Lab-GrownAug 16, 2022
Pandora’s Lab-Grown Diamond Line Heads to the U.S.Lab-GrownAug 22, 2022
These Are the Core Consumer Groups Buying Lab-Grown Diamonds
They include millennials of a certain age, women who buy jewelry for themselves, and “upgraders,” according to The MVEye.
More brands are using lab-grown diamonds in jewelry, including Kendra Scott, which recently launched an 11-piece engagement ring collection. The brand is popular with a younger crowd, which represents a huge opportunity for the lab-grown diamond segment, market research firm The MVEye says.
Austin, Texas—Market research firm The MVEye (formerly MVI Marketing) has identified the next generation of lab-grown diamond buyers.
Drawing on recent research, “The MVEye’s Core 3.5 LGD Consumer Segments” outlines the primary groups it says are driving the “explosive global growth” of the lab-grown diamond sector.
The groups identified through the research, as well as suggested communications strategies from the market research firm for each, are as follows.
Segment 1: “In the Know”
Who they are: This group is comprised of 25- to 38-year-old millennials who are already aware of lab-grown diamonds, whether it’s through friends or media. This group includes multiple ethnicities and non-traditional couples.
How retailers can reach them: The MVEye said retailers should focus on sustainability, social responsibility, and the technology behind the stones—offering them knowledge not only on the production process but also the ease of tracking them along the pipeline, co-founder Liz Chatelain said to National Jeweler.
They should also focus on what The MVEye calls the “price-to-value equation,” meaning they should point out to consumers that they can get more for their money with lab-grown diamonds.
After all, consumers are now willing to go over their initial budget to get a bigger and better diamond, Chatelain said.
Segment 2: “In the Dark”
Who they are: This group is comprised of 25- to 38-year-old millennials who haven’t heard of lab-grown diamonds but are easily convinced to learn more, the marketing firm said. This group also includes multiple ethnicities and non-traditional couples.
Chatelain said this is where retailers can have the greatest impact on customers’ buying decisions. She said it is their role to introduce these consumers to lab-grown diamonds, promote the product, and educate consumers about them.
She said retailers have told The MVEye that they introduce lab-grown as an option if the shopper wants a larger, good quality diamond that fits their budget. The conversion rate from an “assumed mine diamond shopper” to a lab-grown consumer can now be as high as 70 percent, she added.
How retailers can reach them: Focus on education and talking about the technology behind lab-grown diamonds as well as, again, the price-to-value equation.
Segment 3: “Upgraders”
Who they are: They are consumers ages 55 and older who are looking to upgrade their engagement rings. They may not already have a lot of knowledge about lab-grown diamonds, but they’re motivated to buy a larger diamond.
How retailers can reach them: This group has been marketed to the least, according to Chatelain.
But they do like to reward themselves, so communications should focus on budget, size, and how the stone is a deserved reward for the lives they have led.
“If retailers could bring that across to them [in ads], saying, ‘OK, it’s time to self-reward,’ that’s how they’re going to go get this group,” Chatelain said. “It’s a great opportunity, especially for independent retailers who really know their market.”
Related stories will be right here …
Drawing on recent research, “The MVEye’s Core 3.5 LGD Consumer Segments” outlines the primary groups it says are driving the “explosive global growth” of the lab-grown diamond sector.
The groups identified through the research, as well as suggested communications strategies from the market research firm for each, are as follows.
Segment 1: “In the Know”
Who they are: This group is comprised of 25- to 38-year-old millennials who are already aware of lab-grown diamonds, whether it’s through friends or media. This group includes multiple ethnicities and non-traditional couples.
How retailers can reach them: The MVEye said retailers should focus on sustainability, social responsibility, and the technology behind the stones—offering them knowledge not only on the production process but also the ease of tracking them along the pipeline, co-founder Liz Chatelain said to National Jeweler.
They should also focus on what The MVEye calls the “price-to-value equation,” meaning they should point out to consumers that they can get more for their money with lab-grown diamonds.
After all, consumers are now willing to go over their initial budget to get a bigger and better diamond, Chatelain said.
Segment 2: “In the Dark”
Who they are: This group is comprised of 25- to 38-year-old millennials who haven’t heard of lab-grown diamonds but are easily convinced to learn more, the marketing firm said. This group also includes multiple ethnicities and non-traditional couples.
Chatelain said this is where retailers can have the greatest impact on customers’ buying decisions. She said it is their role to introduce these consumers to lab-grown diamonds, promote the product, and educate consumers about them.
She said retailers have told The MVEye that they introduce lab-grown as an option if the shopper wants a larger, good quality diamond that fits their budget. The conversion rate from an “assumed mine diamond shopper” to a lab-grown consumer can now be as high as 70 percent, she added.
How retailers can reach them: Focus on education and talking about the technology behind lab-grown diamonds as well as, again, the price-to-value equation.
Segment 3: “Upgraders”
Who they are: They are consumers ages 55 and older who are looking to upgrade their engagement rings. They may not already have a lot of knowledge about lab-grown diamonds, but they’re motivated to buy a larger diamond.
How retailers can reach them: This group has been marketed to the least, according to Chatelain.
But they do like to reward themselves, so communications should focus on budget, size, and how the stone is a deserved reward for the lives they have led.
“If retailers could bring that across to them [in ads], saying, ‘OK, it’s time to self-reward,’ that’s how they’re going to go get this group,” Chatelain said. “It’s a great opportunity, especially for independent retailers who really know their market.”
Segment 3.5: “SPF”
Who they are: “Self-purchasing females” of all ages.
Chatelain said they numbered SPF as 3.5 because there is crossover with the other segments.
How retailers can reach them: Chatelain said the consumer who buys for herself feels good about buying larger diamonds, a trend she believes will play out in items like stud earrings.
Based on The MVEye research, the most successful retailers are expanding into lab-grown diamond jewelry basics, like studs and solitaire pendants.
Other Key Research Findings
The MVEye said these consumers aren’t necessarily all about the digital shopping experience.
They’re interested in special experiences in-store, on social media, and on e-commerce sites, and will pay a premium for it.
For jewelry retailers, this means it’s important to track important client life events, like birthdays or anniversaries, so they can have targeted communications on these occasions and point out products clients might be interested in, making it clear they will cater to them.
“Now to the customer, it’s not about price; it’s about premium service,” she said.
And, interestingly, rather than buying products from stores, they buy from brands, The MVEye’s research found.
The idea of loyalty to a store has shifted to mean loyalty to brands within the store or because of the store’s location, Chatelain said, though she did also note their research shows shopper loyalty is greater for fine jewelers than others.
More on Lab-Grown
The Latest
EditorsMar 03, 2025
Drop Necklaces, Archival Pieces Take Over at the 2025 OscarsFrom Doja Cat to Mikey Madison and Selena Gomez, many of this year’s Academy Awards attendees donned drop necklaces.
Policies & IssuesMar 03, 2025
Customs Indefinitely Postpones Requirement to Disclose Country of MiningOriginally slated to take effect in April, official U.S. Customs and Border Protection documents now show the implementation date as “TBD.”
SurveysMar 03, 2025
Consumer Confidence Fell in February Amid Concerns About the FutureThe recent jump in the prices of household staples, like eggs, and the potential impact of tariffs worried consumers.
Brought to you by
Have a Plan for EmergenciesEmergencies can happen anytime, anywhere , and Jewelers of America has what you need to be prepared for it all.
Events & AwardsMar 03, 2025
AGA Now Accepting Applications for Its Gemological Education Scholarship The application period for the program is now open for aspiring gemologists around the world.
Weekly QuizFeb 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsFeb 28, 2025
Piece of the Week: Ironhorse Quillwork EarringsThe work of Indigenous designer Joe Big Mountain, these earrings are similar to the pair Lily Gladstone just wore to the SAG Awards.
AuctionsFeb 28, 2025
300-Year-Old Ring With Ties to Witch Trial Judge Up for Auction A metal detectorist uncovered the ring created in memory of Sir Richard Rainsford, who presided over some of England’s last witch trials.
Brought to you by
A Diamond ETF is the Way to Reinvigorate Natural Diamond SalesThe jewelry industry faces challenges from lab-grown diamonds. A diamond ETF can restore natural diamonds' value and drive investor demand.
Recorded WebinarsFeb 28, 2025
Watch: 2025 Jewelry Trends ForecastFine jewelry consultant and publicist Francesca Simons joins Amanda Gizzi and Natalie Francisco to discuss the trends set to rise this year.
TrendsFeb 27, 2025
Model Winnie Harlow Says ‘Yes’ to 3-Stone Engagement RingHarlow’s partner, NBA player Kyle Kuzma, worked with Vobara to design the ring, which features oval and pear-shaped diamonds.
MajorsFeb 27, 2025
Winona Ryder, Iman Star in New Pandora CampaignThe Danish jeweler released the next chapter of its “Be Love” campaign, which celebrates love in all its forms.
SourcingFeb 27, 2025
Gemfields Holds Mini Auction for Higher-Quality EmeraldsThe 13 lots on offer were comprised of material that previously went unsold at the miner’s November auction.
Events & AwardsFeb 27, 2025
JA to Host Workshop During Alabama Jewelers Association ConventionThe learning workshop and the convention are both scheduled to take place April 26 and 27 in Montgomery, Alabama.
Policies & IssuesFeb 26, 2025
EU Once Again Pushes Back Deadline on Diamond Traceability The EU, like the U.S., also now will require diamond importers to provide information about where exactly the diamonds were mined.
SourcingFeb 26, 2025
De Beers, Botswana Make New Diamond Sales Deal OfficialThe formal signing of the agreement comes nearly two years after De Beers and Botswana initially announced they had reached a new deal.
Events & AwardsFeb 26, 2025
JFC Names 2025 ‘Facets’ HonoreesThe charity will celebrate Pandora CEO Alexander Lacik and Brilliant Earth CEO Beth Gerstein at its annual event in Las Vegas.
ColumnistsFeb 25, 2025
Peter Smith: Here’s What I Think Retailers need to have the right merchandise, marketing, and people in place to stay on top in a sea of uncertainty, Peter Smith writes.
EditorsFeb 25, 2025
Out & About: Visiting Tacori’s New Shop-in-Shop Senior Editor Lenore Fedow traveled to Smyth Jewelers in Maryland to see the first of 15 revamped in-store boutiques Tacori is rolling out.
MajorsFeb 25, 2025
Qurate Has a New NameThe parent company of HSN and QVC is undergoing a restructuring.
CollectionsFeb 25, 2025
Michael B. Jordan Stars in David Yurman’s Spring CampaignThe company’s newest brand ambassador Eiza González will also be featured in the ads for the women’s campaign.
SourcingFeb 24, 2025
Colored Stone Market Update: Tracking Industry Trends in TucsonDeclining supply and growing demand persist in the colored gemstone market, presenters from Gemworld said at AGTA GemFair Tucson.
TrendsFeb 24, 2025
Renna’s Lobster Clasp Looks Like a Claw, Now It's Patented by LawThe designer’s new patent transforms the everyday clasp into her jumbo “Lobster Clasp,” modeled after the look of a crustacean’s claw.
Events & AwardsFeb 24, 2025
Bogolo Joy Kenewendo to Speak at Annual JVC LuncheonKenewendo, Botswana’s minister of minerals and energy, will discuss the future of diamonds.
SourcingFeb 24, 2025
Diavik’s Production Down 17% in 2024 Sales at the Rio Tinto-owned mine also slid by a double-digit percentage, falling 37 percent in a difficult market for diamonds.
CollectionsFeb 21, 2025
Piece of the Week: Jade Ruzzo’s ‘Tennessee’ Oval Drop EarringsHeidi Gardner, an SNL cast member, wore the smoky quartz earrings on the “SNL50: The Anniversary Special” red carpet on Sunday.
SourcingFeb 21, 2025
Zambia Lifts 15% Export Duty on Gemstones, Metals The reversal comes less than two months after the Zambian government reinstated the tax in an effort to bring in more money.
MajorsFeb 21, 2025
24 Karat Club of New York Names New PresidentThe organization also announced its newly elected officers and directors.
