We’ve all heard the age-old adage that diamonds are a girl’s best friend, but unless you or your partner earns a six-figure salary, the diamond engagement ring sitting on your finger can often become a constant reminder of nerve-wracking debt. But that doesn't mean you can't splash less cash for an equally impressive rock.
Enter Moissanite, a clear, sparkly jewel that a rising number of Millennials are choosing over diamonds. Around 5 years ago, not too many people had heard of Moissanite. Fast forward to now, and Moissanite is fast becoming a go-to for many millennials, not only demanding the spotlight on Esty and Instagram, but retailing in jewellery stores across the globe.
Here at Moi Moi Fine Jewellery we’ve seen a huge shift in attitudes towards engagement rings, as more and more people become aware of the benefits of diamond-alternatives.
With our launch of the newest generation of Moissanite - SUPERNOVA Moissanite, with the largest range of shapes and sizes of colourless Moissanite in the world – we hope to continue to grow this increased awareness of diamond-alternatives.
Let’s explore a few of the key reasons why things are changing.
With information at people’s fingertips with the internet, Millenials are more educated today.
Diamonds have been a symbol of Hollywood glamour and elegance ever since Marilyn Monroe declared them to be a girl's best friend in the film Gentlemen Prefer Blondes. However, with the abundance of information readily available, Millennials are quickly educating themselves about the real and very unglamorous practices that surround the international diamond trade.
We are more aware than ever about the devastating impacts of conflict diamonds (the release of Blood Diamond didn’t hurt), and the masses are eagerly looking for conflict-free alternatives.
When it comes to Moissanite, the impact on the environment is minimal compared to strip mining. Not only that, but Moissanite is 100% conflict free with a guaranteed origin, making it the preferred choice for the socially responsible Millennial.
Millenials prefer to spend their money on things like travel, houses, honeymoons, weddings than their engagement ring.
It’s no secret that traditional expenses such as food, transport and housing costs are much higher for young people today compared to that experienced by their parents at the same age.
A generation ago the average house price was 5 times annual average earnings, while today the average house price is more than 10 times the average annual full time earnings of $72, 000.
Gen Y also have a whole new set of expenses that come with being a Millennial; student debt, phone bills and internet expenses just to name a few.
All of these accumulated expenses have led to an exponential shift in millennial priorities. With what’s remaining, Millennial’s are much more likely to spend their precious cash on life experiences such as their first home and travel, rather than blow it all on the engagement ring or extravagant wedding.
For this reason millennials are seeking more affordable diamond-alternatives such as Moissanite, which 90-95% less expensive than a diamond, for the same size and superior grade.
Moissanite is a smarter purchase.
You must be thinking: if this jewel is so much cheaper it must have lesser quality right?
In actuality, Moissanite jewels have higher brilliance, fire and lustre than diamonds, making it the smarter purchase in every regard. It is on the leading edge of beauty and value centred with a foundation in social responsibility.
In fact, while Moissanite is gaining momentum in popularity and value, the value of diamonds is plummeting.
The once believed notion that a diamond ring is an investment piece is losing its legitimacy, with prices at an all-time low and depreciation at an all-time high. This is an inevitable and permanent slowdown of the diamond industry according to the Wall Street Journal.
Millennials are by no means naive, becoming more environmentally conscious and financially-savvy than ever before. Thus, they now understand that diamonds are clearly not the smartest purchase they can make in terms of quality, beauty, value and sustainability. So move over diamonds, Moissanite is the new girl’s best friend.
Moi Moi Fine Jewellery Founders and designing sister duo - Lauren Chang Sommer and Alana Chang Weirick - discovered Moissanite in 2004. The captivating brilliance of the jewel and the very attractive price point encouraged them to take a leap of faith and start their own business, offering consumers an alternative choice for their engagement rings. The sisters have since pioneered a whole new category of fine jewellery in Australia, more recently developing their own Moissanite jewel called SUPERNOVA Moissanite. For more information visit the Moi Moi website.