Survey Finds Gen Z Is Redefining Fine Jewelry, Opting for Lab-Grown Diamonds and Prioritizing Affordability and Stone Size

LOS ANGELES, Oct. 09, 2024 (GLOBE NEWSWIRE) — Angara, the leading international online jeweler, today released its second annual “Engagement Ring Trend Report” based on a commissioned survey of 2,000 respondents who are in relationships. The survey revealed surprising new data around significant generational preferences, what consumers look for in engagement rings and proposals, the growing popularity of lab-grown diamonds and how the economy is shifting consumer priorities.

Key findings from the survey include:

• Industry opportunities in lab-grown diamonds: Despite The Federal Trade Commission (FTC) declaring lab-grown diamonds real diamonds in 2018, there continues to be a gap in understanding about lab-grown diamonds. Angara’s survey shows that 64% of respondents are unsure if a lab-grown diamond is real. Additionally, there’s a significant difference in understanding between generations, with Gen Z leading the shift toward lab-grown and understanding they are real. When surveyed, the majority of Gen Z respondents preferred a 3-carat lab-grown diamond to 1-carat natural mined diamond.
• Affordability is prioritized over size: Historically, we’ve been sold a marketing narrative that equates the size and spend of an engagement ring to love. Survey data proves that size is no longer a top consideration. In fact, among the women surveyed, affordability was the most important factor when choosing an engagement ring. Also, 25% of respondents have no preference about the size of the stone in their engagement ring.
• Today’s engagements are refuting tradition: The data from Angara’s survey shows that men and women have different views on an ideal proposal. A majority of men surveyed prefer their partner to be involved in the engagement ring selection, while 65% of the women would prefer to be completely surprised. Respondents favor non-holidays or anniversaries for engagements, with New Year’s Eve being the least popular time for an engagement. What’s more, 25% of respondents prefer a colored gemstone engagement ring with sapphire being the most popular gem.

“Gen Z is rewriting the rules of the diamond industry,” said Ankur Daga, CEO and co-founder of Angara. “For decades, we’ve been sold the idea that De Beers and diamonds equate perfection and status. However, today’s consumers and younger generations are challenging traditions and gravitating toward affordable options like lab-grown diamonds. As Gen Z continues to influence consumer trends, lab-grown diamonds are poised to become the new standard for affordable luxury and conscious consumption.”

“The data reflects a cultural shift in attitudes towards proposals and engagement rings,” said Aditi Daga, co-founder of Angara. “As a society, we’ve been encouraged to spend three month’s salary on the largest, colorless diamond we can afford. The average spend last year was $5,500, a decrease from the historical average over the last decade of $6,000. We’re already seeing the decrease in the average spend of an engagement ring, paired with the acceptance of lab-grown it’s clear that today’s consumers desire the commitment a ring symbolizes but at a price they can afford.”

The report builds on Angara’s first annual “Engagement Ring Trend Report” earlier this year, which also points to a growing acceptance of lab-grown diamonds among younger generations and growing interest in colored gemstones. For more information about Angara, please visit Angara.com, and follow @AngaraJewelry on Instagram, Facebook, Twitter, and Pinterest.

About Angara
Angara is an online DTC fine jewelry retail brand, offering handcrafted jewelry dressed in natural colored gemstones, high-quality diamonds, and pearls, with every piece made-to-order. Founded in 2005 by husband-wife duo Ankur and Aditi Daga, Angara has grown to become the leading source for fine gemstone jewelry. A vertically integrated company, with deep, familial roots in the gemstone business, spanning hundreds of years of experience, Angara handles each step of the process in-house, including stone-cutting, designing, manufacturing, quality control and fulfillment. Angara is headquartered in Los Angeles, California, with additional offices globally in India, Thailand, Ireland, Australia and Canada. The brand also currently holds licensing deals with Harvard University and Natori.

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