Valentine’s Day is a major occasion for gifting diamond jewelry, with 22% of gift-givers opting for this timeless choice, according to the National Retail Federation. This trend comes amid a strong performance in high-end jewelry sales, with overall jewelry sales up by 5.2% in the U.S. Luxury brands, particularly those emphasizing natural diamonds, have seen even higher increases in sales.
While lab-grown diamonds have garnered significant media attention, they account for just 14% of the total diamond market. Experts believe lab-grown diamonds have reached their price threshold, with the cost of a 1.5-carat lab-grown diamond having dropped by 83% since 2015.
David Kellie, CEO of the Natural Diamond Council, weighed in on market trends, discussing expectations for future price increases and the enduring appeal of natural diamonds over their lab-grown counterparts. Despite the price drop for lab-grown diamonds, the allure and perceived value of natural diamonds continue to resonate with consumers, keeping them at the forefront of luxury gift-giving.
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