Couples spent an average of $2,500 to $5,000 on their engagement rings in 2024, making it the third-most-expensive item they own, behind their home and car, according to a Jewelers Mutual survey. Nearly half of respondents are choosing their engagement rings with their significant others, according to data from the survey the insurance provider released last week. White gold is the most popular metal, picked by 35%, while rose gold was chosen by 33% of respondents. However, yellow gold is becoming a more common choice, with a 15% increase in purchases over the last three years.
Diamonds are still the most popular engagement-ring stones, with 68% buying natural diamonds and 18% taking home lab-grown, Jewelers Mutual found. While round brilliant-cut goods are still the top pick, demand for these has dropped 15% since 2015, while appetite for oval and pear diamonds has increased in recent years. The average size for a diamond center stone is between 1 and 2 carats.
Those opting for a non-diamond engagement ring are picking rubies and emeralds, the insurance group noted. Some 31% of those surveyed are choosing a channel setting, which presents gemstones in a continuous line within two metal strips, making it the top pick, while 22% of respondents preferred the solitaire setting. Younger buyers tend to veer toward three-stone settings, according to research from Jewelers Mutual. When it comes to where to purchase, 43% of buyers shopped at jewelry brand stores, while 28% went to retail stores and 10% patronized a local business, the company added.
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