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A third of people don’t know what a lab-created diamond is
Lack of knowledge is the main reason more people are not flocking to the environmentally and financially better jewelry choice
In a recent survey run by LabGrownCarats.com, a site dedicated to increasing awareness of lab-grown diamonds and helping people find the perfect lab-created diamond, 33% of respondents said they did not know what a lab-created diamond is.
Asked what would make them consider buying a lab-created diamond, fully 26% said they would purchase if the cost were 30% lower. 18% would consider if lab-grown diamonds had environmental benefits, and 16% if they were associated with climate benefits. 14% said lab-created diamonds being guaranteed conflict and corruption-free could sway them.
As it happens, all of the above are the exact benefits that lab-created diamonds already offer today. So why are people not buying them more often?
The analysis shows that while only 6% of people have ever considered buying a lab-created diamond, if only more consumers were aware of lab-created diamonds and the benefits, including an average 30% lower price tag and significant environmental benefits compared to mined diamonds, they might choose a lab-grown diamond over a mined next time they shop for diamond jewelry.
A massive 46% of men surveyed don’t know what a lab-created diamond is. While perhaps not surprising that women, on average, are more knowledgeable about jewelry, men are often the ones making the biggest diamond purchase when shelling out thousands on engagement rings.
Looking only at men in the typical proposal age range (25-44), a staggering 56% do not know what a lab-created diamond is, and no one has ever considered buying one. This represents a huge opportunity for the lab-created diamond industry if only people, and in particular men, had higher awareness.
LabGrownCarats.com believes that it’s critical that more people are made aware of the many benefits of lab-created diamonds. They may not be for everyone, and there are both pros and cons of buying lab-grown diamonds, but consumers should be informed and make a conscious choice.
We believe that lab-grown diamonds offer so many benefits when it comes to price, environmental, and climate benefits, as well as being guaranteed conflict and corruption-free that the conscious shopper of today focused on sustainability should be aware of the lab-created alternative to mined diamonds.
Knowledge of lab-created diamonds is closely correlated with age. The younger generations are less aware, while older generations respond that they do know what lab-created diamonds are. At the same time, the likelihood of buying a lab-grown diamond is inversely correlated with age. The older people are, the less likely people are to purchase a diamond made in the lab.
62% of 18-24-year-olds do not know what lab-created diamonds are, and 50% of 25-34-year-olds don’t know either. However, the 25-34-year-old respondents are also the most likely to buy a lab-created diamond. 10% of them say they have considered the lab-grown alternative.
At LabGrownCarats.com, we are of the opinion that while younger generations are not aware of lab-grown diamonds, the older generations have an outdated view of them. Not until recently did gem-quality diamonds created in the lab become widely available, and in the past, they were solely used for industrial purposes. Clearly, the lack of awareness of lab-grown jewelry diamonds is pervasive across generations, and consumers need more information.
As expected, environmental and climate benefits hold more importance with the younger 25-34-year-olds, with lower prices only being considered by 12% of respondents. Instead, 25% would consider lab-created diamonds if they were guaranteed conflict and corruption-free (which they are). 23% of them would if they are better for the climate (they are), and 22% if they have environmental benefits (they do).
Once people reach their mid-thirties, other priorities weigh heavier, and lower price becomes the biggest reason why people would consider buying a lab-created diamond, with 41% citing this reason among the 35-44-year-olds. Social benefits are a secondary reason for considering lab-created diamonds. 28% say that lab-grown diamonds being guaranteed conflict and corruption-free could convince them to purchase. Climate and environmental benefits are still compelling reasons for 24% and 20% of the respondents, respectively.
For the older generations, climate-friendliness also takes a seat compared to cost-savings. However, the environment is still important to them, with 22% potentially being convinced by environmental advantages. This is aligned with the change in rhetoric from environmental to climate challenges in recent years. Respondents in the age groups 55-64 and 65 and older would only be convinced by climate benefits and social benefits in 11% and 7% of the cases, respectively.
Men, in general, are less likely to be convinced of buying a lab-created diamond over a mined one. A staggering 59% say they would not be swayed by environmental, social, and climate benefits or significant cost-savings. For women, this number drops to 43%. Social benefits could convince a whopping 65% more women than men of buying lab-grown diamonds, while 38% more women could be convinced by environmental advantages.
Contact LabGrownCarats.com for the full report and to receive more information
For more information, questions, and comments, or to request the full report, contact LabGrownCarats.com.
The survey was carried out across the US between 20 and 25 June 2020. The responses are weighted by age, gender, and regional location, with a RMSE score between 4.5% and 5.7%. The survey was conducted using Google Consumer Surveys and paid for by LabGrownCarats.com.