Although the entire diamond consumer landscape has changed with younger consumers dominating the market, traditional practices such as providing diamond grading reports are still as significant as ever to even younger consumers.
A statement from the president of GCAL (Gem Certification & Assurance Lab) Angelo Palmieri indicated that the demand for detailed information and transparency among consumers, including the younger consumer segment is higher now than it ever was.
In essence, consumers these days regardless of age category want to know more about their purchases not less, this is particularly true when it comes to high investment purchases such as diamonds where consumers look for both confidence and comfort with regards to their decisions.
The correlation between diamond purchases and certification is all about adding a layer of trust that enhances the level of purchasing confidence. It is just that consumers feel strongly about owning diamonds that come with proper certification said Olivia Landau, the chief executive at New York based Clear Cut.
Now that the millennial and Gen Z consumers are slowly taking over the consumer landscape certification has become more important than ever before as a significant number of this group of consumers purchase diamond jewellery (including diamond engagement rings) online where authenticity is crucial.
Another factor is that people who buy diamonds in Australia simply love having certificates that validates their purchase especially now with the rise in synthetic diamonds in the market. The assumption that younger consumers are satisfied with digitally generated is totally untrue, they do not just prefer digital reports they demand printed certificates for their diamonds despite the fact that digital certificates are pivotal.
Having the physical document stored with valuables is apparently something to do with the nostalgic feeling similar to having the deed of a property in hand. In other words, the role genuine printed certificates are far from over added Palmieri. Even diamond retailers and diamond wholesalers that initially only wanted digital certifications are now coming around after they found that most of their customers wanted a tangible paper copy of the certs if they were to make a purchase.
However, there has been a change with regards to the content of the certification as customers want more information included in both digital and printed copies. Consumers these days want to know from where it was mined, how it was mined, where it was cut, what was the size of the original stone and the list goes on. Although some of the information may be irrelevant to them, it gives them a story to tell about their diamond to others and the best part, they have the paper to validate their stories.
Apart from that grading reports that contain additional information would also be much more engaging than bland reports that present the basics. Last, but not least, these printed certificates also add colour and value to the dynamics of diamond ownership, be it loose polished stones or a single well cut diamond on an engagement ring or several stones on a necklace or bracelet. In summary, grading reports and certifications are seen as traditions that are here to stay.