All that hype and not much to show for it. While I agree that introducing new domain extensions is a good idea considering how much the internet has grown; I can’t say that I recommend using one of the new gTLDs extensions.
There are a few reasons why choosing a new gTLD extension may not be as great as it seems.
The main disadvantage of using one of the new gTLD domains is the general public’s lack of awareness of them. Everyone knows what you mean when you say “My website is diamondrings.com”, but it’s not the same when the domain name is something like diamondrings.luxury. Try using such a domain with some people you know and you’ll be sure to get a few “huh…” or “what do you mean by .luxury?”. That’s not good. After all, a domain is the virtual real estate of your website. If your domain is not memorable or people aren’t familiar with its extension, then that means the location of your web real estate is not that great.
Maybe in the future this will change, and these new extensions will become common knowledge in our society. However I don’t see them gaining any significant traction in the near term. For the foreseeable future, .coms will still be king. This is why the majority of domainers have not dwell in the space since their release.
On a less significant note, but nevertheless relevant, most of the gTLDs extensions are longer and slightly more expensive to register and renew. I don’t think I need to explain why a shorter domain is better than a longer one. And while the slightly pricer registration/renewal cost is not a big deal in the grand scheme of things; it is something to keep in mind if your business model involves creating multiple websites.