Lab-grown diamonds, once dismissed as subpar yellowish stones, are now practically impossible to distinguish from their natural counterparts by look alone. And as more buyers are drawn to their affordability and eco-conscious appeal, synthetic stones are upending a market long defined by tradition and exclusivity.
Last year, 52% of American newlyweds used an engagement ring with a lab-grown stone compared to just 12% in 2019, according to an annual survey by The Knot. This boom in popularity has hit the natural diamond market hard. The price of mined stones has dropped around 26% since 2022, according to jewelry data analytics firm Tenoris. In 2024, De Beers, the biggest name in the natural diamond business, reported a 23% year-over-year decrease in revenue driven by a loss in demand for mined stones.
This disruption is even being felt in the luxury shopping destination of Beverly Hills, where many retailers are now opting to sell both natural and mined stones. But while the future for the overall industry is uncertain, high-end local jewelers remain confident that Beverly Hills will continue to flourish as a mecca for natural stones.
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