Chinese Consumers Value Natural Diamonds over Lab GrownNovember 1, 2023
by John Jeffay
"Almost three quarters (74 per cent) of Chinese consumers believe natural diamonds are more valuable than lab growns according to research for Chow Tai Fook.
The jewelry group, which has over 7,200 outlets, says natural diamonds will continue to dominate the market, thanks to consumer demand.
It has just published its first Jewellery Consumer Trends Report, based on a survey of 5,000 online participants aged 18-40 across 507 cities in Mainland China and Hong Kong.
It says natural diamonds hold an unrivaled position of prestige over lab growns, with 70 per cent or more saying they were more valuable, more premium, more luxurious and with a higher investment value preservation.
Over half (56 per cent) of those questioned in China's Tier 1 cities (Beijing, Shanghai, Guangzhou, and Shenzhen) said they planned to buy a natural diamond in the coming year.
"Natural diamond jewellery is the number one choice among surveyed consumers, with findings suggesting that 51 per cent intend to purchase natural diamond jewellery over other surveyed gemstone categories," says CTF.
"Among Mainland Chinese and Hong Kong consumers who prefer wearing diamond jewellery, 61 per cent consider natural diamond jewellery suitable for everyday occasions, indicating substantial market potential for this jewellery segment."
The company noted that some consumers couldn't distinguish between natural diamonds and lab grown diamonds.
"There is a potential opportunity for market leaders to educate consumers on the uniqueness of natural diamonds and the transparency of the industry," it said."
SOURCE: Idex online