In a comprehensive consumer study, The Plumb Club Industry and Market Insights 2021 reveals numerous opportunities for the jewelry industry when it comes to consumers and lab-grown diamonds.
When presented with the opportunity to buy a diamond, 84% of consumers responded that they would prefer to buy natural diamonds, while 16% said that they would prefer a lab-grown diamond. However, deeper probing indicated that there may be several reasons for this disparity.
Reinforcing the need for the industry to educate the public, 21% of consumers said that they were not aware of lab-grown diamonds. Although 79% said that they were aware of lab-grown diamonds and their use in fine jewelry, 41% admitted to not knowing the differences between natural and lab-grown.
What a consumer intends to purchase, plays a role in the consideration of natural or lab-grown diamonds. From a category perspective, 83% of consumers said that they would consider buying a piece of fashion jewelry (jewelry other than engagement rings, wedding or anniversary rings) that contained lab-grown diamonds. When discussing the engagement ring however, the number drops to 65% of consumers who would consider buying a lab-grown diamond.
For both fashion jewelry and engagement rings, the key factors for purchasing a lab-grown diamond piece appear to be lower price (37%), differential in size for the money (25%), ethical reasons (20%) and environmental reasons (18%).
The styling of a piece of jewelry also seems to be indicative of preference. When consumers were asked, “If you were to buy a lab-grown or natural diamond, what type of design would you prefer?”, the breakdown is as follows:
- 47% said that if they were buying lab-grown, they would prefer a modern and fashionable design (compared to 38% who said they would prefer that type of design when buying a natural diamond).
- 49% said if they were buying natural diamonds, they would prefer more traditional and classic styling, as opposed to 37% who preferred that style when buying lab-grown diamonds.
- When it comes buying lab-grown or natural diamonds in vintage styling, the numbers are more evenly split with 16% for lab-grown diamonds and 14% for natural diamonds.
The findings above were part of an expansive multi-focused study initiated by The Plumb Club, a coalition of 45 best-in-class suppliers to the jewelry and watch industry. The study was conducted in the first half of 2021 with a sampling of 1,049 men and women from ages 25-60 with a focus on 10 test markets across the US. It was done with the help of Paola Deluca, The Futurist and Qualtrics.
Additional information from this expansive research will be shared at the JCK Show in Las Vegas. Any retailer wishing more information on The Plumb Club Industry & Market Insights 2021 should contact a Plumb Club Member
About The Plumb Club
Founded in 1983 by a small group of distinguished manufacturers as a social club, The Plumb Club has evolved into one of the jewelry industry's leading supplier organizations. The Plumb Club is a unique coalition of leading and important suppliers spanning all facets of the jewelry, diamond and watch industries. The Plumb Club is an organization of suppliers whose purpose is to connect its members and their customers and help shape the future of the jewelry industry. The Plumb Club is a responsible supply side organization recognized for leadership, adding value, and positively impacting the jewelry industry. For more information, please visit www.plumbclub.com.
