The growing availability of lab-grown diamonds is changing jewellery purchasing patterns, with more women buying diamond jewellery for themselves rather than waiting for it to be gifted, according to Swarovski CEO Alexis Nasard.

Speaking to the Financial Times, Nasard said lower prices for lab-grown diamonds were encouraging women to visit jewellery stores and make self-purchases. He described the shift as a change from the traditional gifting-led model.

“Today a woman comes into our store, sees the jewelry, tries it on and says, ‘You know what? I’m going to buy it for myself. I deserve it,’” Nasard said.

Nasard also said that more than 60% of stones used in engagement rings in the US are now lab-grown diamonds, and predicted that the proportion could reach around 80% within the next two years.

Price remains a key factor behind the category’s expansion. The report said lab-grown diamonds in the UK typically cost 60% to 85% less than natural diamonds of comparable size and quality. A one-carat natural diamond was cited at £2,500 to more than £6,000, compared with £500 to £1,750 for a lab-grown equivalent.

Diamond market analyst Paul Zimnisky said lab-grown diamond prices have continued to decline as production increases, comparing the trend with other manufactured products.

Lab-grown diamonds are primarily produced in China and India using HPHT and CVD technologies. Their lower pricing, along with consumer interest in ethical and environmental considerations, is contributing to changes in jewellery purchasing behaviour.