Natural diamonds remain the most desired jewellery item among US consumers, with Millennials and Gen Z driving demand value and spending, according to De Beers Group’s The Diamond Report, which draws on the biannual Diamond Acquisition Study of 18,500 women.
The report reveals that 11% of women rank natural diamond jewellery as their most desired luxury gift, ahead of synthetic lab‑grown diamonds, other gemstones and pure gold.
Millennials account for 55% of demand value, while Gen Z – despite its youth – is already the second‑largest generation buying natural diamonds, spending an average of $4,080 per piece, almost double that of Baby Boomers. Average natural diamond prices have risen 25% to $4,063, and average carat weight increased to 1.86 carats.
Gifting now drives 44% of demand, up from 35% two years earlier.
The report also notes that natural diamonds represent 75% of US diamond demand by value (85% at independent jewellers), while synthetic lab‑grown wholesale prices have fallen 93% since 2020 to around $100 per carat.
Below are questions and detailed answers from the report.
According to the 2025 US Diamond Acquisition Study, what percentage of women rank natural diamond jewellery as their most desired luxury gift, and how does this compare to 2023?
In 2025, 11% of women rank natural diamond jewellery as their most desired luxury gift while 9% rank it as their most desired self‑purchase item, up from 10% and 8% in 2023, respectively.
This puts desire for natural diamonds ahead of synthetic lab‑grown diamonds, other gemstones and pure gold jewellery. Across all luxury categories, natural diamonds rank the third most desired item, behind only holidays abroad and weekend getaways.
What share of demand value do Millennials account for, and what is their acquisition rate in 2025 compared to 2023?
The bedrock of the natural diamond industry is Millennials, who represent 32% of consumers but account for 55% of demand value. Leading all cohorts, 14% of Millennials bought themselves natural diamond jewellery or received it as a gift, up from 11% in 2023, and compared with an overall average of 9%.
How has the average price and average carat weight per natural diamond item changed between 2023 and 2025?
Consumers buying natural diamonds are driving enhanced value through higher‑priced pieces and increased carat weights. Average prices increased 25% from $3,242 in 2023 to $4,063 in 2025. Average carat weight per item increased from 1.65 carats to 1.86 carats over the same timeframe.
What share of total natural diamond demand value in the US came from gifting in 2025, and how has that changed from two years earlier?
In 2025, more people bought natural diamonds as gifts than for engagements and weddings or for self‑purchase. The gifting share of demand increased to 44% from 35% two years earlier, with 20% being romantic gifting from a partner and 24% being other gifting, including from family. Self‑purchase saw a tapering off following strong growth in recent years, with value declining to 31% from 42% however, it remains a substantial share of demand.
The bridal category, representing engagement and wedding‑related jewellery, accounted for 25% of overall value in 2025.
What percentage of overall US diamond demand value do natural diamonds represent, and what is their share at independent jewellers specifically?
In 2025, natural diamonds represented 75% of overall US diamond demand in value terms. Across independent jewellers specifically (not including large chains), which comprise 56% of the sector, the natural diamond share was even higher at 85% of overall sales value.
According to the report, what is the average wholesale price of synthetic lab‑grown diamonds per carat, and what percentage decline has occurred since 2020?
Prices for synthetic lab‑grown diamonds are on a downward trend: since 2020, wholesale prices have declined 93%... average synthetic lab‑grown diamond wholesale price per carat ~100.
What is the "3‑carat consumer ceiling" for synthetic lab‑grown diamonds, and what does it indicate?
Point‑of‑sale data across 950 US independent jewellery retailers shows that as a consumer's budget affords a 3‑carat or larger synthetic lab‑grown diamond engagement ring, there is a noticeable reduction in pieces sold. That budget range is now between $5,000 and $10,000 and is expected to decrease further in line with recent price trends and growing competition.
This 3‑carat threshold appears to be a tipping point where consumers may feel a synthetic lab‑grown diamond looks too big – meaning that if synthetic lab‑grown diamond retail prices continue to decline, retailers will be unable to upsell to larger sizes, resulting in lower overall sales and impacting gross profits.
How much did global natural diamond production peak in 2017, and what was the production level by 2025?
In 2017, natural diamond production peaked at around 150 million carats of rough diamonds. By 2025, production was just over 100 million carats. Luele in Angola is the only commercial diamond mine to start production in the past decade.
What proportion of women say they are likely to purchase the ORIGIN proposition, and what percentage state they would spend more than 10% above a comparable diamond without origin assurance?
The 2025 Diamond Acquisition Study found the initial consumer response has been compelling: almost half of women say they are likely to purchase the ORIGIN proposition, and around 20% state they are prepared to spend more than 10% above a comparable diamond without origin assurance.
According to the report, what is the only commercial diamond mine to start production in the past decade?
Luele in Angola is the only commercial diamond mine to start production in the past decade.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
