Laboratory grown diamond’s rising graph
The report by well recognized US market research firm NPD and analysis by renowned diamond industry analyst Edahn Golan reveals some interesting consumer purchasing trends of lab-grown diamonds.
Edahn while focusing on the growing demand of lab-grown diamonds says, ‘Consumers today are already aware of lab-grown stones, and there are an increasing number of producers growing these goods. In the past year, it became clear that more and more US retailers that were at first dead set against lab-growns have changed their mind and are now focused on following their clients’ lead.’
In January 2015, sales of lab-grown goods represented less than 0.25% of total loose and mounted diamond sales by US specialty jewelry retailers. In January 2016, the market share quadrupled, and for the first time crossed the 1% mark. The growth trend continued, and during July of this year, market share of lab-grown goods surpassed 1.6%.
Madestones foresee a bright future ahead keeping in mind the rapidly increasing consumer demand and growing popularity of lab-grown diamonds.
Laboratory grown diamonds offer retailers profitability
And as we always say, ‘Lab-grown diamonds are not a substitute for natural diamonds but a new and very relevant alternative’
As seen in the report, During 2015 consumer purchases of lab-grown goods have increased sharply. Sales have increased 230% between January 2015 and January 2016. The upward trend (red dotted line in the graph above) only continued further.
MILLENNIALS CHOOSE LAB-GROWN DIAMONDS
MVI MARKETING REPORT RESEARCH STUDY
A consumer study conducted by one of the most trusted market Intelligence Company by the global gem, jewellery and watch industry, MVI Marketing shows that the term lab-created diamonds is already recognized with over 40% of U.S. millennial jewellery consumers. (Source – MVI Marketing).