Why younger generation will prefer DOM to buy diamonds

Younger generations of consumers, millennials and Generation Z, are the main users of modern digital technologies. Buying something in the internet is very common for this group, while significant part of them even use cryptocurrencies, although the area of their application is not big yet. The spending power of the young people is getting more and more every decade. These young consumers are already causing different markets to rethink their sales and marketing strategies.

But what’s most important is that younger generations consider the opinions of social influencers when making a purchase, they read customer reviews and how many ‘likes’ does the project have. That is why they prefer shopping in social medias and marketplaces like Aliexpress rather than going to a retail shop and buy something there.

Demand for diamonds from the people of this generations will depend on the industry’s ability to find a modern approach. De Beers and Alrosa both identify origin of their stones by blockchain called Tracr. But the blockchain capabilities are much more than only tracking the goods. Monopolists use blockchain in a quite limited manner.

Diamond Open Market, which is building on one of the best blockchain systems EOS, will present whole range of modern opportunities and real blockchain use-cases like paying by cryptocurrencies and using smart contracts, enabling to adjust a deal to the every party’s needs. Diamond Open Market will also have repo system for the participants, basing on which customers will be able to quickly find verified and trustful counterparties. These benefits along with transparency will make DOM an attractive platform for younger generations.