The new year is looking bright for lab-grown diamonds. The International Grown Diamond Association (IGDA) released their report, “A Diamond Choice 2019, Lab-Grown Diamonds & The Future of The Diamond Industry”, which highlights the key findings of 2018 consumer research studies.
MVI Marketing LLC, who has been studying trends regarding lab-grown gems for over 10 years, confirms the rising popularity as time has gone on and as consumers have become more educated and aware of the ethical and environmental standards these diamonds hold.
Marty Hurwitz, CEO of MVI, further notes how large consumer interest in lab-grown diamonds has led to them being more accepted within the industry amongst retailers of mined diamonds. “The growth in awareness and acceptance has been on a classic hockey stick curve, and it happened without any significant marketing. Critical mass of consumer interest is now converging with increasing acceptance of lab-grown diamonds by retailers. This unique moment in time will propel growth for many years to come.”.
In some of their 2018 studies, IGDA found that 66% of millennials actively shopping for an engagement ring say they will consider a lab-grown diamond, and 23% say they will definitely buy a ring with lab-grown diamonds.
As more of this generation of young consumers care about environmental impacts, human/workers’ rights violations, and other major concerns involved in diamond mining, lab-grown diamonds will become the most obvious choice to those shopping for a gem.
Source: GVTC Communications