(NEW YORK) – The Plumb Club’s eye-opening research underscores continued growth for the diamond and diamond bridal jewelry categories. The study shows both will continue to be a popular and preeminent category for most retail jewelers. According to Zippia.com, there were over 2.4 million marriages in the US during 2022 and the number of weddings projected for 2023 is 2.2 million. This means continued strength in the diamond bridal category. Additionally, there has been significant growth in the self-purchasing market with a strong preference for diamonds.
The survey shows an average spend of $5,373 on a bridal/engagement piece, while the average spend on a non-bridal jewelry piece is $1,297.
Further, the survey echoes a study by DeBeers Group, stating the most popular piece of diamond jewelry customers is buying is a diamond ring, followed by a diamond pendant or necklace. Survey results show a diamond ring with gemstone accents was most preferred by 45% of consumers. 42% of consumers said they preferred a diamond necklace with gemstone accents.
As for the motivating factors of a diamond purchase, retailers should know that 72% of consumers feel laboratory reports or verified certificates were important to them when buying jewelry. However, when buying diamonds, that number jumps to 91%, with 41% saying laboratory reports of identification and verification are most important.
78% of consumers surveyed also stated it was either “very important” or “important” for the jewelry salesperson to have credentials, certificates, or education about diamonds, gemstones, and jewelry.
The insights shared here are part of a multi-faceted research study initiated by The Plumb Club with the assistance of Paola Deluca, The Futurist, and Qualtrics, a world-renowned survey and analytics firm. The study was conducted with a sampling of over 2,000 men and women from the ages of 25 – 60 with a balanced demographic and psychographic mix across the US with the goal of understanding how individuals engage with jewelry. Respondents had all attended some college or higher and had a combined household income of at least $75K/year. Any retailer wishing for more information on The Plumb Club Industry and Market Insights 2023 should contact their Plumb Club Member vendors. A full listing of Members can be found here.
