The CEO faces backlash after blaming younger generations for the company’s declining diamond sales, calling them “worthless” in a controversial statement.
International Diamond Enterprises (IDE) is a major player in the luxury jewelry market, and because of a recent statement the company is under fire. Its CEO made incendiary comments blaming millennials and Gen Z for the company’s slumping sales. The CEO lamented on social media that “millennials and younger generations are worthless and refuse to buy our product,” sparking widespread outrage and a sharp drop in the company’s stock.
The statement, which was intended to explain IDE’s declining revenues, instead ignited a backlash, with many accusing the company of being out of touch with modern values. Critics argue that younger consumers are increasingly turning away from traditional diamonds, driven by ethical concerns and changing priorities—a shift that IDE seems reluctant to acknowledge.
The social media post has now been removed, and as the company scrambles to repair its image, the damage may already be done, proving that in today’s market, consumer trust is more valuable than any gemstone.