De Beers: Consumers Spend More, Spend Differently

(IDEX Online) - Average purchase prices for natural diamond jewelry increased by 25% between 2023 and 2025, says De Beers, as the dominance of bridal slipped and people found new milestones to mark with a diamond.

Consumers paid $4,063 per piece, on average last year, compared with $3,242 two years earlier, with average total carat weight up from 1.65 carats to 1.86 carats.

Gen Z (aged 18 to 30) is now the industry's most valuable emerging segment, according to The Diamond Report, De Beers' newly-published research on 18,500 women in the US aged 18 to 74.

Gen Z represent18% of the population, but 23% of demand value, it says.

Meanwhile spending at the other end of the age range, among Baby Boomers, (aged 62 to 80) almost doubled from $2,250 to $4,080 per piece.

The research also shows that three-quarters of overall US demand is now for non-bridal occasions, to mark a new job, promotion, achievement, or "just because".

Lab grown sales keep on increasing in volume, but value share remains low at 15% of independent jewelers' diamond sales.

There is also a drop-off in sales among lab growns of 3 carats or over    because consumers may feel they look "too big".

"The study findings highlight that today's consumers aspire to own natural diamonds just as much as the generations that came before them, and ahead of any other jewellery product," said Diana Mitkov, lead researcher within Diamond Demand Insights & Analytics at De Beers Group.

"And they are spending more per piece than ever before. But how and why consumers buy diamonds is evolving.

"Traditional life milestones such as getting engaged are no longer the only value driver for the industry; consumers are increasingly marking a wide range of occasions with natural diamonds and are looking for distinct pieces that feel personal to them."

Pic courtesy De Beers.