JB Insights
US couples spent 5% less on engagement rings in 2024 : The Knot
Rise in demand for LGD is reducing costs, influencing the size of center stones
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.
Education
The New-Age Jewellery Professional: Why Tech Education for Jewellery Industry is the Biggest Growth Driver
#JbExclusive
The jewellery industry is no longer defined by craftsmanship alone. Today, it sits at the intersection of design, technology, sustainability, finance, branding, and global trade. As consumer expectations evolve and competition intensifies, structured education and continuous skill development are emerging as the most powerful growth catalysts for the sector.
For a dynamic industry like India’s jewellery market, education is not optional — it is strategic.
From Karigar to Knowledge Professional
For decades, the backbone of the industry has been generational craftsmanship. While this legacy remains invaluable, modern jewellery businesses now demand professionals who understand:
- Gemology and diamond grading
- CAD and 3D jewellery design
- Retail management and consumer psychology
- Digital marketing and brand storytelling
- International trade compliance and tariffs
- ESG and sustainability frameworks
Institutions such as the Gemological Institute of America and the Indian Institute of Gems and Jewellery have played a key role in formalising education pathways, helping transform traditional artisans and retailers into globally competitive professionals.
Trend Watch: Rise of Tech-Integrated Learning
One of the strongest education trends shaping the industry is technology integration.
- CAD & CAM Training: Digital prototyping reduces costs and speeds up product development cycles.
- AI in Retail Forecasting: Data-driven inventory planning is replacing intuition-based buying.
- Blockchain Awareness: Traceability in diamonds and coloured gemstones is becoming a compliance requirement rather than a luxury.
- Lab-Grown Diamond Expertise: As lab-grown diamonds gain market share, understanding grading, pricing dynamics, and consumer positioning has become critical.
Educational programs now increasingly blend online modules with hands-on workshops, enabling faster upskilling for working professionals.
The Bridal Economy & Consumer Education
India’s bridal jewellery segment continues to drive demand, but the modern bride is informed and research-oriented. She compares:
- Natural vs lab-grown diamonds
- Hallmarking standards
- Ethical sourcing claims
- Design originality
Retailers who invest in staff education see higher trust conversion rates. Well-trained sales professionals are no longer “salespeople” — they are consultants guiding life-defining purchases.
Financial Literacy in Jewellery
Another emerging area is financial education within the industry itself. With gold functioning as both adornment and asset, professionals must understand:
- Gold monetisation frameworks
- Hedging strategies
- Commodity price cycles
- Working capital management
Structured knowledge helps businesses move from being inventory-heavy traders to strategically managed enterprises.
Sustainability & Responsible Sourcing
Global buyers increasingly demand proof of ethical sourcing and environmental compliance. Education around responsible mining practices, supply-chain transparency, and ESG reporting is becoming central to export competitiveness.
Industry bodies such as the Gem & Jewellery Export Promotion Council regularly conduct seminars and workshops to align Indian exporters with evolving global standards.
The Future: Hybrid Skills Will Win
The next generation jewellery professional will not be defined by a single skill. The future belongs to those who combine:
- Design sensibility
- Technical expertise
- Business acumen
- Digital fluency
- Ethical awareness
For a sector contributing significantly to India’s exports and employment, education is the bridge between heritage and high growth.
Knowledge is the new luxury. As the jewellery industry transitions into a more organised, tech-enabled, and globally integrated ecosystem, continuous learning will determine who leads and who lags. The sparkle of the future will not just come from diamonds — it will come from informed minds shaping the industry.
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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.