lab grown diamonds consumer research update historical progression

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Lab Grown DiamondsConsumer Research Update

Historical Progression2004-2016

5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved

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MVI has been conducting consumer market research studies on awareness and acceptance of Lab Grown Diamonds since 2004.

What follows is a historical summary of the key research findings drawn from multiple studies conducted by MVI between 2004-2016.

For additional information contact Marty Hurwitz [email protected].


mailto:[email protected]

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2004


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Key Findings from 2004 Research


Consumers are largely uneducated about lab grown diamonds with over a third unfamiliar with any of the terms describing them

The overwhelming majority of consumers are either extremely or somewhat unfamiliar with lab grown diamonds

Color and clarity are important, but authenticity is paramount

Deeper discounts for lab grown diamonds do not change the relative choices of mined vs. lab grown diamonds

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Consumers are largely price inelastic

43% of the consumers selected “Mined diamonds are authentic, not imitations” as the main reason they prefer mined diamonds

Three out of four consumers are concerned that lab grown diamonds could be “passed-off” as mined diamonds

Over 50% want a certificate of authenticity with their diamond purchase

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2005


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There is a concern among US and Canadian residents that lab grown diamonds will be sold or passed off as mined diamonds

A certificate of authenticity was more powerful than a laboratory grading certificate in reassuring consumers of the nature of their diamond purchase

In most cases, as the price of the diamond increases, within a set quality level, consumers are more likely to switch to a lab grown diamond

In general, as the quality of diamonds decreases, consumers become more likely to switch to lab grown diamonds



If you plan to purchase a lab grown diamond or lab grown diamond jewelry, which one of the following would best reassure you the diamond was not being misrepresented?



Would you consider purchasing a lab grown diamond or lab grown diamond jewelry?



Base: All respondents who plan to become engaged or married within the next year.

Would you give your fiancée a lab grown diamond ring?

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2007


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Based on a discrete choice exercise, consumers still preferred mined diamond over lab grown diamonds in most cases. However, there are some scenarios where consumers actually preferred lab grown diamonds

Overall, as the price of the mined diamond increased, and the actual savings, at a 20% discount, becomes greater, the consumer is more likely to prefer the lab grown diamond

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2009


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Knowing what you now know about lab grown diamonds, would you consider purchasing, or requesting as a gift, lab grown diamond jewelry? (Select only one)

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For each of the following, please indicate if you would consider purchasing lab grown diamond jewelry.

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What is the primary reason you would consider purchasing lab grown diamond jewelry? (Select all that apply)

Base: Respondents who would consider purchasing a lab grown diamond or requesting as a gift lab grown diamond jewelry. (n=827)

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If you were shopping for a fine jewelry gift, would you consider purchasing a lab grown diamond jewelry style? (Select only one)

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Where would you be most likely to purchase a lab grown diamond jewelry style? (Select only one)

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2016


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(After introduction statement) Now that you understand what lab growndiamonds are, what do you think of them? (Select all that apply)

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If you were shopping for an engagement ring, would you consider lab grown diamonds for the center stone?

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Do you think these man-made lab-created stones should be called diamonds?

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What is the main reason you are interested in lab grown diamonds?

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How much do you think lab grown diamonds should sell for compared to mined diamonds?

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MVI‘s Luxury Consumer Research is the industry standard for detailing, defining and analyzing consumer preferences and likely behaviors.

With over 30 years of experience and leadership, MVI has perfected a unique predictive modeling protocol, allowing our clients to learn what will sell thru, with which consumers, for what price, and where.

Predictive Modeling of likely consumer behaviors is critical in today’s competitive marketplace, where the cost of raw materials continues to rise, and sell thru at retail is the only metric that counts.

In addition to product research with target consumers, MVI‘s Luxury Consumer Research is the perfect vehicle for testing brand awareness, equity and leverage opportunities.

MVI’s clients include multi-national conglomerates, manufacturers, retailers, trade associations, financial institutions and sovereign nations.

For additional information contact Marty Hurwitz [email protected].


About MVI


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Marty HurwitzCEO MVI Marketing Ltd.Email: [email protected]


Contact

MVI Marketing Ltd. (MVI) hereby disclaims all warranties related to this report. Specifically, this report is provided “as is” and “as available.” To the maximum extent permitted by law, MVI expressly disclaims any and all warranties, expressed or implied, regarding this report, including, but not limited to, any implied warranties of merchantability, fitness for a particular purpose, or non-infringement. MVI does not warrant that the report will meet your requirements or that the report will be complete and error free. The information in MVI reports may contain errors, omissions, problems or other limitations. MVI and our affiliated parties have no liability whatsoever for your use of any information in our reports.


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