New Zealand: Diamond cultivation boom is coming, attracting consumers with price advantages

New Zealand media Newshub released an interesting report the day before yesterday (February 25th), telling the feedback from local jewelers that New Zealand consumers are increasingly interested in cultivating diamonds.

From the content of the article, cost-effectiveness remains the primary factor for consumers to consider when purchasing cultivated diamonds. Spending the same amount of money (or less money) and buying larger diamonds is a very familiar reason for us.

"Customize a 2-carat diamond ring. If natural diamonds are used, the price ranges from 24000 to 26000 New Zealand dollars. The finished product price of cultivated diamonds is approximately 8000 New Zealand dollars." (Date of publication exchange rate: 1 New Zealand dollar=4.44 Chinese yuan)

Many designers (or local brands) who choose to cultivate diamonds do not give up on natural diamonds, but instead operate two types of products simultaneously. This is also one of the significance of cultivating the existence of diamonds - allowing consumers to make free choices without being limited to a single marketing campaign and product type as before.

Of course, when other media interpret this information, they inevitably talk about two issues: first, how much impact cultivating diamonds will have on the natural diamond market, and second, the reality of cultivating diamonds constantly lowering prices.

For example, when Jeweler Magazine reprinted this news, he emphasized Paul Zimnisky's previous views and expressed two interesting ideas:

1) Before, you might have been the only person in your circle who owned a 3-carat diamond ring, but now many people have 3-carat, 4-carat, or even 5-carat diamond rings. What would you think?

2) People just want to buy, so cultivating diamonds is becoming increasingly mainstream. At the same time, there are indeed people who are willing to buy a smaller natural diamond, which is also a fact that is happening.

In addition, in neighboring Australia, a previous report on the country's jewelry industry (2024 edition) was conducted by relevant institutions, in which one section interviewed 200 jewelry retailers on whether cultivating diamonds has become an important component of my business in the past decade.

According to the survey results, nearly 40% of respondents expressed "agree" or "strongly agree", while nearly 42% expressed "disagree" or "strongly disagree"

It can be seen that in Australia, the popularity of cultivating diamonds at the retail level is almost evenly distributed. Although New Zealand does not have such data, the situation may be similar.

How will cultivating diamonds change the mindset of local consumers, especially young people, towards diamonds in an uncertain future? Can natural diamonds maintain their "value proposition"? How will retailers develop their attitudes towards two types of products? These are all worth continuous observation.