2004

For Diamond Consumers, Price is Most Important

Jan. 2004

A recent survey by the Jewelry Consumer Opinion Council, run by MVI Marketing, found that for most consumers place price above all else when diamond shopping. The survey asked 2,250 consumers about their jewelry shopping habits.

42% of consumers said that “competitive prices” is the most important factor in choosing where to shop for jewelry. In second place, cited by 16%, was “reputation,” 14% said “large product selection,” 11% “guarantees,” 4% said “ability to make custom jewelry,” 3% said “staff knowledge,” a surprisingly low 2% said recommendations,” as well as “return policies” and “brands available.”

Another JCOC survey asked, “If you could have any jewelry or watch gift for the holidays, what would it be?” Diamonds clearly came out on top. Twenty-six percent said they would buy either a diamond solitaire ring, a diamond right hand ring, and diamond stud earrings. Also popular were gemstone rings, three stone diamond necklaces and diamond chandelier earrings. 

The survey also showed that awareness of diamond right hand rings has jumped dramatically, since the Diamond Trading Company (DTC) began its consumer advertising campaign this fall. According to the JCOC, recognition for this “new” category has jumped form 24% saying they were “very” or “somewhat” aware of the product, to 59% saying that in October. 

A large majority of the JCOC members studied, 82%, said they shop online, with some 43 percent saying they’ve purchased jewelry over the Internet. 

As to why they buy online, 83% of the online jewelry shoppers said “convenience,” 56% said because it’s “less expensive,” 53% said “time saving,” 36% said “bigger variety,” and 20% said product is always available.   

What were they buying? 46% said earrings, 32% necklaces, 31% bracelets, with watches, pendants and men’s jewelry following at 18%.