As a leading jewelry insurance and appraisal technology provider 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.
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.
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%.
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
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.
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.
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, 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.
Established in 2018 by a third-generation retail jeweler, BriteCo is a leading insurance technology provider focused on transforming the jewelry insurance industry for the digital age.
BriteCo has democratized the process of buying 5-star 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