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Consumers Willing to Pay More for Verification

Sep 22, 2019 10:03 AM   By Rapaport News
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RAPAPORT... Consumers are prepared to pay a premium for a diamond that has been verified as responsibly sourced, MVI Marketing found in a survey.

Approximately one third of consumers would shell out an extra 5% on top of the retail price for a diamond that has been authenticated by an independent body as being responsibly mined, or sustainably lab-grown, or for which the country of origin was known. About a fifth of those surveyed would pay an additional 10%. 

Nearly half of respondents stated they would not buy diamond jewelry from a lab or mine that was known to have an adverse social or environmental impact at their site and on their workers, while 30% said it was somewhat important to them. Similarly, 50% of those surveyed said they would be more likely to purchase a jewelry brand that they knew had a positive impact over other brands they weren’t sure about.

When it comes to third-party verification and knowing a diamond’s country of origin, 48% considered it very important for mined diamonds, while 44% felt that way about lab-grown stones, the data showed. Outside verification made consumers even more likely to open their wallets: Some 7% of those surveyed gave the highest rating in terms of confidence in self-created standards, while 20% voted that way for standards created by multiple companies or verified by a third party.

Meanwhile, when asked what they considered most important to know prior to purchasing, other than price, respondents ranked the 4Cs first and a grading certificate second, followed by the brand’s reputation. Verification that a diamond was mined using socially and environmentally responsible methods came in fourth. 

MVI conducted the survey in July 2019 among 1,506 individuals aged 23 to 55, with a household income over $50,000, who have purchased or received fine jewelry within the past year. Some 70% were female and 30% male, while 77% were US citizens, and 23% were Canadian.

Image: A pair of diamond earrings. (Shutterstock)
Tags: MVI Marketing, MVI Marketing survey, Rapaport News, Third-party verification
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