More than 53 million Americans are planning to purchase a diamond between Thanksgiving and Valentine’s Day, results of a new survey published by the Diamond Producers Association (DPA) and KRC Research revealed.
The number represents 21 percent of the respondents or more than one in five Americans, with men and millennials most likely to buy diamonds this holiday season. Of Americans planning to buy a diamond, more than 20 million are eyeing a diamond engagement ring.
“Diamonds shine especially bright this year,” said gemmologist 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.”
The survey however confirmed that some buyers are confused about the difference between natural and laboratory-created diamonds. Mobley urged diamond shoppers to do their homework so they can confidently buy a natural diamond.
Nearly half of diamond purchasers or 44 percent were unaware of the significant differences in value, rarity, physical growth structure and origin between natural and laboratory-created diamonds. However, more than seven in 10 or 71 percent became more likely to buy a natural diamond over its laboratory-grown counterpart as they found out about the differences.
Conducted from November 5 to 7 by KRC Research, the survey assessed a nationally representative population of over 1,000 US adults aged 18 and above. “This research underpins the steady demand for diamonds, appreciation for the positive impact of the diamond industry, and the need for transparency about the differences between natural and laboratory-made diamonds,” DPA said.