US couples spent 5% less on engagement rings last year as lab-grown diamond center stones gained in popularity. Consumers who took part in a recent survey paid approximately $5,200 on average for their engagement rings in 2024, down from $5,500 the previous year, according to a report from wedding resource
The Knot. That figure also declined 10% from 2022 and 13% from 2021. The decrease came as for the first time, more than half of center stones purchased were lab-grown. The trend toward synthetics in engagement rings in 2024 grew 6% from a year ago and 40% from 2019, the survey found.
“The rise in popularity of lab-grown stones is fueling the decrease in the average cost of an engagement ring,” The Knot explained. “2024 served as a continuation of that trend.” Demand for lab-grown is also impacting the average weight of diamond center stones, given the average price of a natural diamond engagement ring is $7,600.
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