53M Americans to Buy Diamonds This Holiday

RAPAPORT... More than 53 million US consumers intend to buy a diamondduring the extended festive period from Thanksgiving to Valentine's Day,according to a survey by the Diamond Producers Association (DPA). The November poll, which the DPA conducted together with KRCResearch, collated responses from 1,000 men and women in the US aged 18 to 55.Millennials were more likely than others to buy a diamond, it found: 35% saidthey would, in contrast to 21% of the entire sample. "Consumers, especially millennials, are seeking ways toshare authentic, emotional and lasting symbols of love with the special peoplein their lives," Grant Mobley, the DPA's head of US trade, said last week. Some 20 million Americans - including 13% of millennials and11% of all men - planned to buy a diamond engagement ring, the group added. Of those surveyed, 7 out of 10 were unaware of thedifference between natural and lab-grown diamonds, the DPA found. Only 34% ofmen and 26% of women the DPA polled knew there was a disparity in value,rarity, physical growth structure and origin. Meanwhile, 44% of those whoplanned to buy a diamond this holiday did not understand the distinction. Once researchers had explained the differences torespondents, 71% said they were more likely to purchase a natural diamond overa lab-grown one, the DPA found. Image: Polished diamonds. (De Beers)