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.
Read more about the premium consumers are willing to pay for verification on the Rapaport website HERE