As more and more couples choose lab-grown diamonds, the United States is at the forefront of jewelry trends.
BriteCo has announced that a quarter of couples are choosing lab-grown diamonds for their engagement rings.
Source: Lab-Grown vs Natural
You may have heard that the latest trends from the United States and other countries arrive in Japan two to five years later.
This time, I would like to introduce some excerpts from data released by BriteCo that could become a trend in Japan.
How much should you spend on a diamond engagement ring?
Are American couples spending twice as much?
In 2021, the average expenditure on a diamond engagement ring in the United States increased to $7,011 (approximately 770,000 yen at the time, approximately 980,000 yen at the current exchange rate in 2023).
This is an increase of 6.1% (approximately 50,000 yen) compared to 2020.
The average price of an engagement ring in Japan is about 350,000 yen. In the United States, it is about twice that amount!
Some people may be surprised by this, but considering that the average income in Japan in 2021 is 4.3 million yen and the average income in the United States is 8.22 million yen, there is a difference of about two times, and it could be said that the difference in income is the reason for the difference in the average price of an engagement ring .
*Calculations are based on 1 dollar = 110 yen (as of 2021).
How much did you spend on your lab-grown diamond vs. natural diamond engagement ring?
The cost of a natural diamond engagement ring is:
・It will increase from $7,197 (approximately ¥800,000) in 2020 to $8,053 (approximately ¥880,000) in 2021, a significant increase of 11.9% (approximately ¥80,000) compared to the previous year.
The average cost of a lab-grown diamond engagement ring is:
- It increased from $4,037 (approximately JPY 440,000) in 2020 to $4,383 (approximately JPY 480,000) in 2021, an increase of 8.6% (approximately JPY 40,000).
Overall, there is a trend towards spending, with the difference between natural diamonds and lab-grown diamonds being nearly two to one .
Lab-grown diamonds account for 28.4% of total engagement ring sales
We found that lab-grown diamonds increased their market penetration rate, accounting for 18.7% of total engagement ring sales in 2020 and 28.4% in 2021 .
Demand is growing, especially among younger customers.
This is 28.4%, or more than a quarter of American couples. It appears that the demand is growing among the younger generation, who are less resistant to new things.
What are the most popular diamond sizes (carats) for engagement rings?
The majority of engagement rings have a diamond center stone, with the most popular carat (weight) being between 1.0 and 1.5 carats .
*Carat is weight. For more information, please visit this page.
Quality Commitment: https://brightbreezy.life/pages/quality
The average size (carat weight) of a center stone diamond is:
- Increased from 1.20 carats in 2020 to 1.32 carats in 2021 .
Looking at the size growth of lab-grown diamonds and natural diamonds,
-The average size of a lab-grown diamond increased from 1.34 carats in 2020 to 1.49 carats in 2021 .
-The average for natural diamonds increased from 1.16 in 2020 to 1.25 in 2021 .
Overall, the trend towards larger carats has intensified over the year.
Where in the US are people spending the most on engagement rings?
Those who spend the most on engagement rings are in the Mid-Atlantic U.S., with an average of $9,343 .
Meanwhile, people in the Northwest Central region of the United States are the least likely to spend on engagement rings, spending an average of $3,831 .
The average price of an engagement ring in Japan ranges from about 440,000 to 220,000 yen depending on the region , so although the difference is not as large as in the United States, there is still some variation.
For reference, if we compare regional income differences between the United States and Japan,
The regional difference in the United States is highest in Maryland at $83,242 (approximately 9 million yen) and lowest in West Virginia at $44,097 (approximately 4.8 million yen).
The regional difference in income in Japan is highest in Kanto at 5.23 million yen, and lowest in Kyushu at 4.1 million yen.
・The regional differences in the US are 53% for the lowest regions and 100% for the highest regions.
・The regional difference in Japan is 78% for the lowest region , with the highest region being 100%.
In the United States, where there are large regional differences in income, it would appear that there are also likely to be differences in average spending on engagement rings.
Source: JETRO: Northeastern states rank high in median household income by state in 2018
https://www.jetro.go.jp/biznews/2019/10/0035a6da382e0ee5.html
Source: Rikunabi NEXT: The maximum disparity between urban and rural areas is 20%! A thorough comparison of the difference in annual income by region
https://next.rikunabi.com/tech/docs/ct_s03600.jsp?p=000937
What engagement ring styles are popular?
The most popular styles for the past two years (and traditionally) have been solitaire and halo engagement rings, accounting for over 40% of engagement ring purchases.
Solitaire Ring
It features a simple single diamond in the center.
It is named after the French word solitaire, which means "alone."
Halo Ring
Halo means "halo," and the design features melee diamonds circling the main diamond.
Also popular are side stone rings, three stone rings and vintage/classic engagement rings.
Solitaire and other/custom styles of engagement rings are becoming more popular in 2021, while side stone styles are declining in popularity a bit.
I would like to introduce the features of each ring on another occasion.
What metal is the most popular for rings?
White gold remains the most popular , with silver and palladium being the least popular.
Silver can oxidize and darken, so it is not a good choice for matching with diamonds.
At BRIGHT&BREEZY, we recommend platinum, gold, white gold, and pink gold.
What were the most popular color and clarity combinations in the United States in 2021?
Popular combinations
G-SI1
H-SI1
H-SI2
G-VS2
H-VS2
The most popular diamonds were G color and SI1, which are not the highest quality but look beautiful enough. Since larger diamonds are popular in the United States , the above combination may have been popular because it is large and of satisfactory quality within the budget.
What are some commonly used carat sizes?
For rings that contained small diamonds, the average carat weight of the small diamonds was 0.534 carats.
The above is a comparison of diamond data between the United States (America) and Japan.
Will there be an increase in couples in Japan who prefer larger diamonds? It's a trend we'll want to keep an eye on!