Engagement ring spending is dropping as one major trend is on the rise

A new study by Diamond’s Factory Ireland has revealed some interesting changes in the world of engagement rings

Comparing January 2022 to January 2025, the average cost of an engagement ring has dropped by 20%, from €1,500 to €1,200. 

Looking into what’s driving this shift in spending habits, Ella Citron-Thompkins, a jewellery and trends expert, shared some insights into new trends. 

One major factor is the rise of lab-grown diamonds. These diamonds offer the same brilliant sparkle as natural ones but at a much more affordable price. 

For couples looking to invest in a beautiful ring without breaking the bank, lab-grown diamonds have become a popular choice. 

Another reason could be the changing financial priorities of couples today, Ella says. 

With the cost of living increasing and economic uncertainty on the rise, many couples are choosing to focus more on long-term financial stability rather than splurging on expensive luxury items. 

Ella then said that social media is also playing a role in changing how people view engagement rings. 

Platforms like Instagram and Pinterest are influencing ring trends, but in a more diverse way. 

Instead of the over-the-top diamond rings that used to be seen as the ideal, more couples are opting for rings that reflect their personal taste, from minimalist oval designs to classic emerald cuts. 

The focus is shifting from societal pressures to individual style and preference. 

Engagement rings are no longer just about how much you spend, but about finding a piece that’s meaningful, personal, and aligned with your style.

READ MORE: