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The average price of a diamond rose 2.7% to $2,360 (£1872) in 2024, according to data from the Natural Diamond Council (NDC).
Furthermore, overall jewellery sales across all product segments grew 5.2% in 2024.
Round diamonds still accounted for 82% of centre stones, oval cuts featured in 165 of engagement rings and 7% of non-bridal jewellery.
Marquise cuts saw the biggest increase in share, growing 8.6% up to 1.6% market share, while emerald cuts increased 6.4% to 1.2% market share.Princess cuts took the biggest market share hit, declining 6.4%, while cushion cuts also declined, falling 5.7%.
Alongside this, consumers opted for bigger diamonds, with 15% opting for a diamond between 1.00 and 1.04 carats, 11% opting for a 1.50-1.59 carat diamond and 10% getting a 2.00-2.24 carat diamond.
The 2.00-2.24 carat diamond category saw year-on-year growth of 18% while the sale of 1.50-1.59 carat diamonds grew 9%. Meanwhile, the sale of 0.70-0.79 carat diamonds took the biggest sales hit, falling 11%, while 1.00-1.04 carat diamond sales declined 8%.
The data from the NDC also found that 33% of natural diamond sales were bridal jewellery with the other 67% being other fine diamond jewellery.
The average price of an engagement ring was $6,750 (£5354) and 62% of them featured a round cut diamond while 16% featured an oval cut.
Heather Ingraham, divisional merchandise director of jewellery, bridal and diamonds at Hyde Park Jewelers, said: “I don’t believe there will ever be a day when the desire for a round diamond doesn’t outshine other shapes.”
