The retail market of lab-grown diamonds is currently mainly concentrated in the United States, followed by China and India.
An internal reference report on the U.S. jewelry market released by the U.S. jewelry industry organization TPC in 2021 shows that cultivated diamonds have “numerous opportunities for development” in the U.S. market. 79% of Americans are aware of lab-grown diamonds, and 59% know the difference between lab-grown diamonds and natural diamonds, but only 16% choose to buy them at present.
In May 2021, CCTV reported on cultivated diamonds and launched a one-week voting campaign on Weibo. The results of the voting showed that more than 50% of the people said they would buy cultivated diamonds.
So, who are the mainstream consumers of cultivated diamonds?
The first Category: Millennials and Gen Z
Millennials and Generation Z grew up with the Internet and social media. Under the influence of the high-speed Internet, Millennials and Generation Z have consumption characteristics such as focusing on individuality, willing to try new things, and strong brand awareness. So,as a new product driven by modern high technology and wisdom, cultivated diamonds are more easily accepted by them.
The data shows that in 2021, the products of the American brand Brilliant Earth have been sold in various states of the United States and more than 50 countries, with 370,000 customers, and 87% of the customers are millennials or Gen Z consumers who are more active online, and the average order price is $3152
The second category: People who are getting married
Regarding to consumers who are getting married, if they want a larger, better-quality diamond and needs to fit their budget, the lab-grown diamonds will be a good option.
If it is said that diamonds can represent love, in fact, cultivated diamonds have more advantages. A couple can use their own hair to cultivate diamonds,these diamonds are composed of carbon elements that used to be part of their bodies would be more memorable than natural diamonds that are sprayed from the ground.
According to the 2021 Industry and Market Insights report released by the Jewellery Research Club of America, 65% of U.S. consumers would consider buying a lab-grown diamond for engagement.
The third category: people who are pleasing themselves
Consumers who focus on making themselves happy will take self-pleasure as the primary purpose of purchase, and pay more attention to consumption experience in addition to quality and convenience. Quality replaces price as the preferred factor for consumption. Their choice of cultivated diamonds is more a symbol of personality, aesthetics, and even value orientation.
According to the 2021 Industry and Market Insights report released by the Jewellery Research Club of America, 83% of U.S. consumers would consider purchasing a piece of lab-grown diamond fashion jewelry (other than an engagement, wedding or anniversary ring).
According to Bain Consulting survey, "consumption for oneself" ranks first among the reasons for diamond consumption in China and the United States, especially in China,which accounts for up to 46% of the consumption intention. The demand for self-pleasure is significantly stronger than the demand for marriage in diamond consumption. This means that the main consumption of diamonds in the future may jump out of the traditional marriage consumption and start a new trend of self-pleasing diamond consumption.
The fourth category: fashion trendsetter
Compared with natural colored diamonds, the advantages of cultivated colored diamonds are very obvious. The blue and pink diamonds with large carats, which are rare in the natural diamond market, can be easily obtained in cultivated diamonds. For fashion lovers,the more diamond colors, the better the match.
Allied Market Research predicts that the global lab-grown diamond market will reach $49.9 billion in 2030. China is a big producer of cultivated diamonds and a big consumer of natural diamonds. About half of the world's lab-grown diamonds are produced in China, and the Chinese market has a first-mover advantage on the supply side of lab-grown diamonds.
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