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,

Rapaport New Year Message

As the world goes through great economic, social and political change, the diamond and jewelry industry faces unprecedented opportunities and challenges. The best way forward in these uncertain times is to focus your activities on what is certain and sustainable.