As the millennials' role in the jewelry market gets increasingly larger, Hong Kong jeweler Chow Tai Fook, one of the prominent and influential players in the market, is giving an artistic touch to its product designs, to attract younger consumers.
Chow Tai Fook brought on board two popular South Korean stars, Lee Minho and G-Dragon, as part of its branding campaign, especially in jewel design segment.
In 2014, it acquired Hearts on Fire, a US premium diamond brand, to enlarge its collections, such as premium diamond and bridal jewelry.
"Influenced by the Western lifestyle, the millennial generation has been more and more fond of cultural aspects like memorable marriage proposals and dream weddings. Diamonds fit in with this theme," said a spokesperson of Chow Tai Fook who sought anonymity.
"An increasing number of young Chinese women choose diamond ornaments for everyday wear. Last year, we launched some new jewelry collections. They are not only fashionable but relatively lower priced and affordable for young consumers," he said.
Agreed Neil Wang, president of market research agency Frost & Sullivan Greater China. "Consumers shopping for diamonds have evolved from rings to decorations. These days, consumers tend to own multiple diamond ornaments. Diamond purchases are likely to become more common."