Millennials and Gen Z Couples Drive Lab-Grown Diamond Engagement Ring Boom

More than half of millennial and Gen Z couples have chosen lab-grown diamonds for their engagement rings, a trend that has exceeded expectations in the mining industry, according to a study by McKinsey. The study, which analyzed data from The Knot's 2025 Real Weddings Study, found that lab-grown diamonds have become increasingly popular over the past several years, with 6 more couples buying them than last year and 40 more since 2019. The growing demand for lab-grown diamonds can be attributed to their perceived value, with couples able to purchase more carats at a lower price compared to natural mined diamonds. Additionally, many couples are drawn to the environmental benefits of lab-grown diamonds, despite the fact that they still require large amounts of energy to produce. "They're a great and viable option for couples who are conscious of budget, perceived value and ethical production practices," said Lauren Kay, executive editor at The Knot. The trend towards lab-grown diamonds is not limited to their environmental benefits. Couples are also attracted to the perceived value of lab-grown diamonds, which can offer more carats at a lower price. According to The Knot's study, lab-grown diamonds have become a staple in many engagement rings, with more than half of couples choosing them for their rings. This shift in consumer behavior has caught the attention of the mining industry, with McKinsey noting that the trend is "well beyond what the mining industry had expected." The rise of lab-grown diamonds has been driven by technological advancements in the industry, which have made it possible to produce high-quality diamonds at a lower cost. This has made lab-grown diamonds a more attractive option for couples who are looking for a more affordable and sustainable way to purchase an engagement ring. As the demand for lab-grown diamonds continues to grow, it remains to be seen how the mining industry will adapt to this new trend. In the meantime, couples who are considering lab-grown diamonds for their engagement rings can expect to see a wider range of options available in the market. As the industry continues to evolve, it is likely that lab-grown diamonds will become an even more popular choice for couples looking for a sustainable and affordable way to purchase an engagement ring.