Demand for natural diamonds remains strong in the US, with younger buyers alongside non-wedding-related purchases driving growth, De Beers’ latest study revealed.

The biannual US Diamond Acquisition Study surveyed 18,500 women aged 18 to 74 across the US – the world’s largest jewellery consumer by market value.

The research, completed in 2026, found that diamonds are the most desired luxury jewellery, fuelled by Gen Zs who have become the second-largest generation of diamond buyers as well as non-bridal occasions, which account for three-quarters of overall US demand.

Notably, young buyers invest almost twice as much as Baby Boomers in natural diamond purchases, spending US$4,080 per piece versus US$2,250.

Buying motivations are likewise evolving. While romantic occasions remain the primary driver, personal milestones – new jobs, promotions, achievements or self-gifting – are increasingly driving diamond jewellery sales.

Another highlight is how US consumers view natural diamonds’ luxury proposition, with 11 per cent of women ranking natural diamond jewellery as the most desired luxury gift, surpassing lab-grown diamonds at 8 per cent, other gemstones at 5 per cent and plain gold jewellery at 4 per cent.

The study further revealed that average purchase price per piece rose 25 per cent to US$4,063 in 2025 from US$3,242 in 2023, driven by sales of larger carat weights. Average total carat weight rose 1.86 carats from 1.65 carats in 2023.

Gen Zs now account for 23 per cent of natural diamond demand value despite representing just 18 per cent of the population. They also buy or receive diamonds for more occasions than any other generation – at 1.83 occasions per year compared with an overall average of 1.7.

While bridal occasions lead Gen Z demand at 45 per cent of total purchases, gifting from relatives also plays an important role. Birthdays are particularly significant, representing 17 per cent of all Gen Z diamond acquisitions compared with 13 per cent across all generations.

Gen Zs also place exceptional value on self-expression, viewing diamonds as symbols of personal identity more than any previous generation. They also rely more heavily on social media than other cohorts when researching purchases.

Diana Mitkov, lead researcher within Diamond Demand Insights & Analytics at De Beers Group, remarked, "How and why consumers buy diamonds is evolving. Traditional life milestones such as getting engaged are no longer the only value driver for the industry; consumers are increasingly marking a wide range of occasions with natural diamonds and... the attributes of natural diamonds play directly into these shifting consumer trends."

Diamond Report

These findings feature in a new De Beers publication, The Diamond Report, which delves deeper into latest developments in the US diamond jewellery market. According to the report, natural diamond sales are increasing across US independent jewellers, with point-of-sales data from 950 retailers showing year-on-year growth of 4 per cent and 9 per cent in Q4 2025 and Q1 2026, respectively.

Fancy colour and low-colour diamonds (those in the K – Z colour range) promoted by De Beers Group’s ‘Desert diamonds’ campaign outperformed as well, with sales inching up 15 per cent and 19 per cent, respectively.

Data also showed that while lab-grown diamond jewellery sales are rising in volume, declining retail prices mean their value share of demand remains relatively low at 15 per cent of independent jewellers’ diamond sales, compared with 85 per cent for natural diamonds in 2025.

De Beers noted a sharp sales decline for lab-grown diamonds exceeding 3 carats, suggesting consumers find larger lab-grown stones excessive. Combined with ongoing price erosion, this could limit retailers' ability to upsell, ultimately reducing sales and gross profits.