According to a recent survey by Jewelers Mutual, couples in 2024 spent an average of $2,500 to $5,000 on their engagement rings. These rings are now the third-most-expensive items most people own, following their homes and cars.
Diamonds Reign Supreme, but Preferences Are Shifting
The survey highlighted key trends in engagement ring preferences:
- Diamonds remain the top choice:
- 68% opt for natural diamonds.
- 18% choose lab-grown diamonds.
- Non-diamond alternatives, such as rubies and emeralds, are becoming more popular.
While round brilliant-cut diamonds are still the most sought-after, demand has dropped 15% since 2015, with more couples gravitating toward oval and pear-shaped stones. The average diamond size ranges from 1 to 2 carats.
A Rise in Yellow Gold and Channel Settings
- White gold is the most popular metal, favored by 35% of respondents, followed closely by rose gold (33%).
- Yellow gold, however, is making a comeback, with a 15% increase in purchases over the past three years.
Regarding ring settings:
- Channel settings lead the way, chosen by 31% of buyers, featuring gemstones aligned in a sleek, continuous line.
- Solitaire settings are preferred by 22%, while younger couples often select three-stone settings.
Where Couples Are Shopping
When it comes to purchasing engagement rings:
- 43% shop at branded jewelry stores.
- 28% prefer retail outlets.
- 10% support local jewelers.
The findings reflect evolving tastes in the engagement ring market, highlighting the rise of non-traditional designs and materials.