Size the Key Factor for Lab-Grown Buyers: Survey

RAPAPORT... Millennial and Gen-Z shoppers are increasingly turning to lab-grown diamonds to get a larger stone more affordably in both the fashion and bridal categories, an MVI Marketing survey found.Respondents said the ability to spend less for the same size and quality was the primary reason they would select synthetics over mined diamonds, closely followed by gaining a bigger diamond for the same price. The traceability of a lab-grown diamond came in at number three, MVI said last week.Nearly half of those surveyed would buy a lab-grown diamond given the "price-versus-size-versus-quality equation," while 32% would opt for a mined diamond and 22% were not sure which they would pick.Meanwhile, consumer awareness of synthetics in those aged 20 to 35 has grown. Approximately 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, with self-purchase gifts taking the second spot and engagement rings slotting in at number three.Some 43% recognized a list of 17 businesses as being specifically lab-grown diamond brands. The most familiar was Brilliant Earth, at 36%, followed by Diamond Nexus, New World Diamonds, Grown Diamonds, Lightbox, Clean Origin and Grown Brilliance.MVI questioned 754 US consumers aged 20 to 35, comprising 59% female respondents and 41% male. Growth comparisons were made using MVI's August 2020 study of 1,027 US consumers.Image: A woman wearing lab-grown jewelry. (Loyale Paris)