INSTORE Magazine has released Part 5 of its look at The Plumb Club’s latest research on the jewelry landscape in the post-pandemic era. Part 5 assesses the future of the diamond industry, which will continue to grow on the back of the growing bridal category.
In addition to traditional diamond rings, fancy diamonds are growing in popularity, with Millennials “drawn to high-end colored jewelry,” according to the study. Demand for this category is expected to rise as Millennials’ purchasing power continues to grow.
Trust is important to consumers, which makes sense considering the cost of these luxury goods—the average amount spent on an engagement piece is upwards of $5000. The study finds that lab reports or verification certificates are important factors that lead consumers to make a purchase. 48% of respondents said that a lab report was important when buying a gemstone, while 91% indicated that it was important when buying a diamond. 70% of respondents indicated that a salesperson’s credentials and education were important.
According to INSTORE Magazine, respondents all had some college education and “a combined household income of at least $75k/year.” Read the full article at INSTORE Magazine.