A growing preference for lab-grown diamonds has led to an uptick in the average size of engagement rings purchased by US couples last year.
According to a recent survey, one in three consumers bought engagement rings with center stones over 2 carats, including side stones and accents, marking a 10% increase from pre-pandemic levels in 2019. This trend is attributed in part to the popularity of lab-grown diamond rings, which offer larger stones at a more affordable price compared to natural diamonds.
Although diamonds continue to dominate the engagement ring market, comprising 85% of purchases, there have been notable shifts in ring styles. The inclusion of side stones and accents has decreased by 12% since 2015, with more couples opting for diamond solitaires, which have seen a 10% increase. While round diamonds remain the top choice for center stones, selected by 34% of respondents, their popularity has declined by 15% over the past eight years. In contrast, oval and pear-shaped stones are gaining popularity.
The survey also found that one-third of couples consider having a lab-grown diamond important, a 17% increase from 2019. In 2023, 46% of all engagement ring center stones were reported to be lab-grown, nearly quadrupling the figure from 2019.
Additionally, moissanite is emerging as a popular alternative center stone, with nearly three in 10 buyers opting for non-diamond stones, particularly among Generation Z couples, where the figure is 40%. Overall, the use of moissanite has increased by 10% since 2019.
There is also a growing preference for yellow gold, chosen by 31% of respondents, marking a 15% increase from 2019. However, white gold remains the most popular metal, selected by 39% of couples.
The survey revealed that the average expenditure on weddings has increased by 17% year-on-year, reaching $35,000. Notably, weddings in New York were the most expensive, averaging $63,000, while those in Grand Rapids, Michigan, and Salt Lake City, Utah, were the least costly, averaging $20,000.
