That’s according to figures cited by news.com.au, which reported that lab-created diamonds account for more than 45 per cent of engagement rings sold in Australia, with some global estimates placing their share above 60 per cent.

Research from retailer Diamonds Factory found that 80 per cent of Gen Z Australians would choose or consider a lab-created diamond to obtain a larger or higher-quality ring for the same price. Nearly three-quarters of Australians across all age groups would also consider this option.

Brad Harvey of Diamonds Factory told reporters that lab-created diamonds allow couples to focus on size and design while staying within budget.

“Couples who may previously have needed to compromise on carat size, cut or other specifications can often explore larger stones while staying within the same overall price range,” he said.

“As a result, we are seeing customers become more open to larger centre stones and more statement-making designs.”

Also contributing to the report was Liam Whittaker, founder of jewellery business HEIREST, who observed that younger buyers are increasingly choosing lab-grown diamonds.

“The younger shopper is definitely leading that charge, fully understanding these lab-grown diamonds are structurally, chemically and optically identical,” he said.

“In Australia, we’re seeing customers retain those savings and put them towards the wedding or honeymoon.”

The report noted that despite the rise of lab-created diamonds and the challenge it presents to traditional views of rarity and luxury, natural diamonds continue to appeal to consumers.