Lab-created diamonds on the rise for engagement rings

Verlobungsring mit lab grown Round Brilliant
Engagement rings with lab-grown diamonds already have a 10% market share in the US, according to industry analyst Edahn Golan, Goldsmiths Newspaper (GZ) reports. Golan announced his data at the recent Antwerp World Diamond Centre conference. Analysing data from 1,200 jewellery shops in the US between January and September 2022, the market share of engagement rings with lab-grown diamonds has increased by 4% compared to the previous year. At the same time, engagement rings with lab-grown diamonds are being spent on average just under $600 more. The average selling price of engagement rings with lab-grown diamonds was $3916 compared to an average of $4512 for rings with mine diamonds. The selling prices of natural diamonds increased by 7.2% and those of lab-created diamonds by 14.3%.

The trend is that more value for money is being placed on engagement rings than on necessarily buying a natural diamond engagement ring. The carat weight for natural diamond engagement rings averaged 0.84 ct. compared to 1.38 ct. for lab diamond engagement rings. So consumers are buying more diamond for less money. In fact, stone size has decreased by 1.4% for natural diamonds, while it has increased by 4.9% for lab diamonds.

Overall, demand for diamond engagement rings has fallen very sharply compared to 2021. However, for natural diamonds the drop was 51%, while for rings with lab diamonds it was only 12%. So this also confirms the trend towards lab-grown diamonds.

You can find the external link to the online article of the GZ here. Please note that the article in the GZ is only available in German.

In general, there has been an increasing change in awareness on the market in recent years. We at DIAVON also focus on transparency in every respect. For us, sustainability is anything but just a marketing aspect - we understand sustainability as a fundamental principle of our entrepreneurial actions. We are all the more pleased to see that market players such as Breitling are also realigning their priorities here and making great strides in the area of sustainability and transparency.

Source: Article "Sustainability gains relevance among business customers" (GZ) from 03.11.2022.

About Goldschmiede Zeitung:

The Goldschmiede Zeitung reports on the craft of goldsmiths, watchmakers and jewellers in its monthly issue. It is "the magazine for jewellery and watches" and thus "the official organ of the Bavarian Association of Goldsmiths and Silversmiths".

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