A new 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 these authentic symbols of love this holiday season. Of Americans 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.
Engagement Seekers are likely to do their research before picking out their rock though. According to AudienceSCAN, within the last month, 45.8% of Engagement Seekers have used a search engine to research a product they were considering for purchase. About 92% prefer to search using Google and only 25% will go past the first page of results.
"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 that 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.
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%) became 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. 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.
Jewelry shops can promote their diamond jewelry to Engagement Seekers through a number of methods. According to AudienceSCAN, 49.7% of these shoppers took action after receiving an email ad last year and 45.6% clicked on text link ads in that same amount of time. Last year, 62.9% also took action after seeing TV commercials and 56.4% reacted to ads they received via text or advertisements they saw on their mobile smartphone apps. This group is also 42% more likely than other adults to find advertising on social networks useful to them.
AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. Media companies and agencies can access AudienceSCAN data through the AudienceSCAN Reports in AdMall.