Jeweller - November 2020
• Saving Pandora: how a jewellery juggernaut shrugged off the pandemic panic • Clocked and loaded: why perfecting ecommerce is key to improving watch sales • Christmas tips: prepare to make your holiday season sales sparkle
• Saving Pandora: how a jewellery juggernaut shrugged off the pandemic panic
• Clocked and loaded: why perfecting ecommerce is key to improving watch sales
• Christmas tips: prepare to make your holiday season sales sparkle
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New report explores attitudes<br />
to lab-grown diamonds<br />
A USTRALI AN AR G YLE PINK D I A M O NDS<br />
The MVEye report indicates consumers are increasingly aware of and open to<br />
purchasing man-made stones. Image: Lightbox Jewelry<br />
A new report from US-based<br />
jewellery industry marketing firm<br />
The MVEye – formerly known as<br />
MVI Marketing – has found that the<br />
man-made stones have reached a<br />
new threshold of awareness and<br />
ownership among consumers.<br />
In Gaining Critical Mass: <strong>2020</strong><br />
Lab Grown Diamond Consumer<br />
& Trade Research Report, The<br />
MVEye revealed the results of its<br />
September <strong>2020</strong> survey of more<br />
than 1,000 US consumers aged<br />
23-55 who had purchased diamond<br />
jewellery in the past three years.<br />
The report – which was sponsored<br />
by the International Grown<br />
Diamond Association and US<br />
jewellery trade publication InStore<br />
Magazine – found that 80 per cent<br />
knew about lab-grown diamonds,<br />
compared with less than 10 per<br />
cent in 2012 and an increase of 22<br />
per cent in two years.<br />
Notably, 8 per cent of consumers<br />
said they already owned a piece<br />
of lab-grown diamond jewellery;<br />
lab-grown diamonds are<br />
currently estimated to represent<br />
approximately 2–3 per cent of the<br />
market.<br />
by 38 per cent of independent<br />
jewellery retailers in the US.<br />
Companies including Signet<br />
Jewelers – which owns the Zales,<br />
Jared, James Allen, and Kay<br />
Jewelers chains – have also begun<br />
offering lab-grown diamonds within<br />
the past 12 months.<br />
Notably, 8 per cent of<br />
consumers said they<br />
already owned a piece<br />
of lab-grown diamond<br />
jewellery; lab-grown<br />
diamonds are currently<br />
estimated to represent<br />
approximately 2–3 per<br />
cent of the market<br />
Marty Hurwitz, CEO The MVEye,<br />
said, “Lab-grown diamond is<br />
a high-margin category that<br />
consumers are reacting to<br />
positively.<br />
“Now that Signet is in it, every<br />
jewellery chain will have to take<br />
a hard look at this category or lose<br />
out on it.”<br />
Consumers were most drawn to<br />
the “size-to-value equation”, with<br />
environmental impacts a secondary<br />
factor.<br />
The MVEye report estimated that<br />
lab-grown diamonds were sold<br />
As part of the report, The MVEye<br />
surveyed 154 retailers, of which<br />
approximately two-thirds sold labgrown<br />
diamonds.<br />
Of those that did stock lab-grown<br />
CONTINUED ON PAGE 32
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