AS WAS POINTED out in previous articles on The Plumb Club’s groundbreaking research, diamonds and diamond bridal jewelry remain a popular and preeminent category for most retail jewelers. The future looks equally bright for the two categories. This may be partially due to the fact that, although there was a dip in the number of weddings during the pandemic, according to Zippia.com, there were over 2.4 million marriages in the US during 2022 — that’s over 6,000 weddings a day. Further, the number of weddings projected for 2023 is 2.2 million. Add to this the growth of the self-purchasing market and the survey revealing a strong preference for diamonds, and the result seems to spell a promising future for the diamond category.
The Plumb Club Survey seems to echo a study by DeBeers Group, stating that the most popular piece that diamond jewelry customers are buying is a diamond ring, followed by a diamond pendant or necklace. Survey results show that a diamond ring with gemstone accents was most preferred by 45% of consumers. 42% of consumers said they preferred a diamond necklace with gemstone accents.
The study also notes that “the demand for colorful diamonds has also been rising. Millennials are drawn to high-end colored diamond jewelry, also due to their increased purchasing power. As a result, demand for diamonds is soaring.”
When it comes to spend, the survey shows an average spend of $5,373 is spent on a bridal/engagement piece, while the average spend on a non-bridal jewelry piece is $1,297.
Retailers interested to understand some of the motivating factors of a diamond purchase should know that 72% of consumers feel that laboratory reports or verified certificates were important to them when buying jewelry but when buying diamonds that number jumps to 91%, with 41% saying laboratory reports of identification and verification are most important.
Further, 78% of consumers surveyed stated that it was either “very important” or “important” for the jewelry salesperson to have credentials, certificates, or education about diamonds, gemstone, and jewelry.
The insights shared here are part of a multi-faceted research study initiated by The Plumb Club with the assistance of Paola Deluca, The Futurist, and Qualtrics, a world-renowned survey and analytics firm. The study was conducted with a sampling of over 2,000 men and women from the ages of 25 – 60 with a balanced demographic and psychographic mix across the US with the goal of understanding how individuals engage with jewelry. Respondents had all attended some college or higher and had a combined household income of at least $75K/year. Additional information from this expansive research will be shared over the next several weeks. Any retailer wishing for more information on The Plumb Club Industry and Market Insights 2023 should contact their Plumb Club Member vendors. A full listing of Members can be found here.