US couples spent 5% less on engagement rings last year as lab-grown diamond center stones gained in popularity.
Consumers who took part in a recent survey paid approximately $5,200 on average for their engagement rings in 2024, down from $5,500 the previous year, according to a report from wedding resource The Knot. That figure also declined 10% from 2022 and 13% from 2021. The decrease came as for the first time, more than half of center stones purchased were lab-grown. The trend toward synthetics in engagement rings in 2024 grew 6% from a year ago and 40% from 2019, the survey found.
“The rise in popularity of lab-grown stones is fueling the decrease in the average cost of an engagement ring,” The Knot explained. “2024 served as a continuation of that trend.”
Demand for lab-grown is also impacting the average weight of diamond center stones, given the average price of a natural diamond engagement ring is $7,600. In 2024, the average center stone clocked in at 1.7 carats, compared to an average of 1.5 carats three years before, The Knot noted.
Nearly three-quarters of respondents chose one of four shapes for their diamond. Some 28% picked round, 25% bought oval, 10% snapped up emeralds, and 10% opted for princess cuts. When it came to metal, more than 70% of engagement rings last year included white or yellow gold. However, while yellow gold increased in popularity by 5% year on year, white gold slipped 3%.
Prong settings continue to rule the roost, with 35% of those surveyed buying them. Meanwhile, a new style broke into the top two. The hidden halo, which features a cluster of diamonds surrounding the base of the cathedral, attracted 18% of respondents, dethroning the halo, which features a circle of diamonds around the outline of the center stone. That style was the choice of 13% of those surveyed.
Consumers are also getting pickier about their purchases. Some 54% of proposers spent between one and four months selecting and buying an engagement ring, while 25% needed more time than that, according to The Knot. The uptick in time devoted to shopping was the result of an increase in the number of stores respondents visited. In 2024, the average proposer went to five jewelers, compared to only two in both 2022 and 2023, with the majority noting it was important to view the ring in person before purchasing.
The Knot surveyed nearly 17,000 couples who got married in 2024.
Image: A couple getting married. (Shutterstock)
