Connect with us

Headlines

53M Americans to Buy Diamonds Between Thanksgiving and Valentine’s Day

The Diamond Producers Association released a new survey.

mm

Published

on

53M Americans to Buy Diamonds Between Thanksgiving and Valentine’s Day

NEW YORK — More than 53 million Americans — 21 percent — plan to purchase a diamond between Thanksgiving and Valentine’s Day, a new survey released by the Diamond Producers Association and KRC Research found.

Of Americans who plan to buy a diamond, more than 20 million plan to buy a diamond engagement ring.

Video: Fix the ‘Glitches’ in Your Jewelry Business
Jimmy Degroot

Video: Fix the ‘Glitches’ in Your Jewelry Business

Video: Everyone in Your Jewelry Store Can Get Along. Here’s How.
Jimmy Degroot

Video: Everyone in Your Jewelry Store Can Get Along. Here’s How.

Video: Discounting Your Jewelry Can Send the Wrong Message
Jimmy Degroot

Video: Discounting Your Jewelry Can Send the Wrong Message

The survey found that there is confusion among diamond purchasers about the differences between natural diamonds and laboratory-created diamonds, including differences in value, rarity, physical growth structure and origin.

“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.”

According to a DPA press release, 44 percent of diamond purchasers “were unaware of the significant differences in value, rarity, physical growth structure and origin between natural diamonds and laboratory-created stones.”

However, according to DPA, 71 percent became more likely to buy a natural diamond over a laboratory-created diamond as they learned the differences.

Advertisement

According to DPA, these are the key differences:

  • Natural diamonds are 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 percent) 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.

According to DPA, 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 percent of diamonds on the market are certified conflict-free through the Kimberley Process.

Conducted Nov. 5-7 by KRC Research, the survey assessed a nationally representative population of over 1,000 U.S adults aged 18 and over.

Advertisement

SPONSORED VIDEO

Thinking of Liquidating? Think: Wilkerson

When Peter Reines, owner of Reines Jewelers in Charlottesville, VA, decided it was time to turn over the “reins” of his 45-year-old business to Jessica and Kevin Rogers, he chose Wilkerson to run his liquidation sale. It was, he says, the best way to maximize the return on his decades-long investment in fine jewelry. Now, with new owners at the helm, Reines can relax knowing that the sale was a success, and his new life is financially secure. And he’s glad he partnered with Wilkerson for this once-in-a-lifetime opportunity. “There’s just no way one person or company could run a sale the way we did,” he says.

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular