Engagement Ring Spending Slips as More Turn to Lab-Grown

Consumers who took part in the study paid approximately $5,800 on average for their engagement rings last year, versus $6,000 the previous year, according to a survey by wedding resource The Knot, released last week. The decrease came as 36% of center stones purchased in 2022 were lab-grown, nearly doubling in popularity in the past two years, the survey found. About one-third of all respondents spent between $1,000 and $4,000 on their engagement ring,