by Dustin Lemick and BriteCo Staff

Report Overview

As a leading jewelry insurance and appraisal technology company in the US, BriteCo sees some of the most frequently asked questions around engagement ring purchases.

Based on data from 2020-2021 compiled from our insurance and appraisal database, BriteCo is able to bring you clarity (pun intended) around diamond engagement ring buying trends. Our goal is to help you make a more informed decision when deciding on one of the major purchases of your adult life.

Report Overview

How much was spent on diamond engagement rings in 2021?

The average diamond engagement ring expenditure increased to $7,011 in 2021. That is a 6.1 percent increase over 2020.

Engagement ring values did include some very high value pieces that tend to boost the average spend, but averages may also be conservative considering overall jewelry sales for the past year grew by 30% or more in many areas.

How much was spent on lab-grown vs natural diamond engagement rings?

BriteCo data indicated that natural (earth-mined) diamond engagement ring spending increased from $7,197 in 2020 to $8,053 in 2021, a significant growth rate 11.9% year over year.

By comparison, the average expenditure for a lab-grown diamond engagement ring rose from $4,037 in 2020 to $4,383 in 2021, a healthy increase of 8.6%.

Instore magazine’s Big Survey in October 2021

Instore magazine’s Big Survey in October 2021 indicated most jewelers are now stocking lab-grown diamonds and seeing a growth in demand,

particularly among younger customers. BriteCo data showed that lab-grown diamonds increased their market penetration in the past year from 18.7% of engagement ring sales in 2020 to 28.4% of sales in 2021.

According to BriteCo data, the vast majority of engagement rings have diamond center stones, with the most popular weight for a center stone diamond ranging from 1.0 and 1.5 carats. This shouldn’t come as a surprise as many engagement ring buyers look to get at least one carat for their center stone

Confirming this trend, the average center stone diamond size (measured in terms of carat weight) grew from 1.20 carats in 2020 to 1.32 carats in 2021.

In looking at size growth between lab-grown and natural diamonds, the average for lab-grown diamonds increased from 1.34 carats in 2020 to 1.49 carats in 2021 as the discount in prices for lab-grown diamonds continued to increase this past year.

In contrast, the average size for natural diamonds increased from 1.16 in 2020 to 1.25 in 2021 despite an increase in wholesale costs for diamonds in the past year.

Carat size growth for all diamonds

Carat size growth for all diamonds

Where do people in the US spend the most on all types of engagement rings

Where do people in the US spend the most on all types of engagement rings?

Expenditures for engagement rings are highest in the Mid-Atlantic region of the country, averaging $9,343. In comparison, those who spend the least amount on an engagement ring reside in the West North Central region of the USA, averaging $3,831.

What types of engagement ring styles are most popular?

The two most popular styles the past two years (and traditionally) are solitaire and halo engagement rings, making up more than 40% of engagement ring purchases. Also popular are side stone rings, three stone rings, and vintage/classic engagement rings.

Solitaire and other/custom styles of engagement rings became more popular in 2021, while side-stone style engagement rings were less so.

Minimal changes for all diamonds mounting metals

Minimal changes for all diamonds mounting metals

Style is obviously determined by personal preference. We recommend looking at your significant other’s personal style and consulting with your local jeweler to help set your budget and exploring your future fiancée’s style preferences. There were almost no changes in the popularity of types of mounting metals over the past year. White gold is still the most popular, while silver and palladium are the least popular.

Looking at color and clarity in tandem

Looking at color and clarity in tandem, we can see the most popular combination of the two. in 2021 were:

G-SI1

H-SI1

H-SI2

G-VS2

H-VS2

The average number of carats of melee diamonds for rings that have them is 0.534 carats.

The total carat weight of all diamonds in an engagement ring in 2021 was 1.819 carats.

About BriteCo

Established in 2018 by a third-generation retail jeweler, BriteCo is a leading insurance technology company focused on transforming the jewelry insurance industry for the digital age.

BriteCo has democratized the process of buying A+ rated jewelry and watch insurance for consumers with an easy-to-use online application, superior coverage in minutes, and an affordable subscription-like monthly payment option. BriteCo’s innovative appraisal system technology is used by more than 3,000 retail jewelers nationwide. To learn more visit www.brite.co

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info@brite.co

BriteCo Inc. is a licensed insurance agency in all fifty states and the District of Columbia.
Please see the Licenses section of this website for more information. All insurance policies underwritten and issued by Glencar Insurance Company and administered by BriteCo.