(NEW YORK) – Cutting-edge research done this year with consumers across the U.S. highlights an opportunity for retailers to ensure that their sales associates are knowledgeable and can adequately educate customers on the exact differences between natural and lab-grown diamonds. An educated sales associate can assure the customer can confidently make an informed choice on the type of diamond and diamond origin that is right for them.
The full research, a multi-faceted document entitled ‘The Plumb Club Industry & Market Insights 2023’, identifies the most current learning and trends in the jewelry sector. The comprehensive study was conducted by The Plumb Club, with the assistance of Paola Deluca, The Futurist, and Qualtrics, a renowned survey and analytics firm. It was initiated to celebrate The Plumb Club’s 40th anniversary and to underscore their vision of helping educate retailers to do better business.
Some key insights from the survey about consumer diamond knowledge and preferences are:
- 78% are aware that both natural and lab-grown diamonds are used in fine jewelry.
- 47% say they don’t know enough to be confident on the differences between natural diamonds and lab-grown diamonds.
- Although 21% of consumers say they know the differences, 32% say they don’t know the differences and, when asked the definition of a lab-grown diamond, 59% are mistaken in its description.
- When comparing two diamonds of the same cut, color, quality and size, 75% would prefer to buy a natural diamond, but when asked if they would be open to receiving a lab-grown engagement ring or piece of jewelry from their partner, 80% said yes.
- 86% said they would consider buying a piece of fashion jewelry with lab-grown diamonds, but fewer consumers, 53%, said they would consider buying a lab-grown diamond engagement ring. 24% said they did not have enough information to make that decision.
- “Price” and “getting a higher clarity/color” were the chief determining factors in making a lab-grown diamond or lab-grown diamond engagement ring purchase. 45% claiming price and 23% claiming quality.
- When consumers were asked which type of diamond they would prefer for either an engagement ring or a piece of fashion jewelry, the overall preference still leaned toward a natural diamond.
The consumer survey sampled over 2,000 men and women, from the ages of 25-60, in a variety of markets across the US. Respondents had all attended come college or higher, had a combined household income of at least $75K/year and claimed to have either purchased jewelry in the past year and/or were intending to purchase jewelry in the upcoming year.
Retailers wishing for information on The Plumb Club Industry and Market Insights 2023 should contact a Plumb Club Member prior to the JCK Show, or within The Plumb Club Pavilion at JCK Las Vegas. For a full listing of Plumb Club Members, visit plumbclub.com/members or email email@example.com.