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.
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.
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.