De Beers Group presents new research on US consumer behaviour that points to shifting demand drivers for natural diamonds and highlights opportunities for the industry as purchasing patterns evolve.
The report draws on the company’s 2026 US Diamond Acquisition Study, which surveyed 18,500 women aged 18 to 74. It found that natural diamonds remain the most desired luxury jewellery product, with 11% of respondents identifying them as their preferred luxury gift, ahead of synthetic lab-grown diamond jewellery (8%), coloured gemstones (5%) and plain gold jewellery (4%).
According to the findings, average spending on natural diamond jewellery rose to $4,063 per piece in 2025, compared with $3,242 in 2023, supported by an increase in average carat weight purchased. The study also identified Gen Z as a growing force in the market, contributing 23% of natural diamond demand value despite accounting for 18% of the US population. Consumers in this demographic spend an average of $4,080 per purchase and acquire diamonds for more occasions than any other generation.
The research indicates that while bridal jewellery remains an important demand driver, non-bridal occasions now account for approximately 75% of overall US natural diamond acquisitions. Purchases linked to birthdays, career milestones, personal achievements and self-expression are becoming increasingly significant, reflecting broader changes in consumer behaviour.
The report also includes point-of-sale data from 950 US independent jewellers, showing year-on-year natural diamond sales growth of 4% in the fourth quarter of 2025 and 9% in the first quarter of 2026. In value terms, natural diamonds represented 85% of independent jewellers’ diamond sales in 2025, while synthetic lab-grown diamonds accounted for 15%.
De Beers noted that although synthetic lab-grown diamond jewellery continues to gain volume, declining retail prices are limiting its value share and may affect retailers’ ability to drive higher-value sales over time. The company added that declining natural diamond production, improving supply-demand fundamentals and evolving retail strategies could support long-term growth for the natural diamond sector.