LOS ANGELES, CA / ACCESSWIRE / January 30, 2024 / Angara, a prominent international online jeweler, has unveiled its inaugural “Engagement Ring Trends Report,” drawing insights from a comprehensive nationwide survey of 2,000 respondents with engagement rings. The survey sheds light on evolving consumer preferences, showcasing a growing inclination towards colored gemstones, lab-grown alternatives, and a significant demand for larger-sized stones.
Key findings from the survey include:
Rise in Interest for Colored Gemstones: 23% of respondents expressed a preference for colored gemstones over traditional diamonds, marking a notable increase from the 5% reported a decade ago.
Preference for Lab-Grown Stones: Among Gen-Z respondents, 38% leaned towards a 3-carat lab-grown stone over a 1-carat natural stone. Notably, 48% of Gen-Z respondents recognized lab-grown stones as authentic, indicating a substantial acceptance of lab-grown alternatives. In contrast, 88% of Baby Boomer and Silent Generation respondents considered lab-grown stones artificial.
Desire for Larger Stones: A significant 73% of respondents favored engagement rings with stones larger than 0.5 carats, with the ideal size falling between 1 to 3 carats. Moreover, 51% expressed a willingness to upgrade their current stone for a larger one in their engagement ring if given the opportunity.
Ankur Daga, CEO and co-founder of Angara, commented on the survey results, stating, “Our survey highlights the dynamic landscape of engagement rings and changing consumer preferences. There is a discernible societal shift towards unique, colorful expressions of commitment and love. The trend report reflects this shift, indicating a move away from traditional, colorless diamonds towards a new wave of colorful engagement ring preferences.”
The report also highlighted a stark generational divide, with 50% of Gen-Z respondents expressing a preference for a three-carat lab-grown diamond over a one-carat natural diamond, or having no preference between the two. In contrast, 58% of Baby Boomers favored a one-carat natural stone over a larger lab-grown diamond. This shift underscores the growing acceptance of lab-grown stones among younger demographics.
Daga emphasized the impact of lab-grown technology on the industry, stating, “The emergence of lab-grown technology has provided affordable options for consumers seeking their dream ring, enabling them to achieve the desired look at a price point they can afford. With the rise in popularity of lab-grown stones and a departure from natural stones, we’ve observed an increase in the average stone size, from under one carat five years ago to at least two carats today. Lab-grown gemstones and diamonds are not just a trend; they are here to stay and will continue to dominate the industry as younger generations embrace them.”
