Lab-grown diamonds dominating the market in 2024
In 2023, rather than reassessing their budget, many couples have started to become more conscious of their spending habits and switching to gemstones rather than diamonds and opting for lab-grown diamonds. According to exclusive internal data from Queensmith, lab-grown diamonds have continued to dominate the market due to their lower cost per carat, resulting in more affordable prices. These highly sought-after diamonds have enabled couples to still find the perfect engagement ring, without inflating their budget. The affordable option, at 60-80% cheaper than natural diamonds, accounted for nearly 80% of Queensmith's diamond engagement rings sold in 2023. Not only can consumers expect larger carat weights and higher quality diamonds, but also a more environmentally friendly and sustainably sourced alternative to mined diamonds.