Why lab-grown diamond sales are surging

Going back by another month, to February, the data showed the number of rings sold with lab diamonds that month surged even more, to 80% compared to a year earlier while the number fell by 13% for natural diamond engagement rings.

“The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said. Too late. “It’s actually happening.”

Tide is shifting

Why are consumers flocking to man-made diamonds? Cost is the most obvious reason. The average retail price of the most popular one-carat round man-made diamond for an engagement ring in March was $2,318, Golan said.

“This is substantially less – as much as 73% cheaper than a natural diamond of the same size, cut, and clarity as the man-made diamond, which would cost $8,740,” he said. Plus, the lower cost allows couples to buy a bigger stone.