80% of diamond engagement rings lab-grown, says Queensmith

Queensmith has revealed that 80% of the diamond engagement rings it sold in 2023 were lab-grown.

The company believes this is because lab-grown diamonds allow consumers to purchase larger carat weights and higher quality diamonds.

Also because they are a more environmentally friendly and sustainably sourced alternative to mined diamonds.

In 2023, the average diamond carat weight purchased, encompassing both natural and lab-grown diamonds, remained consistent at 1.25ct, mirroring the figures from the previous year.

Interestingly, individuals opting for lab-grown diamonds displayed a preference for larger carat weights, with 98.3% of diamonds purchased above 2ct originating from a lab.

This trend suggests a growing popularity and increasing demand for lab-grown diamonds in the current year, especially with couples getting bigger carat weights for a lot more affordable prices.

Queensmith’s data on popular ring styles indicates a notable surge in the preference for Solitaire rings, a trend attributed by experts at Queensmith to the increased accessibility and affordability of lab-grown diamonds.

Characterised by a simpler design and minimal additional diamond coverage, sales of Solitaire rings increased from 41.2% in 2022 to 43% in 2023.

The most unpredicted shift Queensmith reported, has been the rise in the popularity of emerald-cut rings.

With only 3.8% of total sales in 2022, this year has seen a 2.9% increase, the largest rise out of all the diamond shapes, replacing last year’s pear in 3rd place most popular.