"The increasing popularity of lab-grown diamonds can be attributed to being conscious of budget, perceived value and ethical production practices,"
"They're "a great and viable option for those unwilling to sacrifice stone size due to budget constraints.""
"Design is absolutely the most important aspect of your purchase decision on a product-and the second criterion is price,"
More than half of engagement rings now feature lab-grown diamonds, a 6% increase from last year and a 40% increase since 2019. Lab-grown stones are typically cheaper than natural diamonds, enabling buyers to choose larger carat sizes and reducing average engagement ring prices to $5,200, down 5.7% from 2023 and over 15% from 2021. Purchasers can expect to pay approximately 1.5 times more for a natural diamond ring than a comparable lab-grown ring. Younger buyers prioritize design and price and are less likely to require a natural stone (22% Gen Z, 28% millennials). Major producers cut natural diamond prices in response.
Read at Fortune
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