A recent consumer research conducted by MVI Marketing Ltd. that covered 650 US consumers in the age bracket of 21 and 35 years, having income of USD 75,000 or more and who have received or purchased fine jewelry in the past 12 months at a Top 20 US jewelry retail outlet or a local independent fine jewelry retailer, reveals that more US millennials are choosing Lab-created diamonds.
41% of the sample, which has 66% females, is aware about Lab-created diamonds. However, there are several terms that are being interchangeably used for Lab-created diamonds including Man-made diamonds, Cultured diamonds, Cultivated diamonds, Eco-friendly diamonds, Lab-grown diamonds et al. For all these terms, the awareness among the survey respondents was at least 29%, with awareness of the term Man-made diamonds going up to 45%.
Considering these responses are not exclusive, it is safe to assume that the total awareness regarding Lab-created diamonds, irrespective of the term used, can be as high as the awareness for Blood diamonds, which 64% of the respondents are aware about. Majority (37%) of US millennials however believe that the best description for Lab-grown diamonds is Lab-created diamonds.
While 56% of the respondents mentioned that they would want to know more about Lab-created diamonds, 44% would like to see them in person and 34% would buy them if they are cheaper than mined diamonds.
55% of the respondents would consider buying an engagement ring with a Lab-grown diamond. 65% of the respondents also said that Lab-created diamonds should be called diamonds because “they are made with the same carbon ingredient as natural diamonds, but grow faster in a lab”.
The major reasons for respondents being interested in Lab-created diamonds are eco-friendly benefits (25%), not blood diamonds (24%), mined diamonds costing too much (18%) and ability to buy a bigger lab-created diamond for less money (11%).
With regards to pricing, though 43% of respondents think that Lab-created diamonds should cost 21-30% less than mined diamonds, on the contrary 26% think that they should cost more than mined diamonds.
MVI President – Liz Chatelain stated “The results were surprisingly high considering lab-created diamonds have just started to receive advertising dollars and media attention within past few years”. This study clearly indicates that more US millennials are not just aware but are also pitching for Lab-grown diamonds.