With the pandemic behind us, dating and weddings are back on the agenda. In 2022, 34 out of every 1,000 unmarried adults in the United States tied the knot, according to the latest data from the US Census Bureau’s American Community Survey. This matches the rate from 2019, and slightly exceeds 2018’s 33 per 1,000. A quick glance at social media confirms that marriage proposals and parties are once again becoming a familiar sight. Zooming in on the engagement rings, however, reveals a different reality than the one we used to know.
The changes in the engagement-ring market reflect an avalanche of simultaneous contrasting trends, including “girl math,” quiet luxury, the “mob wife” aesthetic, “brat,” and the semi-satirical “demure and mindful” trend. Couples also now have a tremendous abundance of resources available to them that they didn’t before — and of course, there’s the uncertain political and economic landscape.
A look at wedding website The Knot’s 2023 Jewelry and Engagement Study offers some insight into budgets, popular cuts, and the role of synthetics.
The price of love
To begin with, the low inflation and low interest rates from before the pandemic have come to an end, putting indulgent romance-inspired splurges on pause.
The average cost of an engagement ring in the US last year was around $5,500, per The Knot — down from 2022’s $5,800 average. By region, the outlay varied: Couples in the mid-Atlantic area had the highest average at $6,900, while the midwest had the lowest at $4,900. However, nearly half of respondents spent between $1,000 and $4,000 on their rings, and 9% stayed under $1,000.
“The tradition of three months’ salary has gone out the window,” says Tobias Kormind, cofounder and managing director of online retailer 77 Diamonds.
Tight budgets are pushing couples toward less-expensive synthetic diamonds, Kormind observes, as these are now more affordable than their natural counterparts. The price gap between the two is approximately 80% today, according to analysts, compared to only 20% five years ago.
That said, “if our couples are looking for natural diamonds, they are willing to spend what it takes to achieve the desired high specification,” Kormind adds.
This shift in spending is reflected in the size of the diamonds people are purchasing. Natural-diamond engagement rings average 1.60 carats, while synthetics are typically larger at an average of 1.90 carats. The latter category is on the rise, continuing a trend that began about five years ago. Last year, nearly 46% of couples opted for synthetics in their engagement rings, The Knot reported, a significant leap from just 12% in 2019.
“Millennials in particular prefer lab-grown diamonds because they can get higher-quality stones in terms of color and clarity for the same budget,” explains Michela Gombacci, a New York-based luxury-goods supplier and concierge. “They often invest the cost difference elsewhere.”
Beyond the cost-saving advantage, many view these stones as a more ethical and environmentally friendly option, despite evidence that such claims are often exaggerated.
Playing with color and shape
At the same time, a blend of post-pandemic exuberance, the resurgence of period dramas like The Crown and Feud: Capote vs. The Swans, and bold choices from celebrities are reviving the demand for vibrant colors.
“There’s growing interest in yellow diamonds, as well as yellow gold and two-tone rings with white-gold prongs and yellow-gold accents,” says Gombacci. “Sometimes clients model their engagement rings on chunky cocktail rings.”
Sapphires are also becoming a popular and more affordable alternative to colored diamonds, with white sapphires substituting for the classic white diamond. The Knot’s report further highlights the comeback of moissanite — once the go-to alternative to white diamonds before lab-grown became widely available — with demand rising 10% since 2019.
Despite a 15% decline in popularity since 2015, the classic round-cut diamond remains the top choice for engagement rings, according to The Knot. The study also notes a 21% increase in oval-cut diamonds during that period, like the one that graced model Hailey Bieber’s ring.
Diamond jeweler The Clear Cut, where clients typically spend around $20,000 on engagement rings, has seen growing interest in “elongated fancy-shaped diamonds, such as elongated cushion cuts with ratios over 1.3, as well as oval and emerald cuts with ratios above 1.45,” according to a company spokesperson. “Additionally, there’s a noticeable trend toward antique and unique cuts, including old European cuts, old mine cuts, and elongated antique cushion cuts.”
Nevertheless, round diamonds, particularly in smaller carat sizes, are a favorite for those proposing with a placeholder ring. This increasingly popular option serves as a stand-in for a custom engagement ring that the couple plans to create together later on.
Turning up the opulence
A new trend — possibly inspired by former Spice Girl Victoria Beckham, who is rumored to own 15 engagement rings — is the growing popularity of second and even third engagement rings.
“We’re seeing many returning clients commissioning second and third rings with lab-grown diamonds, often for travel or to expand their jewelry collection with different designs and shapes,” says Kormind.
Meanwhile, the rise of men’s engagement rings — particularly among gay couples, as well as celebrities like singer Ed Sheeran and actor Ryan Reynolds — has led brands such as Tiffany & Co. to introduce designs specifically for the gents. At 77 Diamonds, 1 in 30 engagement-ring purchases are for men.
With luxury brands boosting their jewelry lines, couples are spoiled for choice when it comes to innovative designs and diamond cuts. Cue the bridal line of diamond-world disruptor Messika, and the brand-new venture by Louis Vuitton, which launched LV Diamonds this past spring. The latter features diamonds in the luxury firm’s proprietary Monogram Star cut, with prices starting around $5,000 for a 0.30-carat solitaire ring — perhaps too much for “demure and mindful,” but perfect for a brand-obsessed “brat.”
Main Image: Diamond solitaire rings by Frederick Goldman. (Frederick Goldman)
This article is from the October-November 2024 issue of Rapaport Magazine. View other articles here.
Stay up to date by signing up for our diamond and jewelry industry news and analysis.