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Lab-grown vs natural diamond engagement rings

Lab-Grown vs Natural Diamond Engagement Rings

21 Jan 24

Lab Grown Diamonds vs Natural (“real”) Diamonds

In the retail jewellery industry, there’s an ongoing debate about the value of lab-grown vs natural diamond, especially for engagement rings.  Centrestone Jewellery Insurance covers both and we do not recommend one over the other, leaving it to our customers to decide for themselves what best fits their wants and needs.

In the interest of helping engaged couples make more informed decisions about their jewellery and engagement ring purchases, Here are some interesting facts in relation to diamonds.

  • Preference for lab-grown diamonds is growing
  • Do lab-grown diamonds cost that much less?
  • Diamond engagement rings getting larger in 2024

Preference for lab-grown diamonds is growing

Centrestone Jewellery Insurance is seeing a growth in demand for lab-grown diamonds, particularly among younger customers. As more millennials and Gen Z consumers get engaged, traditional preferences around engagement rings are changing to reflect their values. But even with the growth in lab-grown diamonds, sales of natural or earth-mined diamonds continue to dominate. 

Engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period.

Do lab-grown diamonds cost that much less?

Generally, lab-grown diamonds‘ retail cost is about 30% to 40% less than natural or earth-mined diamonds. Yet, spending on both types of diamonds rose significantly from 2020 to 2024.

For some consumers and retailers, there’s still a strong preference for natural diamond engagement rings despite the higher cost. They see the natural diamond as something that implies a forever, lasting commitment. On the other hand, lab-grown diamonds are frequently promoted as “sustainable” since they are man-made and created in a lab setting.

For Lab Grown Diamond Insurance, click here.

Diamond engagement rings getting larger in 2024

Whether influenced by the lack of travel or a shift in spending from experiences to luxury goods, the data shows that both natural and lab-grown diamond engagement rings grew in size from 2020 to 2024. Perhaps reflecting the difference in cost, the average size of lab-grown diamond engagement rings increased from 1.34 carats to nearly one and a half carats while natural diamonds grew from 1.16 carats to one and a quarter carats over the same period.

Regardless of which type of diamond engagement ring you choose, it’s always a good idea to make sure you get it insured right away from a company that specialises in jewellery insurance. You can quickly get a custom insurance policy quote from Centrestone Jewellery Insurance.