A recently held Panel discussion on Lab-grown diamonds saw participation from leading Lab-grown diamond industry players. One important topic of discussion was consumer perception of lab-grown diamonds. With the advent of online jewelry retail and widespread access of information, consumers are making informed decisions before buying diamonds. However, there is a dearth of accurate information on Lab-grown diamonds, obscured amidst the superfluous false knowledge and noises.
In a consumer perception study conducted by Frost & Sullivan, 1,200 consumers from 6 countries – China, Germany, India, Japan, UK and USA were asked whether they would buy a lab-grown diamond. The survey split the respondents into two groups where one group was educated about Lab-grown diamonds and the other group having no knowledge about lab-growns. In the latter group, around 24% to 36% of respondents were interested in buying grown diamonds. However, in the first group, with adequate knowledge of lab-grown diamonds, an overwhelming 64% to 72% of respondents expressed interest in buying these diamonds.
Michelle Graff in her post in National Jeweler outlined an informal survey that she conducted for diamond jewelry consumers. She found that many people do not know that diamonds can be grown in a laboratory or that lab-grown diamonds have same properties as mined diamonds. People have a positive reaction to Lab-growns once they are informed about their true properties.
However, educating the consumers accurately may be an uphill task for the Lab-grown players, considering the already widespread misnomers including incorrect nomenclature of Lab-grown diamonds linking them with wrong terms like ‘synthetics’ that induce perception of ‘fake’ or ‘cheap’.
To ensure long-term sustainable success for the lab-grown diamond industry, consumers need to be educated about the properties and benefits of lab-grown diamonds. Open and honest communication with consumers educating them about Lab-growns will help flourish the entire diamond industry.