Emergence of the Lab Created Diamond

In a recent MVI Marketing survey of 21-35-year-olds, who all fall into the earning level of making at least $75K, it was found that about 41% are aware of lab-created diamonds. So, while there hasn’t really been much of a concerted effort by many jewelers to drive awareness of the alternative to naturally occurring stones, there is relatively high awareness.

What’s maybe not surprising to us is that over half say they would like to know more about them. The curious Millennial; always on the hunt for deeper knowledge of an upcoming purchase!

So what’s the allure to those that were surveyed? Here’s what they share:

  • Eco-friendly benefits (25%)
  • They aren’t blood diamonds (24%) Thank Leo DiCaprio for bringing Blood Diamond into our lexicon.
  • Mined diamonds cost too much (18%)

More eco-friendly; help mitigate unfortunate and often deadly labor practices; and they cost less than mined natural diamonds. All three are topics which are very current with millennials.

But; talk is cheap; will they buy them.

34% say they would buy them if they were cheaper than mined diamonds (which more often than not, are), and 55% would consider buying an engagement ring with a lab-grown diamond. So yes, they would.

All the above just goes to show that there is so much more consumers are craving to know about lab diamonds. Which retailer will work to own the market around lab created diamonds is still to be seen.