A comprehensive consumer survey conducted by De Beers, one of the world’s leading natural diamond companies, has revealed that natural diamonds continue to hold a strong position among American consumers, both as luxury jewelry purchases and as preferred gift options, despite the rapid expansion of the lab-grown diamond market.
The findings were published in the first edition of The Diamond Report, based on a study of 18,500 women in the United States between the ages of 18 and 74. The survey aimed to assess purchasing behavior, consumer preferences, and market trends within the luxury jewelry sector.
According to the report, demand for natural diamonds remains resilient in the world’s largest jewelry market, supported by higher consumer spending, increasing average stone sizes, and stronger preference indicators compared with lab-grown alternatives.
Consumer Spending on Natural Diamonds Rises
The survey found that average spending by American women on natural diamond jewelry reached $4,063 in 2025, compared with $3,242 in 2023, representing a 25% increase over two years.
At the same time, the average size of a natural diamond purchased increased to 1.86 carats, up from 1.65 carats in 2023.
These results suggest that consumers are not only continuing to purchase natural diamonds but are also spending more and opting for larger, higher-value stones.
Purchase Rates Remain Stable
According to the study, the overall acquisition rate for natural diamonds stood at 9% in 2025, matching the level recorded in 2021 and improving from 8% in 2023.
The strongest growth was recorded among affluent households. Among consumers with annual incomes of $150,000 or more, the percentage purchasing natural diamonds increased from 12% in 2023 to 15% in 2025.
The report noted that higher-income consumers continue to be the primary drivers of demand for premium jewelry products.
Natural Diamonds Lead Luxury Gift Preferences
Survey results also showed that natural diamonds ranked as the most desirable luxury jewelry gift category among American women.
Approximately 11% of respondents selected natural diamond jewelry as their top gift preference, compared with 8% who preferred jewelry featuring lab-grown diamonds.
Meanwhile, 5% favored jewelry set with other precious gemstones, while 4% chose gold jewelry as their preferred luxury gift.
The findings indicate that natural diamonds continue to enjoy a strong perception of value, prestige, and emotional significance among consumers.
Among the Most Popular Luxury Purchases
The report further revealed that natural diamond jewelry ranked among the most sought-after luxury purchases for both gifting and self-purchasing.
It placed third overall, behind overseas vacations and weekend getaways, outperforming several other luxury products and experiences.
Alternative luxury purchases cited by respondents included laptops, smartphones, designer handbags, beauty treatments, and wellness experiences.
Millennials Continue to Drive Demand
Millennials remain the most important consumer segment in the U.S. natural diamond market.
They accounted for 32% of buyers while generating 55% of total demand value, making them the dominant purchasing force within the industry.
Generation Z represented 18% of buyers and 23% of demand value, while Generation X and Baby Boomers together contributed approximately 23% of total market value.
These figures suggest that younger generations continue to play a crucial role in supporting the long-term outlook for natural diamonds.
Challenges Facing Lab-Grown Diamonds
The report also examined the growing lab-grown diamond segment and the challenges it faces.
Although declining prices have made larger synthetic stones more affordable, De Beers believes the category may be approaching its limits in terms of value growth.
Drawing on data from approximately 950 independent jewelry retailers across the United States, the company reported a noticeable decline in sales of lab-grown diamonds weighing more than three carats.
According to the report, continued price declines may reduce retailers’ ability to increase sales values by promoting larger stones, potentially putting pressure on revenue and profit margins.
Lower Global Supply of Natural Diamonds
The report highlighted significant structural changes on the supply side of the natural diamond industry.
Global rough diamond production declined to approximately 100 million carats in 2025, compared with around 150 million carats in 2017, reflecting reduced mining investment and the closure of several operations.
De Beers believes that a tighter supply environment could help support the long-term value of natural diamonds if consumer demand remains stable or continues to grow.
A Market Undergoing Transformation
The findings reflect a global diamond market undergoing significant transformation as natural and lab-grown diamonds compete for consumer attention in a rapidly evolving retail environment.
Despite the growing presence of synthetic diamonds, the survey suggests that natural diamonds continue to resonate strongly with American consumers, particularly affluent households and younger generations.
The report concludes that rarity, authenticity, emotional significance, and long-term value remain key advantages supporting the position of natural diamonds within the global luxury jewelry market.
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