MONDAY, AUGUST 3, 2020

What do Consumers think about Lab Grown Diamonds?

Smiling Rocks conducted a survey with 1000 participants in the USA and we asked them for their buying habits when it comes to diamonds as well as overall idea of the diamond industry. We got some exciting response from them when it comes to lab grown diamond vs mined diamonds.

 

PRICE

When it comes to the price of natural diamonds compared to lab diamonds, more than half of all respondents understand that lab diamonds are less expensive and that they look the same as real diamonds. So, marketing the lower cost and same look of lab diamonds to their more expensive counterpart is a recommend strategy. Although, it’s not necessary to spend too much time educating your buyers about the low cost and same look because most already understand these.

According to our study 68% of respondents say market price is the issue when buying diamonds. So, if buyers understand lab diamonds are less expensive and look the same then the issue lies with what buyers think of when they hear the term ‘diamond’.

The respondent’s budget for diamond jewelry was also intriguing. More than half of those surveyed have a budget allocated towards diamonds ranging from $199-$499.  Therefore, we can indirectly infer that most Americans would pay between $199 - $499 for diamonds every year. This survey proves that lab grown diamonds are a great and affordable alternative for people looking to buy diamonds.

Below, we asked respondents for their budgets for diamond engagement/wedding rings and asked them if they would consider buying a lab grown diamond ring.

We found that 75% of respondents would buy a lab grown diamond ring, regardless of budget.

SUSTAINABILITY

62% of respondents do not think the diamond industry is a sustainable or environmentally-friendly industry. When we cross referenced the data with age groups, we can see that the two majorities are the age groups 18-34, and 35-54, respectively. Despite the uneven sides, we can infer that sustainability and environmental- friendliness is an issue regarding the diamond industry.

75.2% of respondent’s purchasing decision would be encouraged by the brand supporting charities; 24.8% of respondent’s purchasing decision would not be encouraged by it.

 

 

What about considering buying a lab grown diamond jewelry?

Only 21% of respondents would not buy lab-grown diamonds, even if they were cheaper than mined diamonds.

74.80% of respondents would buy a lab-grown diamond engagement/wedding ring; on the other end, only 25.20% respondents would not.

What about you? How would you respond to the above questions. We'd love to get your feedback too! Feel free to share you thoughts at order@smilingrocks.com. Remember to follow our social media account @smilingrocksco for latest inspirations on styling lab grown diamond jewelry.