Millennials and Gen-Zs Opt for Lab Growns
March 24, 22
(IDEX Online) - Young adults are more likely to buy a lab grown than a mined diamond, says new research.
Forty-four per cent said they'd opt for a lab grown, compared to 32 per cent who said they'd buy a mined diamond. The remaining 22 per cent were unsure.
Size and price were the key factors for Millennial and Gen-Z shoppers, according to market research company the MVEye, which quizzed 754 US consumers aged 20 to 25 who had a household income over $50,000 or were studying.
Eighty-nine per cent said they would pay a premium for fine jewelry that was produced with minimal environmental or social impact.
And 86 per cent said they'd pay a premium for traceability of the jewelry's components back to the country of origin.