Queensmith has revealed that 80% of the diamond engagement rings it offered in 2023 have been lab-grown.
The corporate believes it is because lab-grown diamonds enable customers to buy bigger carat weights and better high quality diamonds.
Additionally as a result of they’re a extra environmentally pleasant and sustainably sourced various to mined diamonds.
In 2023, the common diamond carat weight bought, encompassing each pure and lab-grown diamonds, remained constant at 1.25ct, mirroring the figures from the earlier 12 months.
Curiously, people choosing lab-grown diamonds displayed a desire for bigger carat weights, with 98.3% of diamonds bought above 2ct originating from a lab.
This pattern suggests a rising reputation and growing demand for lab-grown diamonds within the present 12 months, particularly with {couples} getting larger carat weights for lots extra inexpensive costs.
Queensmith’s knowledge on fashionable ring types signifies a notable surge within the desire for Solitaire rings, a pattern attributed by specialists at Queensmith to the elevated accessibility and affordability of lab-grown diamonds.
Characterised by an easier design and minimal extra diamond protection, gross sales of Solitaire rings elevated from 41.2% in 2022 to 43% in 2023.
Probably the most unpredicted shift Queensmith reported, has been the rise within the reputation of emerald-cut rings.
With solely 3.8% of complete gross sales in 2022, this 12 months has seen a 2.9% improve, the most important rise out of all of the diamond shapes, changing final 12 months’s pear in third place hottest.