2-11-2020
80 percent of jewellery customers have come across lab-grown diamonds 2020, a 58 percent rise from two years ago, according to Lab-Grown Diamond Consumer and Trade Market Research Report conducted by MVI Marketing and co-sponsored by the International Grown Diamond Association (IGDA) and Instore Magazine.
Entitled Gaining Critical Mass, the research video-interviews with 1,027 consumers and evaluates jewellery retailers. "Lab-grown diamond is a high margin category that consumers are reacting to positively. Now that Signet is in it, other jewellers will have to take a hard look at this category or lose out on it," said CEO Marty Hurwitz (photo).
It is worth noting that a little less than half of the respondents knew brands that use lab-grown diamonds two years ago, the number has grown to almost 70 percent this year. Eight percent said they actually own or have purchased lab-grown diamonds.
Almost all interviewed jewellery retailers reported better margins from synthetic stones. There are now an estimated 38 percent independent retailers in the United States offer lab-grown diamonds in-store and/or online. MVI Marketing forecasts that, by Holiday 2020, more than half of independent jewellers will be on board.
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