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74% of consumers in China, HK regard natural diamonds as more valuable than LGD

74% of consumers in Mainland China and Hong Kong regard natural diamonds as more valuable compared to lab-grown diamonds (LGDs) according to Chow Tai Fook Jewellery Group’s first-ever “2023 Jewellery Consumer Trends Report”

The report shines a spotlight on natural diamonds and the emotional value they hold in the hearts of consumers. Natural diamond jewellery are the number one choice among surveyed consumers, with findings suggesting that 51% intend to purchase natural diamond jewellery over other surveyed gemstone categories. Among Mainland Chinese and Hong Kong consumers who prefer wearing diamond jewellery, 61% consider natural diamond jewellery suitable for everyday occasions, indicating substantial market potential for this jewellery segment.

The report reveals the multi-faceted value proposition of natural diamonds, which extends beyond their inherent rarity and value preservation qualities. From weddings to graduations, consumers in Mainland China and Hong Kong associate natural diamond jewellery with marking important life moments, celebrations and achievements. The emotional attachment of diamonds was particularly felt by female respondents. Nearly 90% of female respondents expressed feeling “beautiful”, “elegant”, “stylish”, “unique” when wearing natural diamond jewellery.

“Natural diamonds provide distinct value to consumers. As a jewellery category, they have a strong long-term growth trajectory, supported by the continued appetite for diamonds among consumers in Mainland China and Hong Kong. As a leading jewellery brand in China, Chow Tai Fook Jewellery Group is committed to pushing boundaries and reshaping the relationship the next generation has with natural diamonds. We have consistently strived to deliver exceptional natural diamond jewellery that resonates with our customers on a profound level,” said Mr. Simon Hui, Director, Diamond Management Centre, Chow Tai Fook Jewellery Group.

With some of the consumers were found to be lacking the knowledge to distinguish the distinctive values 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.

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