New Tech Meets Old World Lab-Grown Diamonds Awareness and Acceptance in Western Europe

27 April 2021 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 2021 Western European Lab-Grown Diamond Consumer Market Research Report entitled New Tech Meets Old World. The report is the result of a comprehensive, quantitative online study with consumers in France, Germany, Spain, Italy and the United Kingdom. 1530 respondents (just over 300 per country) completed the study.

This first of its kind research study, establishes a baseline measurement for consumer acceptance and awareness of the lab-grown diamond category in key European consumer markets and provides an opportunity for THE MVEye to track historical progression in subsequent studies.

Additionally, this research report makes statistical comparisons between consumers in Western Europe and the US, based on earlier studies conducted by THE MVEye in the US market.

Upon release of the research report, Marty Hurwitz, CEO of THE MVEye, who has been tracking the development of lab-grown diamonds since 2004, had this to say: “Before beginning this study, we knew there was growing awareness of lab-grown diamonds in the European market. But we did not expect the dramatic level of awareness that the research results point out.”

Hurwitz continued: “Younger European consumers who responded to this study, articulated a strong interest in seeing the lab-grown diamond category expand. Compared to their American counterparts, of similar age, they are more engaged in social issues, as well as how businesses address Environmental, Social and Governance issues.”

Key findings revealed in the report include:

Consumers from five countries — France, Italy, Germany, Spain and Great Britain — expressed strong awareness for Lab-Grown Diamonds (LGDs), with 77% of consumers reporting they were aware of the product before taking the survey. This is just slightly less than the 80% of U.S. consumers reporting knowledge of the product prior to the survey.

When looking at the individual countries, the highest awareness and acceptance of LGDs was among consumers in Italy (86%). In fact, Italians are the least skeptical of LGDs, at 13%, and showed the most enthusiasm for the product, with over 28% overwhelmingly positive about LGDs and more than half wanted more information.

Not only is awareness high for LGDs in these Western European countries, but so is acceptance, with 41% of European consumers reporting they have either purchased or received LGD jewellery before taking the survey.

More people seem to be interested in wearing lab-grown diamonds because of the reduced costs, their identical properties to mined diamonds, and as a sustainable, greener choice. All these statements resonate the most with 26% of consumers.

Nearly a quarter of consumers also like that LGDs can come with a grading certificate, as well as getting a 30% larger LGD for the same price as a smaller mined diamond.

The data also reveals more awareness among men (80%) then women (73%) in the European study.

Buying fine jewellery for social status appears to mean more to European consumers than American, 17% versus 7%.

More German consumers (35%) are inspired to self-purchase fine jewellery to match an outfit than shoppers in the other four countries, with Spain a close second (31%), and the Brits least moved by this reason (17%).

Italians (56%) are most inspired to buy jewellery for themselves “just because,” with the French (21%) least motivated among the five countries to self-purchase jewellery for no reason.

Many of the verbatim comments shared in the study cited LGDs as eco-friendlier and more sustainable, causing less damage to the environment and natural resources than mining, as well as more ethical than mined diamonds.

Courtesy: Retail Jeweller World News