De Beers Group has published new research examining how American women buy diamonds, based on a survey of 18,500 women, conducted as part of the company’s biannual US Diamond Acquisition Study.
The study, completed in 2026, included women between the ages of 18 and 74, making it the largest of its kind in the world’s biggest diamond market.
Natural diamonds remain the most wanted luxury item among US consumers. Eleven percent of women named natural diamond jewelry as their most desired luxury gift, ahead of synthetic lab-grown diamonds at 8%, other gemstones at 5%, and plain gold jewelry at 4%.
Prices have also risen sharply. Average prices for natural diamond jewelry climbed to $4,063 per piece in 2025, up from $3,242 in 2023, an increase of close to 25%. This growth came largely from consumers buying bigger stones, with average total carat weight rising to 1.86 carats from 1.65 carats over the same period.
Gen Z stands out as the biggest force behind the spending growth. The generation is now the second-largest group of diamond buyers in the US and spends almost double what Baby Boomers spend per piece, at $4,080 compared with $2,250. Gen Z makes up just 18% of the population but accounts for 23% of natural diamond demand by value.
This generation also buys or receives diamonds more often than any other group, averaging 1.83 occasions a year against an overall average of 1.7. Bridal purchases still lead Gen Z spending at 45% of total purchases. Birthdays account for 17% of all Gen Z diamond purchases, compared with 13% across all generations. Gen Z connects diamonds with personal identity more than any other generation and relies more heavily on social media when researching purchases.
Non-bridal occasions now make up three-quarters of total US demand for natural diamonds. Love remains the leading reason people buy diamonds, but personal milestones such as a new job, a promotion, recognising an achievement, or simply “just because” are increasingly driving purchases.
Diana Mitkov, lead researcher within Diamond Demand Insights & Analytics at De Beers Group, said, “The study findings highlight that today’s consumers aspire to own natural diamonds just as much as the generations that came before them, and ahead of any other jewellery product. And they are spending more per piece than ever before. But how and why consumers buy diamonds is evolving. Traditional life milestones such as getting engaged are no longer the only value driver for the industry; consumers are increasingly marking a wide range of occasions with natural diamonds and are looking for distinct pieces that feel personal to them.”
These findings are part of a new De Beers publication called The Diamond Report. It also includes information on the key forces shaping a positive future for natural diamonds, an analysis of US jewellery retail trends, perspectives from leading US designers and retailers on how the diamond buying experience is evolving, and reflections on the role natural diamonds can play in supporting socioeconomic progress for the people and places where they are discovered.
Sales data from independent jewellers backs up the survey results. Point-of-sale figures from 950 retailers show natural diamond sales grew 4% year-on-year in Q4 2025 and 9% in Q1 2026. Coloured and low-colour diamonds in the K to Z range, promoted through De Beers’ Desert Diamonds campaign, performed even better, growing 15% and 19% in those same quarters.
Synthetic lab-grown diamonds show a different pattern. Sales volumes are increasing, but falling retail prices have kept their share of total diamond sales value among independent jewellers at 15%, against 85% for natural diamonds in 2025. Sales of lab-grown diamonds also drop off sharply once stones reach 3 carats or larger, which the report says may be because consumers feel synthetic stones look too big past that size. As lab-grown prices continue to fall, retailers may find it harder to sell larger sizes, which could affect long-term sales and profits in that category.
“The diamond industry is evolving at pace with both supply and demand-side dynamics shaping the industry’s future. On the supply side, declining global production of natural diamonds is expected to support an improved supply-demand balance over the coming years. On the demand-side, a resilient US economy and stabilization of demand in China saw global natural diamond demand return to growth in 2025 while the industry’s marketing efforts are showing encouraging signs of momentum. With retail returns from synthetic lab-grown diamonds likely to come under pressure in the future, we expect retailers will increasingly differentiate them from natural diamonds in their sales strategies. As these fundamentals continue to stabilise, the industry has a significant opportunity to reinforce the value of natural diamonds and support long-term growth,” said Eirik Waerness, EVP Corporate Affairs & Strategy and Chief Economist at De Beers.
