In a survey conducted recently, MVI Marketing questioned 754 US consumers aged 20 to 35, comprising 59% female respondents and 41% male, and found millennial and Gen-Z shoppers being more drawn to lab-grown diamonds (LGDs).
Their interest in LGDs is mainly to get a larger stone more affordably in both the fashion and bridal categories. This is also attributed to consumer awareness of synthetics in buyers of age group 20 to 35 years.
According to the survey, about 15% of consumers surveyed owned synthetic-diamond jewelry in 2022, compared with 10% two years ago. Women ranked fashion pieces as their first choice of lab-grown diamond jewelry to buy, giving self-purchase gifts second place and engagement rings third place.
The ability to spend less for the same size and quality was the primary reason Gen-Z and millennials select synthetics over mined diamonds. Besides, gaining a bigger diamond for the same price was a ‘winner’ with the consumers, with the traceability of a lab-grown diamond being a plus point.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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