Consumers Are Spending More on Engagement Rings and Have a Growing Preference for Lab Grown Diamonds

CHICAGO , May 18, 2022 /PRNewswire/ -- BriteCo, (brite.co) a leading direct-to-consumer jewelry and watch insurance company, has released new survey data that points to emerging consumer trends for purchasing engagement rings. In the lead up to the 2022 Spring engagement and wedding season, consumers show an increasingly positive attitude towards lab-grown diamonds - man-made diamonds that are chemically, physically, and optically the same as those mined from beneath the Earth's surface. The study also found a significant increase in the amount of money spent on engagement rings.

In the 2021 State of the Art Survey & Report, BriteCo found 60% of respondents spent between $2,500 and $10,000 or more on an engagement ring. 38% said the engagement ring was Rtheir single largest purchase outside of buying a home or car, with 81% opting to purchase their ring in-store.

BriteCo's 2022 BriteCo Diamond Engagement Ring Report https://brite.co/briteco-lab-grown-vs-natural-diamonds/ outlines several trends in the consumer jewelry industry:

The average expenditure for a diamond engagement ring increased to $7,011 in 2021, a 6.1% percent increase over the previous year. The share of lab-grown diamond engagement rings grew from 19% in 2020 to more than 24% in 2021.

The average expenditure for a lab-grown diamond engagement ring rose from $4,037 in 2020 to $4,383 in 2021, a healthy increase of 8.6%; this data confirms that lab-grown diamonds are typically from 40% to 50% less expensive than natural diamonds.

Survey data indicated that natural (earth-mined) diamond engagement ring spending increased from an average of $7,197 in 2020 to $8,053 in 2021, an increase of nearly 12%.

Most engagement rings have diamond center stones, with the most popular weight for a center stone diamond ranging from 1.0 and 1.5 carats; the average center stone diamond size (measured in terms of carat weight) grew from 1.20 carats in 2020 to 1.32 carats in 2021.

Expenditures for engagement rings are highest in the Mid-Atlantic region, averaging $9,343 . In comparison, those who spend the least amount on an engagement ring reside in the West North Central region of the USA , averaging $3,831 .

"In Store magazine's Big Survey in October 2021 indicated most jewelers are now stocking lab grown diamonds and seeing a growth in demand, particularly among younger customers," said Dustin Lemick , Founder and CEO of BriteCo. "With Millennials and Gen Z taking the stage as new proposers of marriage, we are seeing traditional preferences around engagement rings are changing to reflect their values. Young people are evaluating and buying lab-grown diamonds in greater numbers, but natural or earth-mined diamonds continue to dominate."

About BriteCo Established in 2018 by a third-generation retail jeweler, BriteCo is a leading insurance technology company focused on transforming the jewelry insurance industry for the digital age. BriteCo has democratized the process of buying A + rated jewelry and watch insurance for consumers with an easy-to-use online application, superior coverage in minutes, and an affordable subscription-like monthly payment option.

View original content:https://www.prnewswire.com/news-releases/briteco-survey-reveals-diamond-engagement-ring-preferences-301550205.html

We spoke with a hair expert on how it works.

"Please share your secret to looking decades younger than you are."

Don't miss out on these easy, affordable cleaning hacks.

Glasgow paediatric nurse Emma Young, 23, had tried everything to cure her acne without success only for a self tanner to clear her skin

Sand-free blankets, waterproof speakers and more ways to win summer this year.

The pandemic has created a new billionaire every 30 hours, and the inequality of income distribution is increasing.

We're never seen her like this.

Jane Fonda and Helen Mirren love L'Oréal Paris's age perfect rose tone face moisturizer for hydrated and youthful skin. And, it’s on sale today on Amazon.

Shark, Revlon and more: The 'net can't stop raving about these 11 picks.

Before you can even start searching for a new home, you first need to zero in on your homebuying budget.

CVS said Thursday that it will reiterate its recent full-year profit forecasts during a series of investor meetings over the coming weeks.

Barron’s exclusive analysis of gas stations shows which parts of the supply chain are—and aren’t—benefiting from $5 a gallon prices.

The European Central Bank on Thursday said it would end asset purchases on July 1 and raise its key interest rates next month by 25 basis points, or a quarter of a percentage point, as it vowed to bring inflation back down to its target. In a statement following a policy meeting, the ECB's Governing Council said it expected to raise rates again in September, with the size of the move to depend on an updated medium-term inflation outlook. Beyond September, the ECB said it anticipates that a "grad

Investors are processing rising airfares and the U.S.' decision to remove Covid testing for international travelers. Are airline stocks buys?

Investors interested in monetizing the EV theme can sell put options against Tesla shares. Here’s how.

Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) join "First Mover" live from Consensus 2022 to discuss their wide-reaching, bipartisan crypto bill. The lawmakers explain how this legislation is just the "first step" in finding the sweet spot between innovation and regulation.

Nio stock is falling after disappointing guidance in its earnings report. But the chart says the bulls should not despair.

Mission Produce reported a revenue increase, boosted by higher prices, for the fiscal second quarter despite inflation that has reached a 40-year high

Faced with slowing growth, China began to lift Covid restrictions and push out stimulus measures. And regulators appear to be relenting a bit on China’s tech giants, from Tencent Holdings to DiDi Global.

“Ball of confusion, that's what the world is today,” sang the Temptations on their 1970 classic, a sentiment which can readily apply to the stock market’s present state. It’s hard to get a grip on the market’s choppy action in 2022 and investors could use a clear signal to follow when considering a new investment. One way to get a head start is by tracking the moves of the insiders. These are the corporate officers with in-depth knowledge of the companies they helm. To keep the playing field lev