US couples spent 3% less on engagement rings last year, as lab-grown diamond center stones gained popularity.
Consumers who took part in the study paid approximately $5,800 on average for their engagement rings last year, versus $6,000 the previous year, according to a survey by wedding resource The Knot, released last week. The decrease came as 36% of center stones purchased in 2022 were lab-grown, nearly doubling in popularity in the past two years, the survey found. About one-third of all respondents spent between $1,000 and $4,000 on their engagement ring,
“Major jewelry brands like Pandora, Blue Nile and Grown Brilliance expanded their offering of lab-grown diamonds last year,” The Knot explained. “With more couples choosing lab-grown diamonds, which tend to have lower price tags, data is also indicating carat sizes have increased compared to historic levels.”
The most popular engagement-ring stones were diamonds, chosen by 85% of those surveyed, 1 percentage point higher than in 2017. About 23% of all stones weighed 2 carats or more — an increase of 11 percentage points versus 2019, The Knot found. Some 42% of respondents opted for white gold, 19 percentage points down from five years earlier.
While round was the most purchased diamond shape for engagement rings, with 37% of couples picking them, ovals increased in popularity. Some 21% of those surveyed chose that shape, compared to 7% in 2017.
Meanwhile, the average outlay on a wedding grew 5% year on year to $35,800. The most expensive weddings were those held in New York, which averaged $60,000, while the least costly were in Phoenix, Arizona, averaging $24,000.
The Knot surveyed nearly 12,000 couples who got married in 2022.