Image credit: De Beers
It said in its latest Diamond Insight 'Flash' report highlights that despite the challenges experienced in 2020, US consumers expressed a strong demand for diamond jewellery throughout the fourth quarter of the year, outstripping demand for other luxury categories and apparel.
"Retailer interviews revealed strong consumer demand for classic diamond jewellery pieces," it said.
The group said its research that was conducted this month also showed that the desire for quality and lasting value is expected to continue, with 88% of US consumers surveyed saying they believe that it is better to invest in fewer but better things than in items which are fashionable but may not last.
Meanwhile, De Beers said its research also shows that there is now an increasing awareness of synthetic or lab-grown diamonds (LGDs) among US consumers.
Consumers differentiated natural diamonds from LGDs by attributing to them the key category territories of "authentic" (60% vs. 6% for LGD); "romantic" (41% vs. 6% for LGD); and "would make me feel special" (37% vs. 3% for LGD).
"The top US consumer concerns regarding LGDs remained that they were not as rare as natural diamonds and will not retain their value over time, with seven out of 10 consumers stating that they would not pay more than $1,000 for a piece of LGD jewellery," said De Beers.
"While 47% of consumers did not agree with the statement that lab-grown diamonds are 'real', consumers will still consider acquiring them as they are perceived as 'fun' and 'fashionable', cost less than natural diamonds, and are seen as good for a self-purchase item as an alternative to apparel or leather goods."
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
