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New Research Shows Growing Demand For Lab-Grown Diamond Jewelry + Increasing Market Disruption | December 23, 2022 (0 comments)
Austin, TX—A new report released by industry market research firm MVI Marketing LLC (THE MVEye) shows growing consumer acceptance and demand for lab-grown diamond jewelry in many markets of the world.
Key findings in the Global Voices 2022 International Lab-Grown Diamond Consumer and Trade Market Research Reportinclude both the retail and consumer perspective. Retailers who sell lab-grown diamonds (LGDs) say they like being able to offer beautiful jewelry at an affordable price, and similarly, price is the main driver for most consumers who purchase lab-grown diamonds. Consumer preferences for lab-grown diamonds increase when they’re shown the price differential to mined diamonds, and slightly more than one-third of respondents said they would go above their original mined diamond shopping budget to purchase a much larger lab-grown diamond.
Retail jewelers are starting to see lab-grown diamonds impact their mined diamond sales. Almost half (46%) of retail respondents who sell LGDs said lab-grown diamonds are “absolutely” shifting dollars away from their mined diamond business, although 87% are still happy with their decision to sell LGDs.
“This research study confirms that the lab-grown diamond disruption has gone far beyond the borders of the USA and is now seeing increasing consumer demand in markets across the globe,” said Liz Chatelain, president and co-founder of THE MVEye. “And there is certainly clear evidence that the mined diamond business is now being cannibalized.”
For those retailers who do not sell lab-grown diamonds, their two main reasons were concerns that the retail value of LGDs could drop dramatically, upsetting customers, and simply not wishing to sell anything other than natural mined diamonds.
The research study was spearheaded by the International Grown Diamond Association (IGDA) and sponsored by GIA (Gemological Institute of America) and LUSIX, Sun Grown Diamond producer.
This study—the third focusing on LGDs—was conducted with over 1,200 North American jewelry consumers and 178 retailers in Australia, Canada, the EU, New Zealand, United Kingdom, and the United States. The consumer and retailer respondents answered an extensive online survey and some were also interviewed on video.
Richard Garard, IGDA president, said, “These studies have demonstrated the upward trajectory of lab-grown diamond acceptance--from the consumers barely knowing what it is to now nearly 80% recognition.”
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