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Lab Grown DiamondsConsumer Research Update
Historical Progression2004-2016
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
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Lab Grown DiamondsConsumer Research Update
MVI has been conducting consumer market research studies on awareness and acceptance of Lab Grown Diamonds since 2004.
What follows is a historical summary of the key research findings drawn from multiple studies conducted by MVI between 2004-2016.
For additional information contact Marty Hurwitz [email protected].
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
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Lab Grown DiamondsConsumer Research Update
2004
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
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Key Findings from 2004 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Consumers are largely uneducated about lab grown diamonds with over a third unfamiliar with any of the terms describing them
The overwhelming majority of consumers are either extremely or somewhat unfamiliar with lab grown diamonds
Color and clarity are important, but authenticity is paramount
Deeper discounts for lab grown diamonds do not change the relative choices of mined vs. lab grown diamonds
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Key Findings from 2004 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Consumers are largely price inelastic
43% of the consumers selected “Mined diamonds are authentic, not imitations” as the main reason they prefer mined diamonds
Three out of four consumers are concerned that lab grown diamonds could be “passed-off” as mined diamonds
Over 50% want a certificate of authenticity with their diamond purchase
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Lab Grown DiamondsConsumer Research Update
2005
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
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Key Findings from 2005 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
There is a concern among US and Canadian residents that lab grown diamonds will be sold or passed off as mined diamonds
A certificate of authenticity was more powerful than a laboratory grading certificate in reassuring consumers of the nature of their diamond purchase
In most cases, as the price of the diamond increases, within a set quality level, consumers are more likely to switch to a lab grown diamond
In general, as the quality of diamonds decreases, consumers become more likely to switch to lab grown diamonds
85 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Key Findings from 2005 Research
95 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Key Findings from 2005 Research
If you plan to purchase a lab grown diamond or lab grown diamond jewelry, which one of the following would best reassure you the diamond was not being misrepresented?
105 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Key Findings from 2005 Research
Would you consider purchasing a lab grown diamond or lab grown diamond jewelry?
115 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Key Findings from 2005 Research
Base: All respondents who plan to become engaged or married within the next year.
Would you give your fiancée a lab grown diamond ring?
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Lab Grown DiamondsConsumer Research Update
2007
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Key Findings from 2007 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Based on a discrete choice exercise, consumers still preferred mined diamond over lab grown diamonds in most cases. However, there are some scenarios where consumers actually preferred lab grown diamonds
Overall, as the price of the mined diamond increased, and the actual savings, at a 20% discount, becomes greater, the consumer is more likely to prefer the lab grown diamond
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Lab Grown DiamondsConsumer Research Update
2009
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Key Findings from 2009 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Knowing what you now know about lab grown diamonds, would you consider purchasing, or requesting as a gift, lab grown diamond jewelry? (Select only one)
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Key Findings from 2009 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
For each of the following, please indicate if you would consider purchasing lab grown diamond jewelry.
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Key Findings from 2009 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
What is the primary reason you would consider purchasing lab grown diamond jewelry? (Select all that apply)
Base: Respondents who would consider purchasing a lab grown diamond or requesting as a gift lab grown diamond jewelry. (n=827)
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Key Findings from 2009 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
If you were shopping for a fine jewelry gift, would you consider purchasing a lab grown diamond jewelry style? (Select only one)
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Key Findings from 2009 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Where would you be most likely to purchase a lab grown diamond jewelry style? (Select only one)
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Lab Grown DiamondsConsumer Research Update
2016
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
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Key Findings from 2016 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
(After introduction statement) Now that you understand what lab growndiamonds are, what do you think of them? (Select all that apply)
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Key Findings from 2016 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
If you were shopping for an engagement ring, would you consider lab grown diamonds for the center stone?
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Key Findings from 2016 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
Do you think these man-made lab-created stones should be called diamonds?
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Key Findings from 2016 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
What is the main reason you are interested in lab grown diamonds?
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Key Findings from 2016 Research
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
How much do you think lab grown diamonds should sell for compared to mined diamonds?
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MVI‘s Luxury Consumer Research is the industry standard for detailing, defining and analyzing consumer preferences and likely behaviors.
With over 30 years of experience and leadership, MVI has perfected a unique predictive modeling protocol, allowing our clients to learn what will sell thru, with which consumers, for what price, and where.
Predictive Modeling of likely consumer behaviors is critical in today’s competitive marketplace, where the cost of raw materials continues to rise, and sell thru at retail is the only metric that counts.
In addition to product research with target consumers, MVI‘s Luxury Consumer Research is the perfect vehicle for testing brand awareness, equity and leverage opportunities.
MVI’s clients include multi-national conglomerates, manufacturers, retailers, trade associations, financial institutions and sovereign nations.
For additional information contact Marty Hurwitz [email protected].
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
About MVI
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Marty HurwitzCEO MVI Marketing Ltd.Email: [email protected]
5 October 2016 Lab Grown Diamonds Consumer Research Update- Historical Progression 2004-2016Copyright MVI Marketing Ltd. All Rights Reserved
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