US couples purchased larger engagement rings on average last year as lab-grown diamond center stones gained popularity, according to a survey by wedding resource The Knot.
One in three consumers surveyed bought an engagement ring over 2 carats, including side stones and accents, up 10% from pre-pandemic levels in 2019, the Knot said in its recently released 2023 Real Weddings Study. The growth is partly due to the rise of lab-grown diamond engagement rings, which are less expensive than natural and allow buyers to get larger stones for the same price, The Knot explained.
Diamonds remain the most popular choice for engagement rings, garnering 85% of purchases. However, the style of those rings has changed, The Knot noted. The inclusion of side stones and accents has decreased 12% since 2015, while 10% more are sporting diamond solitaires. While round is still the number-one shape for engagement ring stones, picked by 34% of respondents, its popularity has declined 15% in the past eight years. Meanwhile, ovals and pears are on the rise.
About one-third of couples surveyed said having a lab-grown diamond was important to them, 17% higher than in 2019. Some 46% of all engagement ring center stones were reported to be lab-grown in 2023, nearly four times 2019’s figure.
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