The Guide

Diamond Industry Statistics for the US in 2023 & 2024

Diamond Industry Statistics for the US in 2023 & 2024:

This article was commissioned by Missoma on the use of diamonds in the jewelry industry.

November 2023 Gemstone Survey

We surveyed a demographically representative sample of 2,000 US adults using the market research company Censuswide, asking:

If someone were to buy you a piece of jewelry, what gemstones would you most rather it contained, if any? (Select up to three)

 

What We Found:

Diamonds are, by far, the most popular gemstone when it comes to jewelry, with over half (50.3%) of people selecting this option.

This precious stone is most popular amongst both genders, with 47% of men and 53.5% of women saying that, if they were to receive jewelry as a gift, a diamond is what they'd most like it to contain.

Second most popular are emeralds, with 22.7% of those surveyed including this in their top three gemstones.

Sapphire follows closely behind in third place with 22.3% of the population choosing this option.

Ruby and amethyst also made the top five, being voted for by 16.7% and 11% of people, respectively.

 

Diamond Industry Statistics for the US in 2023 & 2024

Arguably a girl’s best friend, the hardest substance known to man, and found in every colour of the rainbow – you guessed it, we're talking about diamonds. Did you know that aside from being one of the most beautiful and precious stones in the world, diamonds are also the solid form of the element carbon. That’s not the only interesting fact about these shining gems.

In this article, we share everything you need to know about diamonds, including diamond industry statistics, popularity in each US state in 2023, prevalence on social media and much more.

So let’s dive right in.

 

Diamond Statistics

No time to spare? Don’t worry. Here’s a quick summary of our most shining stats:

- In November 2023, more than 50% of US adults said that if they were to receive a piece of jewelry, they’d want it to contain a diamond, making it the most desired gemstone of all.

- As we've mentioned, emeralds and sapphires came in second and third place in the ranks, with 22.3% and 22.7 of survey respondents opting for these gemstones.

- 35-44 year-olds are most keen to receive jewelry that contains diamonds, with more people in this age group than any other stating that, if they were to receive jewelry as a gift, diamond would be a preferred stone.

- People living in Georgia and Maryland appear to have the most interest in these precious stones, as these states have a higher rate of people Googling the term ‘diamonds’ than any other US state.

- Lab grown diamonds on the other hand, are more sought-after in the states of New York and New Jersey, according to online search volumes per 100,000 of the population.

- Diamond ring popularity peaks in the run up to Christmas every year, with an increase in searches for the term ‘Diamond rings’ occurring every December in the US.

- Interest in lab grown diamonds has skyrocketed over the last few years, with US search volumes almost doubling from December 2021 to December 2022.

 

What was the Most Popular Gemstone in the US in 2023?

Receiving a beautiful piece of jewelry as a gift is a true joy for many of us – whether it’s a smart new watch, a dainty necklace, or a standout pair of earrings. For Valentine’s Day, Christmas, a birthday, or just because, jewelry is one of the most popular special occasion gifts all over the world. But when we’re gifted jewelry, what type of gemstone do we most hope it contains?

To find out, in November 2023, we surveyed a demographically representative sample of 2,000 US adults using the market research company Censuswide, asking:

If someone were to buy you a piece of jewelry, what gemstones would you most rather it contained, if any? (Select up to three)

Tick box selection of   Diamond Sapphire Emerald Ruby Amethyst No gemstone Pearl Opal Aquamarine Onyx Topaz Garnet Peridot  Tanzanite Other (please specify)

So which gemstone did our survey find to be the most popular? And how do diamonds fare when compared with other options? Our survey revealed:

- Diamonds are, by far, the most popular gemstone when it comes to jewelry, with over half (50.3%) of people selecting this option.

- This precious stone is most popular amongst both genders, with 47% of men and 53.5% of women saying that if they were to receive jewelry as a gift, they’d most want it to contain diamond.

- Second most popular is emerald, with 22.7% of those surveyed including this in their top 3 gemstones.

- Sapphire then follows closely behind in third place, with 22.3% of the population choosing this option.

- Ruby and amethyst also made the top five, being voted for by 16.7% and 11% of people, respectively.

Graph showing the results of the question 'If someone were to buy you a piece of jewelry, what gemstones would you most rather it contained, if any?'

- Some of the least sought-after stones, however, are tanzanite and peridot, being some of the lesser-known gemstone options.

 

Diamond Desires by Age: How Preferences Vary as We Age?

Diamond jewelry looks beautiful on all skin types, whether it be in the form of a stunning necklace complementing a youthful complexion, or a treasured wedding ring.

But how do our jewelry preferences differ with age? To find out, we took a look at the demographics of all of our survey respondents, comparing their answers with the age groups they belong to.

Age Group

Percentage of people who have a preference for diamonds when receiving jewelry 

16-24

53.60%

25-34

51.12%

35-44

55.43%

45-54

52.87%

55+

45.16%

 

As you can see from the table above:

- The age group most keen to receive diamond jewelry is those aged 35-44, with over 55% of people in this age category having a preference for this stone.

- This is followed by 16-24 year-olds, who also appear to be diamond lovers, with nearly 54% saying this is one of their favorites.

- Interestingly, the least likely age group to have a preference for diamond jewelry is those age 55+, with just 45% including diamonds in their top three.

Table showing the Percentage of US adults who have a preference for diamonds when receiving jewelry, by age

What is the Most Popular Form of Diamond Jewelry in the US?

So, clearly US adults love their diamond jewelry just as much as we do! But what type of jewelry do we love to wear the most when displaying our diamonds? To find out, we took to Instagram and looked at hashtag usages surrounding the topic of diamond jewelry.

According to our findings in November 2023:

- The hashtag #diamond has been used in the caption of over 19.5 million Instagram photos and videos.

- The most-used hashtag related to diamond jewelry is #diamondring, having been used over 5.2 million times.

- Diamond earrings are also one of the most ‘Instagrammed’ pieces of jewelry made from this stone, with 1.2 million #diamondearrings posts.

- Diamond necklaces follow in third place, though, with 1 million posts using #diamondnecklace.

- This is followed by #diamondbracelet (522,609 posts) and #diamondwatch (252,997).

 

Lab Grown Diamonds Statistics and Trends in 2023

Lab-grown diamonds have become an increasingly popular alternative in recent years, thanks to their lower price point and ethical nature. Like the name suggests, these man-made stones are grown in a laboratory. They’re usually crafted from a very small existing diamond, known as the ‘diamond seed’. This is then exposed to extreme heat and pressure that replicates the underground environments in which real diamonds are formed. Once cooled, a lab-grown diamond is born. Impressive, right?

But how popular are they in the US? And which parts of the country favor this option rather than natural diamonds? To find out, we used the tool Keyword Finder to analyze hundreds of thousands of Google searches related to lab-grown diamonds across the US.

As you can see from the graph below:

- Google searches for ‘lab-grown diamonds’ have increased significantly year-on-year between 2019 and 2023.

- Online interest in these stones peaked in December 2022, with search volumes almost doubling in the space of just a year.

A graph showing the Google Searches for Lab grown diamonds in the US (2019-2023)

- The US state that shows the most demand for lab-grown diamonds is New York, with 45 searches per 100,000 of the population (higher than any other state).

- This is followed by New Jersey (42 searches per 100,000) and Massachusetts (37).

- People in Texas, California and Rhode Island also seem to have a fondness for lab-grown diamonds, all being in the top 5 highest-searching states.

 

Diamond Ring Seasonality in the US

Diamonds, in all their forms, are clearly desired across the whole of the US. But what time of year are we most tempted by these precious stones? Our analysis of online searches revealed:

- Interest in buying diamond rings peaks in December every year in the run-up to Christmas.

- Last year (2022) saw a much lower volume of searches around this time period, compared to its usual spike.

Graph showing the Google searches for Diamond Rings in the US (2019-2023)

- Peaks in searches tend to start around November-time, perhaps being linked to Black Friday sales, and continue to rise until reaching their peak in December.

 

Diamond Industry Statistics for 2023

Which countries have the most demand for diamonds in 2023? How much do they typically cost? And what does the future look like for these valuable gemstones?

 

Global Diamond Demand in 2023: Which Country is the Biggest Importer of Diamonds?

- As a country, India bought more diamonds in 2022 than any other country worldwide, with 21.6% of all global diamond imports being sent here, at a value of $27.3 billion.

- This is followed by the US, who received 18.8% of all imports, spending an impressive $23.7 billion.

- Hong Kong, the UAE, and Belgium are also some of the biggest importers of diamonds, as seen in the table below.

Rank

Country

Percentage of diamonds imported worldwide in 2022

Spend in 2022 (US dollars)

1.

India

21.6% 

$27.3 billion

2.

United States

18.8%

$23.7 billion

3.

Hong Kong 

12.5%

$15.7 billion

4.

United Arab Emirates

10.5%

 $13.3 billion

5.

Belgium

10.2%

$12.8 billion

6.

China

6.7%

$8.5 billion

7.

Israel

4.7% 

$5.9 billion

8.

Switzerland

1.9%

$2.4 billion

9..

Thailand 

1.9%

$2.3 billion 

10.

Botswana

1.7%

$2.2 billion 

11.

United Kingdom

1.3%

$1.6 billion 

12.

Singapore

1.2%

$1.5 billion 

13.

France

0.9%

$1.1 billion

14.

Italy

0.8%

$967.5 million 

15.

South Africa

0.7%

$839.3 million 

Average Price of Diamonds: What Factors Influence the Price?

- The average price of diamonds in the US is determined by an array of factors, the main being the 4Cs:

        - Carat weight

        - Cut

        - Color

        - Clarity

- Pricing is also influenced by how ethically and sustainably the diamonds were sought, given this is becoming much more of a priority to consumers.

- On 1st August 2023, the average price per carat of a diamond was $11,081.29.

 

Future Predictions for the Diamond Industry

What does the future look like for this precious stone?

- As consumers continue to prioritize sustainability when making purchasing decisions, it's predicted that there’ll be a continued rise in demand for lab-grown diamonds.

- Technological advancements, such as blockchain, are also expected to play a role in verifying the authenticity and ethical sourcing of diamonds in the US market.

 

A Crystal Conclusion

We hope you’ve enjoyed this deep dive into all things diamonds. If you’re a lover of diamond jewelry, why not take a look at our diamond collection and find your perfect match.