(PRESS RELEASE) AUSTIN, TX — A large majority of consumers consider independent 3rd party verification of diamond retailer, brands and manufacturer claims about social and environmental impact to be important, according to a research study by MVI Marketing LLC. Key findings from the research include:
• Over 85% of jewelry purchasers responded that independent 3rd party verification of chain of custody and social and environmental impact claims is Very or Somewhat Important for any diamond they want to purchase
Consumers of both mined diamonds and lab-grown diamonds in the study cited higher credibility, transparency to all parties and independent quality control as the top three reasons for this preference.
“Retailers and brands should take notice of this growing trend among jewelry consumers and get on board early to establish credibility for any claims they make to position their brand above the competition,” stated Liz Chatelain, president of MVI.
Asked whether they would be more loyal to a retailer or brand that sells diamonds verified by an independent 3rd party company, 67% of respondent said Yes.
“We know from other studies that diamond consumers are becoming increasingly concerned and interested in the country of origin of the diamonds they purchase,” Chatelain continued. “This new study further confirms the need for claims of origin, as well as claims of social and environmental impact, to be independently verified. This is particularly important for claims related to sustainable production and responsible mining,” she added.
Asked how much confidence they would have if a company created its own standards for claims of social and environmental responsibility and then self-reports, consumers were not impressed. However, when asked if those same claims were also backed up by an independent 3rd party verification, consumers were much more confident.
“Independent 3rd party verification of origin, safety, environmental and quality claims is standard practice in industries from food to cosmetics to automobiles. This research confirms that it’s time for the diamond industry, both mined and lab-grown, to give consumers what they want. At a time when the diamond industry is struggling to reassure the next generation of consumers, independent 3rd party verification will reinforce that trust,” notes Chatelain.
This MVI research study was completed in July 2019 by 1,506 fine jewelry consumers (77% from the U.S. and 23% from Canada) with household incomes over US$50K, and between the ages of 23 and 55.
The complete report can be downloaded here.