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2023 Consumer Trend Report

Steven Stone is a family run business and been part of peoples love stories since 1937. Founded in 1937, the business has built its reputation on high quality, personalised service and competitive prices – specialising in engagement rings.

 Searching for the perfect engagement ring is an enchanting endeavour. It signals the start of a lifelong fairy tale with your partner and is a process to be cherished. Having played a minor role in our customers’ love stories, we always enjoy reflecting on the styles that they chose each year – thus, we were eager to produce another of our annual trend reports.

It’s safe to say that 2023 was a huge year for luxury jewellery and engagement rings – and 2024 is set to be even bigger. Having analysed our consumer behaviour, we’re able to guide you through the latest engagement ring trends and offer a sneak peek of what to expect in the next 12 months.

Dazzling Decisions

A crucial factor in the allure of an engagement ring, carat weight is a measure of a stones size and weight.

The average carat weight for a natural diamond engagement ring sold at Steven Stone in 2023 was 0.844.

In line with this years rise in lab-grown diamonds, the average carat weight for a lab-grown diamond engagement ring sold at Steven Stone in 2023 was 1.358.

Average Natural vs Lab-grown carat weight

The Enduring Allure of Round Cut Diamonds

In 2023, the preferred choice for engagement rings among our clientele was the round-cut gemstone – with 44% of our engagement rings sold boasting the timeless cut that exhibits exceptional symmetry and brilliance.

The next popular choice was the oval cut. With 76k people googling the term ‘oval cut engagement rings’ each month globally and 64.6k searching the Instagram hashtag #ovalengagementring, oval is a shape that continues to soar and 21% of our customers purchasing an engagement ring favoured the versatile shape.

9% of our customers settled on a pear cut. Simple and classic, a pear cut combines the head of an oval shaped gemstone and the tip of a marquise shaped gemstone – giving off stunning fire and brilliance.

Most popular diamond shapes

The Most Sought-After Precious Metal

From the classic allure of platinum to the warm embrace of yellow gold, each metal choice imparts its own character to a ring – particularly when it’s one as cherished as an engagement ring.

59.7% of Steven Stone customers purchasing an engagement ring this year opted for a platinum band, with 22.5% favouring 18k yellow gold. Opting for a platinum band for your engagement ring comes with a host of compelling advantages – beyond the obvious aesthetics, platinum’s exceptional durability makes it resistant to wear and tear, ensuring that it stands the test of time.

10.9% of customers chose 18k white gold. Though white gold looks identical to platinum, there are some differences – the main one being the price tag. 18k white gold rings are cheaper because they have 75% purity, whilst platinum has 95%. Though neither metal is superior to the other and both are extremely popular options for all types of rings.

Adding a touch of femininity to an engagement ring, rose gold has become increasingly popular for bands in recent years. 5.5% of Steven Stone customers fell in love with the rosy hue in 2023.

In contemporary engagement ring trends, silver has seen a decline in popularity for ring bands. Just 0.4% of Steven Stone customers opted for the once classic choice in 2023. The shift away from silver in engagement ring bands is likely to be due to modern trends and evolving tastes.

Most popular metals


Around the world, millions of people are making a conscious effort to be more sustainable in their everyday lives. From the basics like switching plastic for paper, choosing to shop local, and steering clear of fast fashion, being more mindful can really help make a difference – and this also applies to jewellery.

Sustainable jewellery has evolved into a dynamic and essential facet of the jewellery industry this year, which reflects an increasing awareness of environmental and ethical considerations among both designers and consumers.  

What is a Lab-Grown diamond?

Lab created diamonds are grown in highly-controlled laboratory settings that will mimic the natural growing environment provided by the Earth. This process is significantly quicker and we don’t have to wait aeons for more diamonds to make their way to the surface.

Creating a diamond in a lab can take anywhere between 3 to 10 weeks and these can grow up to a size of 3 carats. Meanwhile, the diamonds that we are mining today could have made their way to the surface anywhere between 1 to 3.3 billion years ago. So, when it comes to choosing between the two, couples tend to go with a piece of the Earth’s history. While time is a benefit of man-made diamonds, many still prefer to buy original, naturally formed gemstones.

Lab Grown vs Natural

There’s often a stigma around lab-grown diamonds, with some not believing them to be real diamonds. However, this couldn’t be further from the truth. While they may not be naturally mined, gemstones that are created in a lab have the same chemical and optical properties as those formed within the earth’s crust.

In 2023, 57% of diamonds sold at Steven Stone were lab-grown. Most months of the year saw higher sales in lab-grown diamonds and natural diamonds.

The average carat weight for lab-grown diamonds was 1.35, which is a lot higher than the average carat weight of the natural diamonds that we sold, which was 0.84.

Average carat weight across 2023 compared

If you’re looking for some jewellery inspiration, why not take a look at our full collection? Whether you’re after a necklace osome diamond earrings, we’ve got you covered. We also have a vast range of engagement and wedding rings.

If you don’t see anything that takes your fancy, we also offer a bespoke service, where our designers will create a unique piece of jewellery that ticks all the boxes.

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