53M Americans to Buy Diamonds From Thanksgiving to Valentine’s DayDecember 03, 18
(IDEX Online) – A survey released by the Diamond Producers Association (DPA) and KRC Research found that over 53 million Americans (21%) plan to purchase a diamond between Thanksgiving and Valentine’s Day, with men and millennials most likely to purchase them.
Of those who plan to buy a diamond, more than 20 million plan to buy a diamond engagement ring.
The survey confirmed that there is clear confusion among diamond purchasers about the differences between natural diamonds and laboratory-created diamonds, including differences in value, rarity, physical growth structure and origin, the DPA said in a statement.
“Diamonds shine especially bright this year,” said gemologist and diamond expert Grant Mobley. “Consumers, especially millennials, are seeking ways to share authentic, emotional and lasting symbols of love with the special people in their lives.”
But Mobley warned that this year the arrival of synthetic, or lab-created, diamonds can cause consumer confusion at the jewelry counter. He urged diamond shoppers to do their homework, so that they can ensure they are confidently buying a natural diamond, the DPA said.
According to the survey, nearly half of diamond purchasers (44%) were unaware of the significant differences in value, rarity, physical growth structure and origin between natural diamonds and laboratory-created stones. However, more than seven in 10 (71%) were more likely to buy a natural diamond over a laboratory-created diamond as they learned the differences. The key differences between natural diamonds and laboratory-created diamonds include:
- Natural diamonds are significantly more valuable than laboratory-created diamonds.
- Each natural diamond is rare because it is unique and authentic; laboratory-created diamonds are not rare because they can be made in unlimited quantities.
- Natural diamonds can take millions or even billions of years to be created in the earth; laboratory-created diamonds are typically made in two weeks.
- Natural diamonds and laboratory-created diamonds have easily detectable differences in their physical growth structures.
The survey found that three-quarters (78%) of Americans are more likely to consider purchasing a natural diamond once they learn of the positive social, economic and wildlife conservation impacts of the diamond industry, the DPA said. Key facts that influence purchasing decisions include:
- The diamond industry supports 10 million jobs around the world and contributes $8.4 billion a year to African economies.
- Investments by the diamond industry protect vulnerable wildlife around the world, including thousands of caribou, grizzly bears, and elephants.
- 99.8% of diamonds on the market are certified conflict free through the Kimberley Process.
Conducted November 5-7 by KRC Research, the survey assessed a nationally representative population of over 1,000 U.S adults aged 18 and over.