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"Engagement Ring Trends: Lab-Grown Diamonds Dominate as Spending Drops 5%"
In 2024, U.S. couples spent 5% less on engagement rings, with lab-grown diamonds becoming increasingly popular as center stones. The average spending on engagement rings dropped
to 5,200,downfrom5,200,downfrom5,500 in 2023. This represents a 10% decline from 2022 and a 13% decrease from 2021.
This spending reduction aligns with the rise of lab-grown diamonds. In 2024, lab-grown diamonds accounted for over half of all engagement ring center stones, marking a 6% increase from 2023 and a 40% surge since 2019.
The demand for lab-grown diamonds has also impacted carat sizes. The average center stone weight rose to 1.7 carats in 2024, up from 1.5 carats three years ago. Cost savings allow buyers to "trade price for size"—choosing larger lab-grown stones over pricier natural diamonds. With natural diamond engagement rings averaging $7,600, lab-grown alternatives are gaining ground in the mid-market. Experts predict lab-grown diamonds will dominate 60% of the bridal market by 2025, further driving down overall prices.
The natural and lab-grown diamond markets now operate in parallel: natural diamonds retain luxury appeal through scarcity narratives, while lab-grown diamonds target everyday wear and affordability. Competition is intensifying in lab-grown diamond production, particularly for larger stones (3+ carats). As technology advances and production scales, prices for large lab-grown diamonds may drop further, pressuring natural diamond producers to emphasize certification and emotional marketing.
Design Trends
l Shapes: 28% chose round, 25% oval, 10% emerald, and 10% princess-cut diamonds.
l Metals: Over 70% of rings used white or yellow gold. Yellow gold popularity rose 5% year-over-year, while white gold declined 3%.
l Settings: Prong settings (35%) remained most popular, followed by "hidden halo" (18%) and classic halo (13%).
Lab-grown diamonds are reshaping the industry from "scarcity-driven" to "value-focused" consumption. The future will see a dual market: natural diamonds reinforcing luxury status, while lab-grown diamonds innovate to avoid commoditization. For jewelers, understanding nuanced consumer preferences will be key to success.
