Millennial age consumers continue to show growing interest in lab grown diamonds, according to a consumer research study conducted by MVI Marketing LLC (MVI) in April 2018.
Nearly 70% of respondents in this study said they would consider a lab-grown diamond for an engagement ring center stone.
MVI’s Millennial Consumer Research Study on Lab Grown Diamonds is the third study designed to capture a benchmark understanding of the products and brands achieving penetration with this emerging consumer segment that will drive purchasing power for the next 30 years. Yet another survey report by CreditDonkey.com found out that almost half the respondents (45%) said that they wouldn’t mind receiving a lab-grown diamond.
It is very interesting to know that consumers - nearly 81% as surveyed by CreditDonkey.com - listed the need to have a better quality diamond.
Colorless Lab-Grown Diamonds are Type IIa grade - which is devoid of all impurities and is considered very rare (98% of diamonds from mine fail to qualify as Type IIa). So, consumers can choose their lab-grown diamond of a rare quality grade and yet it would be 30% more affordable than a mined counterpart of a lower grade. Lab-Grown Diamonds accord consumers a choice to get an origin-guaranteed rare grade diamond that would be a bigger size for the same budget as a mined counterpart albeit from a common diamond grade and definitely smaller in size.
What would you choose?