Lab-grown diamonds continue to grow in popularity and awareness with consumers, according to new research. A report issued today by MVI Marketing says the cultivated stones are “poised to reach mass market status,” with more than 50 percent of independent jewelers in the U.S. expected to stock the stones in time for this holiday season.
“Consumers are most drawn to the size-to-value equation. Shopping within a budget, as most consumers do, when shown both mined and lab-grown diamonds, the bigger stone of the same quality in lab-grown diamond appears to be the winning proposition for most couples getting engaged. Eco-friendliness is the icing on their diamond cake, especially for Millennials,” said Marty Hurwitz, chief executive officer of MVI Marketing, which has tracked lab-grown diamonds since 2004.
The stones are most popular with younger consumers whose response to lab grown diamonds was “overwhelmingly positive,” while other age groups were more skeptical — with 46- to 55-year-olds having the lowest opinion of the stones. Hurwitz advised jewelers to pay more attention to the younger age group’s opinions, since they are the market that is getting engaged.