De Beers Group, the world’s largest diamond-mining company, has revealed that consumers hold reservations about choosing lab-grown stones over natural, mined ones.
This comes via the company’s sixth ‘Diamond Insight Flash Report’, in which De Beers revealed that only 6% of survey participants associate the word ‘authentic’ with lab-grown stones, compared to 60% for their natural counterparts.
Meanwhile, 41% considered mined stones ‘romantic’, while only 6% thought of lab-grown gems in the same way.
The top consumer concerns about lab-growns were that they were not as rare as natural diamonds, De Beers said, and will not retain their value over time.
Its report revealed that seven out of 10 consumers would not pay more than $1,000 (£723) for a piece of lab-grown diamond jewellery.
Commenting, Steve Coe, CEO of De Beers’ lab-grown offering Lightbox Jewelry, stated: “We have always sold our LGDs at a fair and transparent price, derived from a reasonable commercial margin above the actual production cost, rather than hitching it to what a natural diamond’s value might be.
“Recent LGD price falls simply indicate that we are today where others will likely be tomorrow. Around or below $1,000. Exactly where the consumer wants us to be.”
Elsewhere in the report, De Beers claimed that demand for ‘classic’ diamond jewellery pieces is up among consumers.