economy
Why everyone wants a one-carat ring
Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newsletter.
TL;DR
- Independent jewelry designers like Charlotte Chesnais, Ellis Mhairi Cameron, and Spinelli Kilcollin are experiencing a significant increase in demand for 1-carat diamond rings.
- Retailers such as Harrods are expanding their solitaire ring offerings due to customer demand for 1-carat diamonds.
- Millennials and Gen Z now account for 78% of natural diamond demand, influenced by celebrity endorsements and a desire for personal expression.
- Despite the growth of lab-grown diamonds, consumers are investing more in natural diamonds, with average spend increasing.
- The perception of a 1-carat natural diamond has shifted to being an aspirational starting point, even influencing the design of rings.
- Many 1-carat rings are now self-purchases for personal milestones, reflecting a trend towards individuality and a more relaxed approach to styling diamond jewelry.