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Lab-Grown Diamonds Now Make For 10% Of The Diamond Engagement Ring Market

According to data supplied by industry analyst Edahn Golan at Facets 2022, the recent conference organised by Antwerp World Diamond Centre, jewellery including lab-grown diamonds has accounted for roughly 10% of U.S. diamond engagement ring sales thus far in 2022.

Tenoris, the company Golan cofounded with former National Jeweler publisher Chris Casey, calculated the figures. Tenoris derives its figures from 1,200 specialised jewellery businesses in the United States.

Lab-Grown Diamonds

That lab-grown market share for engagement rings is significantly higher than Tenoris' figures for 2021, which estimated that lab-grown diamond sales were for around 6% of the whole engagement ring market.

The firm also discovered that in 2022, natural diamond engagement rings sold for an average of $4,512, while lab-grown diamond bands sold for $3,916, indicating that at least some consumers are cutting their expenditure when purchasing lab-growns. Natural diamonds are up 7.2%, while lab-grown diamonds are up 14.3%.

While the margins for lab-grown diamonds remain larger than those for natural stones, Tenoris discovered that the difference between the two isn't as large as people may believe. The average profit margin for a natural diamond engagement ring was 48.6%, compared to 54.4% for lab-grown diamonds, according to the website. This is a 5.1% increase for natural and a 0.2% increase for lab-grown.

Engagement Ring Market

The average carat weight for natural engagement rings was 0.84 ct., compared to 1.38 cts. for lab-growns. This is a 1.4% decrease for natural diamonds but a 4.9% increase for lab-grown diamonds. What is driving the increase in lab-grown market share? According to Golan, 2021 will be a record year for diamond engagement ring sales owing to "pent-up demand" caused by the COVID-19 epidemic.

However, demand for diamond engagement rings of all varieties has declined significantly in 2022. Natural diamond engagement rings, on the other hand, appear to have borne the brunt of that damage; sales of lab-grown diamond engagement rings declined just 12% year over year, compared to 51% for natural diamond engagement rings, according to Tenoris.

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Billionaire Laurence Graff paid a record-breaking $46.1 million for a magnificent vivid pink diamond weighing 24.78 carats. Originally owned by his competitor Harry Winston, it now carries graff’s name and is a part of the legendary collection of rare diamonds.

We usually advise brilliant round diamonds with a cut grade of very good, ideal, or super ideal for engagement rings (also known as hearts and arrows). A high cut grade maximises a diamond’s beauty for a given carat weight.

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It’s crucial to have a concept of what you might prefer before starting your search because it will enable you to focus on fewer of the many engagement ring possibilities that are now available. Also, when you initially start browsing, it helps to have a few distinct design concepts and the overall budget because the variety can be overwhelming.

Here are Engagement Ring Trends 2023:

1. Modern Art-Deco
2. Colored Stones
3. Lab-Grown Diamonds
4. East-West Settings
5. Multiple Large Stones

The traditional round diamond form, which is the most common, may come to mind when you think of diamonds. But if you want something different, a tonne of alternative forms may be found to suit your unique taste and style. Each diamond shape has its own fire and brilliance because they are cut to different standards, altering how they reflect light.

The most popular kinds of diamonds are listed below:

1. Round Brilliant Cut Diamonds
2. Princess-Cut Diamonds
3. Marquise-Cut Diamonds
4. Cushion-Cut Diamonds
5. Emerald-Cut Diamonds
6. Radiant-Cut Diamonds
7. Pear-Shaped Diamonds
8. Oval Diamonds
9. Asscher-Cut Diamonds