran
Kandima indicated that BIE has a memorandum of Understanding with Engineers Registration Board (ERB), where BIE is a recognised provider of CPD training, mentorship programmes and more importantly IPD undertaking to upgrade the skills and know-how of our engineers.
“For us to achieve our mandate and make worthwhile changes to engineering in Botswana, we have to be totally focused and act with intent” said Kandima.
Furthermore, Stephen Williams, past president of the BIE from 1986-1988 told the engineers that the BIE provides a fertile environment where they can meet, share ideas and grow professionally.
“The BIE is also a nesting place for graduate engineers to learn from their peers and seniors, it also cater for engineering technicians and technologists and so nobody in the technology field is left out” he said.
He further indicated that Botswana Government provides a conductive environment for growth of engineering professionals.
“It must be stated that the Botswana Government recognises the existence of BIE and it can further be stated that the government enables ERB to carry out its mandate as a regulator of engineering professionals” said Williams
He plead with engineering companies to recognize and support BIE as it is the only source of engineering personnel’s for various Industries .
Furthermore, when giving his farewell speech, Michael Pinard , a past president of the institution said how they are viewed as engineers by the general public might be due to some lack of appreciation as to exactly what role they play in the development of the country.
“The BIE slogan is aptly coined-Engineers make it happen, in other words, what man dreams engineers create” Said Pinard.