Lab-grown diamonds now cost 73% less than natural diamonds

Over the past five years, lab-grown diamonds have fundamentally reshaped the diamond jewelry industry, evolving from a niche product into a mainstream choice now accounting for more than 45% of all US engagement ring purchases. This dramatic growth has been fueled by improved manufacturing efficiencies, changing consumer preferences — especially among Millennials and Gen Z — and shifting market dynamics exacerbated by COVID-era inflation.

Proprietary data from insurance technology company BriteCo reveals significant changes in pricing, style, and consumer purchase behavior, including a marked increase in carat size, quality, and diversity of shapes in lab-grown diamonds for engagement rings. As prices for lab-grown stones continue to fall and natural diamonds work to reclaim their luxury status, the industry is bifurcating: Lab-grown diamonds are emerging as accessible, everyday luxury, while natural diamonds reposition as exclusive symbols of enduring value.