It Takes a Long Time to Become Young, Lab-Grown Diamonds and the Next Gen Consumer in 2022

16 March 2022 Austin, TX.  MVI Marketing LLC (THE MVEye), the leader in market research for the global gem, jewelry and watch industries, today announced the completion of its 2022 Next Gen Consumer Lab-Grown Diamond Market Research Report entitled It Takes a Long Time to Become Young. The report is the result of a comprehensive, quantitative online study with consumers in the USA. 754 U.S. consumers were studied in February 2022. Respondent demographics include 59% female and 41% male, aged 20-35, with HHI greater than $50,000.

The report title is a quote from Pablo Picasso, who felt it took him a long time to draw the way children do, something he strove for in his later works.

“This study once again re-iterates that the most powerful demographic forces behind ongoing diamond consumption are the 20- to 35-year-old Millennial and Gen Z consumers,” said Liz Chatelain, president of THE MVEye. “They are embracing each other and embracing lab-grown diamonds as the symbol of their love.”

Key findings revealed in the report include:

• Not only are 72% of them aware of lab-grown diamonds, but they are also purchasing them for themselves and as a gift for others. All diamond categories are interesting to them – engagement, wedding, and fashion jewelry. Ownership is up from 10% of survey respondents in 2020 to 15% in 2022.

• When asked which they would choose, given the price versus size versus quality equation, 44% said they would purchase an LGD, 32% said a mined diamond and 22% said “not sure”.

• Eighty nine percent of respondents said they would pay a premium for fine jewelry that was produced with minimal environmental or social impact. Eighty-six percent said they would pay a premium for traceability of the jewelry’s components (such as diamonds, colored gemstones, metal, and pearls) back to the country of origin.

Ms. Chatelain found a powerful sense of economic optimism among the young respondents in this study, “The year 2022 is shaping up to be another good year for fine jewelry,” she noted. “Twenty percent of respondents said they would likely spend 26% more on fine jewelry compared to 2021.”

Courtesy: Retail Jeweller World News.