Diamonds not forever to millennial generation

London

IN THE diamond industry, even the crooks are old-fashioned.

The ringleaders jailed for a US$20 million jewellery heist in London last year were in their sixties and seventies, so it's no surprise they'd go after the gems. They're old enough to remember when advertisers said that diamonds were forever and Marilyn Monroe sang that they were a girl's best friend.

Not any more. Diamonds are losing their allure for many consumers more interested in spending money on vacations, fancy handbags and high-tech gadgets. Mine owners such as De Beers - who helped dream up those successful marketing campaigns in years past - have been unable to…