In recent years, the engagement ring market has witnessed significant changes, particularly in consumer spending and gemstone preferences. According to a report by The Knot, U.S. couples spent approximately 5% less on engagement rings in 2024 compared to the previous year. The average cost of an engagement ring fell from $5,500 in 2023 to $5,200 in 2024, marking a 10% decline from 2022 and a 13% decrease from 2021. This trend aligns with the increasing preference for lab-grown diamond center stones, which, for the first time, accounted for more than half of all engagement rings purchased. The shift towards synthetic diamonds has surged by 40% since 2019, contributing significantly to the downward trend in overall spending on engagement rings.

The rise in demand for lab-grown diamonds is not only reducing costs but also influencing the size of center stones. While the average cost of a natural diamond engagement ring remains at $7,600, couples who opt for lab-grown alternatives tend to select larger stones. In 2024, the average engagement ring center stone measured 1.7 carats, an increase from the 1.5-carat average in 2021. This shift suggests that couples are prioritizing carat size while seeking more affordable alternatives to mined diamonds. Additionally, shape and metal preferences have remained relatively stable, with round and oval cuts being the most popular, and white and yellow gold accounting for over 70% of engagement ring settings. Notably, yellow gold has increased in popularity by 5% year-over-year, while white gold has declined by 3%.

Beyond gemstone and metal choices, setting styles are also evolving. Prong settings continue to dominate, with 35% of respondents selecting this classic option. However, the hidden halo setting—a cluster of diamonds encircling the base of the center stone—has gained traction, capturing 18% of the market and surpassing the traditional halo setting, which saw a decline to 13%. This trend reflects a shift in aesthetic preferences among modern couples who seek a balance between timeless elegance and contemporary design. Moreover, the engagement ring purchasing process has become more meticulous. Over half of proposers spent between one and four months researching and selecting a ring, with a quarter taking even longer. The increase in shopping duration correlates with a rise in the number of jewelers visited. On average, proposers explored five stores in 2024, compared to just two in 2022 and 2023, underscoring the importance of in-person evaluation before making a purchase.

The engagement ring industry continues to adapt to evolving consumer behavior, as financial considerations, ethical concerns, and aesthetic trends shape purchasing decisions. With lab-grown diamonds offering an affordable yet visually identical alternative to natural diamonds, the shift in spending and preferences is likely to persist. As couples become more discerning and invested in the selection process, the future of the engagement ring market may see further innovations and adjustments to meet the needs of modern consumers.

Aukera, India’s leading lab-grown diamond jewellery brand, unveiled its highly anticipated Echoes of Choice Signature Collection at an exclusive press event held at President, IHCL SeleQtions Mumbai today. This collection is part of Aukera’s My Choice My Voice campaign, which inspires and empowers women to own their decisions and stand by their beliefs. The powerful slogan, “My Choice. My Voice,” calls on women everywhere to redefine empowerment.

The launch event was graced by actress Taapsee Pannu and tennis icon Sania Mirza, the faces of Aukera’s campaign.

The Echoes of Choice collection draws inspiration from the idea that a single choice, much like a sound wave, reverberates, creating a lasting impact. The collection transforms the power of choice into exquisite jewellery, featuring rings, hoops, bracelets, and pendants crafted in 18K gold. It also debuts Aukera’s signature E3 Diamond, a specially engineered cut that reflects the brilliance and resilience of every woman. Each piece is designed to mirror the peaks of a sound wave, symbolizing strength, courage, and the ripple effect of the fearless choices women make.

Lisa Mukhedkar, Founder & CEO of Aukera, emphasized that the brand is not just a jewellery line but a movement for freedom and self-expression. “Echoes of Choice is a collective campaign that empowers women to make choices and reject compromises. We’ve tried to recreate women’s qualities of individuality and purpose through the aesthetics of this collection. Sania Mirza and Taapsee Pannu are trailblazers who have made bold choices in both their personal and professional lives, reflecting our brand’s core values. We trust women will enjoy this collection as much as we enjoyed creating it.”

Tennis icon Sania Mirza passionately affirmed, “I believe in making my own choices. The Aukera Echoes of Choice—worn on my right hand—is a symbol of strength and determination.”

Filmfare Award Winner, Actor Taapsee Pannu proudly shared, “I stand by my choices. The Aukera Echoes of Choice on my right hand represents confidence and individuality.”

The Echoes of Choice campaign has been sparking nationwide conversations through curated storytelling, exclusive appearances, and digital engagement. Backed by a combination of print, digital, radio, in-store, and outdoor promotions, the campaign amplifies the voices of women who dare to make bold choices. The collection has already created waves with women across the country echoing My Choice, My Voice, Aukera.

After nearly two years of inactivity, China has resumed purchasing diamonds cut and polished in India, rekindling hope for Indian diamond traders and positively influencing rough diamond prices. This resurgence in demand, marked by Chinese buyers replenishing stocks at the Hong Kong International Jewellery Show (March 4-8), is expected to rejuvenate diamond production in Surat, India’s diamond cutting and polishing hub, and provide a much-needed boost to the country’s diamond exports.

China, which had primarily focused on buying gold during the past two years, is India’s second-largest diamond export market after the United States. This renewed interest is particularly significant for Surat, where diamond production had stagnated without Chinese orders. India currently handles the cutting and polishing of nine out of ten diamonds sold worldwide.

The mood at the recent Hong Kong Jewellery Show was notably more optimistic than the last event in September, with Chinese buyers showing more interest after a period of reduced spending on diamonds, driven by the belief that gold holds more value. Despite this cautious optimism, diamond exports to Hong Kong, the primary route for Indian exports to China, have dropped significantly—down 28% in FY24 and a further 60% through February of this fiscal year.

With Chinese demand starting to pick up, rough diamond prices have surged by 3-4%. “While we remain cautiously optimistic, we are unsure how long this recovery will last,” said Kirit Bhansali, chairman of the Gem & Jewellery Export Promotion Council. “The market dynamics are shifting, and we are adjusting our expectations accordingly.”

Although the Hong Kong show showed signs of recovery compared to the September 2024 event, industry leaders acknowledge that the diamond market has recalibrated. Turnovers for jewellery companies are now about 30% to 40% lower than previous years, suggesting that stakeholders must adapt their strategies to the new normal.