Consumers own diamonds and plan to buy more diamonds for the holidays, birthdays, anniversaries, and even for selfish treats, according to a recent survey of jewelry consumers.
A total of 90% female consumers surveyed own diamond jewelry, according to a September Jewelry Consumer Opinion Council (JCOC) survey. A total of 76% of them have purchased a diamond or diamond jewelry before—with 65% doing so for themselves, followed by 41% involved in a diamond engagement and/or wedding ring purchase.
Popular prices for their diamond purchase, other than bridal, are $101 to $1,000, with $501 to $1,000 the leading choice. Nearly 30% of women own more than five diamond pieces, with engagement ring, stud earrings, wedding ring, and right hand or fashion ring the top styles owned. The majority does not own a branded diamond. More than 33% own three-stone diamond jewelry, with the ring style most popular.
A total of 3,342 consumers (83% women, 17% men) responded to the Internet-based survey.
Some 85% of the male consumers surveyed have purchased a diamond before with over 71% doing it for an engagement and/or wedding ring. Other occasions men buy diamonds include birthdays and the holidays, with 23% purchasing a diamond for themselves. Popular price ranges for men are from $301 to $2,500 with $501 to $1,000 the leading choice. More than 45% of the men have diamond jewelry with fashion ring, wedding band, stud earring, and watch the leading styles they own.
Both women and men rank their knowledge of diamonds as neutral, claiming to have either a poor or strong understanding, according to the survey. Overall, clarity, price, cut, and color are the most important attributes they consider in their diamond purchase, over country of origin, carat size and shape. Nearly 35% say their primary source of diamond purchasing information is their retail jeweler.
Nearly 45% of respondents perceive diamond prices to be higher than two years ago. The majority of respondents would be somewhat to extremely likely to buy natural color diamonds, and almost 50% have never heard of a High Temperature/High Pressure (HTHP) diamond.
Nearly 15% say they plan to buy diamonds in the next six months, with over 45% open to the idea. Diamond earrings and fashion rings rank as their leading choices, in the $101 to $1,000 range. Almost 18% say they plan to buy diamonds for the holidays, with nearly 58% open to the idea.
“Although consumers believe diamond prices are on the rise, shoppers continue to demand diamond jewelry,” says Martin Hurwitz, co-founder and CEO of MVI Marketing. “Whether as a self purchase or gift, diamond jewelry remains an extremely popular choice across many different jewelry styles and price points. Diamonds are expected to be a holiday favorite.”
For the full report visit www.jcoc.info.
JCOC, founded in 2001, provides MVI Marketing clients with market intelligence about their jewelry products and their respective consumers. The JCOC is an e-panel of fine jewelry consumers throughout North America representing all ages, genders, income levels, buying categories, and geographic regions.