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The Plumb Club’s Research Reveals American Consumers Understanding & Preferences on Lab-Grown Diamonds

publish:2021-08-09

In a comprehensive consumer study, The Plumb Club Industry and Market Insights 2021 reveals numerous opportunities for the jewelry industry when it comes to lab-grown diamonds.
Key Takeaways:
1. When presented with the opportunity to buy a diamond, 84% of consumers would prefer to buy natural diamonds, while 16% would prefer a lab-grown diamond.
2. 21% of consumers were not aware of lab-grown diamonds.
3. Although 79% were aware of lab-grown diamonds and their use in fine jewelry, 41% admitted to not knowing the differences between natural and lab-grown.
4. 83% of consumers would consider buying a piece of fashion jewelry (jewelry other than engagement rings, wedding bands or anniversary rings) that contained lab-grown diamonds. 
5. 65% of consumers would consider buying a lab-grown diamond engagement ring.
6. 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%).
7. 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).
8. 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.
9. 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.
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*The Plumb Club is 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.

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