The Growing Popularity of Gemstone Engagement Rings: An Alternative to Diamond Jewelry
Valentine’s Day is known as one of the most popular days for jewelry and engagements, and this year, the contents of those ring boxes may look a little different. The traditional diamond solitaire is being replaced by gemstone engagement rings, which are gaining popularity among couples. According to Ankur Daga, founder and CEO of fine jewelry e-commerce company Angara, there has been a shift towards larger center stone engagement rings, primarily due to the rise of lab-grown diamonds. Alongside lab-grown diamonds, sapphires and rubies are also becoming increasingly popular choices.
A decade ago, only 5% of engagement rings featured colored gemstones, but now that number has risen to over 15%. In fact, more than 20% of people would choose a colored gemstone for their engagement ring if given the option, according to a survey commissioned by Angara. The trend towards gemstone engagement rings is not limited to just diamonds; industry giant Signet Jewelers has also noticed a surge in gemstone sales in both the wedding and fashion categories. Gemstones such as sapphire, morganite, London Blue Topaz, aquamarine, and green quartz are particularly sought after.
The shift towards colored gemstones can be attributed to various factors. One reason is that customers are seeking more distinctive and personalized pieces. Beth Gerstein, CEO of Brilliant Earth, a company specializing in lab-grown diamonds and gemstones, notes that gemstones resonate well with a Gen Z audience who value uniqueness and personal style. Additionally, gemstones offer a wide range of colors and birthstones that appeal to individuals looking for something meaningful and special.
However, the growing demand for gemstones comes at a time when the supply is becoming tighter. Quality concerns and limited sourcing regions have made rubies and select exotic stones more expensive and harder to find. As a result, lookalike stones like garnet are being used as substitutes. Wholesale prices for sapphire, emerald, and ruby have been steadily increasing over the past few years, with some niche stones experiencing price hikes of over 20% annually. This rise in prices, coupled with the desire for color in luxury goods, has led to gemstones being seen as an attractive asset class. Investors are starting to view colored gemstones as an inflation hedge and a growth vehicle for their investments.
While lab-grown diamonds have gained significant traction in the market, accounting for 50% of diamond engagement ring purchases last year, the same cannot be said for colored gemstones. Approximately 75% of customers still prefer natural gemstones when shopping for colored stones. Lab-grown gemstones may be chemically, physically, and optically identical to natural ones, but they lack the unique inclusions that give natural gemstones their character and charm.
In conclusion, gemstone engagement rings are on the rise as an alternative to traditional diamond jewelry. The shift towards larger center stone rings and the desire for more distinctive pieces have contributed to the growing popularity of colored gemstones. However, the demand for gemstones is increasing at a time when supply is becoming scarcer, leading to rising prices. Despite the availability of lab-grown gemstones, many customers still prefer natural gemstones for their unique characteristics. With their vibrant colors and personalized appeal, gemstone engagement rings provide an alternative option for couples looking to make a statement with their choice of ring.
