With the lingering romance of Valentine’s Day still in the air, we took a look at the demand for lab-produced engagement rings. In the past decade, scientists have created diamonds in a lab that are chemically and physically identical to their natural counterparts, with a noticeably smaller environmental and human footprint all at a lower — even lovelier — price tag.
Among Americans who are familiar with lab-made diamonds, men are significantly more drawn to the timeless sparkle of a lab-made diamond compared to women. 40% of the gentlemen in our sample would consider a lab-produced diamond compared to 34% of women.
There is room to grow in this market, as more than one-third of Americans have never even heard of lab-made diamonds. When we asked consumers what they consider when shopping for an engagement ring, price, reputation, sentimental value, and environmental/human impact are top of mind. Carat size is the least important; suggesting that consumers don’t want (their hands) to be weighed down.
| Factor | Average Ranking (1 = high, 13 = low) |
|---|---|
|
Price |
4.2 |
|
Reputation of jeweler |
5.0 |
|
Sentimental value |
5.4 |
|
Environmental impact |
5.8 |
|
Human impact |
6.1 |
|
Unique serial number |
6.5 |
|
Identification of source |
7.0 |
|
Type of gem |
7.4 |
|
Rarity of gem |
7.8 |
|
Cut |
8.2 |
|
Clarity |
8.8 |
|
Color |
9.2 |
|
Carat |
9.4 |
*Poll conducted Feb 10-14, 2020, among 1,000 U.S. adults
Given consumers’ concerns — especially among romantic Millennial and Gen-Zers — over sustainable supply chains and the human toll of mining, we wouldn’t be surprised if this market sees considerable growth.
