44 billion by 2034, according to research by Towards Consumer Goods and Precedence Research. North America dominated the market in 2024, while Asia Pacific is expected to grow at the highest rate through 2034 due to rising Western cultural influence, per the same research. By material, gold generated the largest revenue share in 2024, but platinum is anticipated to see the fastest growth, the research indicates.
55% of the market, according to the data. Colored gemstones dominated by stone type, and offline channels led distribution, though online is expected to grow fastest, the research shows. Engagement ring spending shows mixed trends.
They are looking for designs that break tradition.
In the UK, average spend remained steady at £5,750 in 2025, according to industry data. However, Ben Garelick, a US jeweler, reported that its average engagement ring with a lab-grown diamond center jumped 47% year-over-year to $2,408 in 2025, as co-owner Peter Manka Jr. told Business Insider.
November remains the busiest month for purchases, per industry data. 3% of designs in 2025, down from 47% in 2024, while Pinterest searches for 'timeless engagement rings' rose 200%, according to industry reports. Rings are becoming more personalized, incorporating astrological motifs and birthstones, per Vogue.
Platinum is making a strong comeback for its sleek, modern aesthetic.
According to Vogue, Valérie Messika noted platinum's comeback for its sleek aesthetic, and Laura Kay of Tomfoolery London reported strong demand for colored gemstones, especially green and teal hues. Zmarta data shows the price of a classic solitaire ring has increased over 60% since 2005, and a plain gold band has risen as much as 130%. Jewelers are adapting to high gold prices through various strategies.
Some hollow out rings, create thinner bands, use lower-grade alloys, or incorporate recycled gold, according to industry reports. Ben Garelick has seen a 10% to 15% increase in customers bringing in inherited gold for new rings, Manka Jr. told Business Insider.
We have seen a huge demand, particularly in green or teal hues.
Gold prices averaged about $1,800 per ounce in 2022 and have since climbed roughly 30% to 45%, according to industry data. Separately, spot prices fell sharply from a record above $5,500 per troy ounce in late January 2025 and are still around $4,650—over 70% higher than at the start of 2025, per industry data. Retail margins on gold jewelry have compressed by about 3 to 5 percentage points over three years, per industry surveys.
The spot price of gold has nearly doubled since 2020, from around SEK 540 per gram to over SEK 1,030, according to Zmarta. Zmarta reports that couples who once spent under SEK 27,000 on rings now pay close to SEK 48,000 on average. About 25% to 30% of engagement ring shoppers have delayed purchases hoping for lower gold prices, according to Manka Jr.
Meanwhile, 90% to 95% of the world's diamonds are cut and polished in India, a key supply chain factor, per industry data.