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Today’s dynamic luxury jewelry industry is increasingly encouraged to adapt itself to the
growing environmental and ethical concerns of consumers, who are becoming more
conscious about sustainability. However, this industry’s links to ethical and societal
scandals and opaque supply chains remain unresolved. Synthetic diamonds have emerged
as a solution to those concerns. In order to investigate how synthetic diamonds can be
used in the luxury jewelry industry, a quantitative research approach has been used to
show the impact they have on consumers’ perceptions of brand image, product quality,
and willingness to purchase, among both sustainable and traditional luxury jewelry
consumers. In particular, it has been demonstrated that sustainable consumers are open to
synthetic diamonds in the luxury jewelry industry, while still recognizing the luxury
attributes of natural diamonds. On the other hand, traditional luxury jewelry consumers
negatively view synthetic diamonds, perceiving them as not embodying core luxury
values such as rarity, quality and symbolism. These insights suggest that managers should
adopt a targeted dual strategy, leveraging synthetic diamonds’ sustainability, without
fully replacing natural diamonds. The findings also underscore the importance of
storytelling in luxury jewelry. Future marketing campaigns should shed light on the
sustainability of synthetic diamonds, while reinforcing the rarity, quality and prestige of
natural diamonds. By doing so, brands can expand to new customer segments, while not
alienating core consumers and diluting the brand image.
