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Consumers show interest in synthetic diamonds-study

Consumers show interest in synthetic diamonds-study
GROWING MARKET: Lab Grown Diamonds

De Beers Group says consumers; both affluent and non-affluent are increasingly becoming increasingly interested and open to buying Lab-Grown Diamonds (LGD).

In a study conducted in December among 5000 respondents in the United States, DeBeers bi-annual LGD tracker found out that even if wealthy consumers were purchasing high-value natural diamond jewelry, they were increasingly becoming aware of LGD jewelry.

The findings go on to reveal that whether rich or not, consumers were interested and open to these man-made diamonds.

As awareness of LGDs grows, the diamond group notes that it is clear that these diamonds occupy distinct territory in the jewelry space.

“While 47 percent of consumers do not agree with the statement that LGDs are ‘real,’ consumers will still seriously consider acquiring them for the primary reasons that they are ‘fashionable’ and cost less than natural diamonds,” says the report on the findings of the study.

It is said while awareness of and consideration for the LGD category grows, there is a lessening belief that LGDs are socially conscious or environmentally responsible.

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Over the two years in which the tracker has been conducted, De Beers says the top concerns in consumers’ minds about LGDs have remained consistent; they are ‘not as rare’ as natural diamonds and will not retain their value over time.

Due to these concerns, the report states that seven out of 10 consumers said they would not pay more than US$1,000 for a man-made diamond.

It is reported that at the moment, independent research by industry analysts shows that LGD wholesale and to a lesser extent retail prices are declining rapidly.

This is said to be validating consumer concerns about lasting intrinsic value but also opening new possibilities for more frequent ‘fun’ purchases.

In 2018, Beers shocked the world when it announced that it will be venturing into synthetic diamonds and launched the Lightbox jewelry initiative

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