Engagement Ring Trends To Watch In 2024

Selecting the perfect engagement ring can be one of the most exciting, yet stressful decisions you will ever have to make. In fact, it’s probably more stressful than choosing a wedding dress! Of course, you don’t want to be looking at your ring finger every day wishing you decided on the one you left behind, so it’s essential to choose the right one.

In 2023, finding your dream engagement ring may have been slightly more challenging than in previous years due to the cost of living crisis, with many people having to reassess their needs and heavily budget.

With so many options to choose from, it can be overwhelming to find one that calls your name - but that’s what’s so great about the variety of offer nowadays. Whether your style preference is a timeless ring or you’re opting for something a little more sparkly, you will be able to find a ring unique and tailored to you. With 2023 being the year for platinum and solitaire rings, what trends will 2024 bring?

We have dived into our internal data from customer purchases to create an engagement ring report that looks at the trends of 2023 to predict what will be hot in 2024.

This report offers key insights into the trends that have influenced our engagement and wedding rings over the past year, including spending and buying habits, bespoke vs pre-made rings, the most popular styles, shapes, metal colours and the rise of the lab-grown diamond ring.

Here are the trends and themes we’ve loved the most in 2023 and what we predict to see more of in 2024.

The most popular engagement ring of 2023 was the Bardot and Bardot Scallop with a round or oval diamond.

This style will continue to be one of our most popular rings in 2024 but with a wider variety of diamond shapes, including emerald and cushion, plus additional hidden diamonds, like a diamond bridge or diamond bezel.

As we see demand for super refined, stripped-back design, the Portman will begin to rival the Bardot. The one touch-point, where the collet, which holds the diamond, meets the ring band is a style that is currently incredibly popular on Instagram.

People are loving the Portman Scallop complete with a diamond set bezel, for an extra luxe touch. A new design proving popular due to the hidden diamond detailing is the Ava, which features a hidden halo wrapped around the collet of the ring.

2023 marked a year of people looking to broaden their engagement ring tastes and look for something a little different while keeping the core style of the ring a healthy balance of modern & timeless. This has resulted in a wider variety of popular styles.

Rubover settings are becoming increasingly popular, leading to the creation of some new designs that are going down a storm, including the Oval Aubrey, Scala Tilted Pear, and the Darrieux.

As people search for a ring that is refined yet a little different in style, we’re seeing demand for tilted diamond shapes, leading to the launch of our Portman Tilted Pear and Scala Tilted Pear.

Another design quirk that’s trending is a twisted, diamond set band - the Blondell Scallop is one of our best online sellers.

We’re also continuing to see demand for custom toi et moi engagement rings. The lower cost per carat of lab diamonds is making this highly-sought after style more accessible, consisting of two similarly-sized main diamonds.

It’s safe to say that buying an engagement ring takes a lot of saving and preparation, but how much do people usually spend on average?

Prior to 2023, the average spend on engagement rings had increased year on year; however this year it is looking much the same as 2022, at around £6,500.

Despite the trepidation the cost of living has mustered amongst jewellery retailers, we haven’t actually seen a change in the average engagement ring budget, year on year. Couples are dedicating a similar amount as pre-crisis budgets, which goes to show they’ll continue to consider their engagement ring as a non-negotiable even if re-budgeting other areas of their lives and lifestyles.

That said, it is inevitable that consumers are expecting their money to stretch further as they become more conscious of their spending habits. Thanks to the emergence of lab grown diamonds in the mainstream market, they’re pretty ecstatic to see they can afford larger carat weights and higher quality diamonds without inflating their budget.

When it comes to purchasing a ring, many people traditionally spend three months of salary on the ring, but this will be different for every couple. If you’re struggling financially and can’t afford to spend three months' salary on the engagement ring, you shouldn’t feel pressure to do so. Regardless of your budget, don’t let it deter you from finding a personal and special ring for your partner - even if you can’t spend close to the UK’s average.

With lab-grown diamonds becoming more accessible in the market, buyers can now consider larger carat weights and higher-quality diamonds without stretching their budget.

Opting for gemstones rather than diamonds can provide significant savings while offering rings with captivating colours. Stones like sapphire, emerald, ruby, opal, and amethyst present wonderful alternatives that bring vibrancy and uniqueness to the ring.

It's crucial to be well-informed about your choices. Using our diamond guides, familiarise yourself with the carat, cut, colour, and clarity factors.

The festive period is often filled with happy and romantic moments, which makes the time between Christmas and New Year the ideal window for heartfelt proposals. As depicted in the figure below, sales from May to August 2023 maintained a steady and elevated pace. This trend aligns with the preference of many individuals to secure engagement rings ahead of the bustling Christmas season. This advance planning allows ample time for selecting the perfect ring, crafting it to perfection, and preparing for the heartfelt proposal.

Even though winter months traditionally dominate engagement ring purchases, there's a noticeable rise in interest in summer proposals. The ideal time to initiate the engagement ring purchase process often begins in winter or spring, as indicated by the sales data we've gathered. Sales between January and March 2023 have notably surged this year, marking a substantial increase from 2022.

Throughout 2023, there has been an uplift in Queensmith’s website traffic, online purchases and in-store appointments, indicating a sustained excitement surrounding engagement ring shopping despite the ongoing cost of living crisis. Perhaps these joyous occasions are serving as beacons of hope and stability amidst an otherwise uncertain climate.

Engagement rings are symbols of eternal love, commitment and devotion, so there’s no surprise that the majority of our clients chose a custom engagement ring over one that’s pre-made.

The attention to detail, thought and individuality that goes into crafting a one-of-a-kind engagement ring, makes it even more special and irreplaceable. This consumer choice demonstrates that personalisation is preferred over ease when it comes to finding an engagement ring.

The surge in eco-consciousness has led to a rising trend in environmentally friendly engagement rings. Couples are increasingly opting for lab-grown diamonds and recycled precious metals to contribute to the preservation of the planet. This trend could see a rise in those seeking engagement rings with known provenance, rather than mass-made rings that are shipped in from across the globe.

2023 has seen a rise in customers seeking shorter lead times, and desiring faster availability of their rings. This trend might mirror today's prevailing spirit, where we've grown accustomed to quicker access to what we desire, whether it's food, fashion, or instant entertainment. As a response to this demand, Quickship emerged, offering semi-crafted rings ready to complete with your choice of centre diamond within two weeks. Additionally, Queensmith Originals introduced pre-crafted collections available in just four days, accounting for slightly under 10% of the total engagement ring sales in 2023—this figure stood at a mere 4.3% in 2022. This service gives customers the option for a significantly quicker turnaround time.

The rise in the popularity of these collections has informed our decisions to increase investment in our semi-crafted and pre-crafted rings; with all crafting remaining in-house.

Solitaire engagement rings continue to dominate as the top choice, experiencing an annual increase of approximately 5%. The timeless elegance of a solitary diamond or gemstone set in the centre contributes to its enduring appeal, accounting for 43% of sales this year.

Our prediction from last year about hidden diamond detailing becoming a major ring trend in 2023 has proven accurate. With current trends calling for refined design, we’ve seen significant interest in ring buyers looking to elevate the simplistic design of their solitaire rings with hidden diamond details that make the ring personalised without compromising the classic appeal.

Consequently, we've noticed a 58% surge in hidden diamond embellishments, notably featuring diamond bezels (incorporated in 40% of embellished rings), hidden halos (present in 28.4% of of embellished rings), and diamond bridges (seen in 25.3% of embellished rings) as the most favoured options. These subtle features are incredibly romantic and always so well received by unsuspecting partners who consider these extra details an extremely thoughtful touch.

It’s not just the gorgeous design that has created a high demand for solitaire rings. Celebrity engagement rings have had a huge influence on trends and buying decisions. Major 2023 celebrity engagements such as Molly Mae, Zoe Sugg and Zoe Kravitz appear to have solitaire or diamond band engagement rings. Hailey Bieber, engaged in 2018, remained a substantial influencer in 2023, particularly due to her oval solitaire ring, impacting the choices of ring buyers.

The rising popularity of Solitaire ring styles could also be significantly influenced by the accessibility and affordability of lab diamonds. This availability enables individuals to opt for larger diamonds, allowing for simpler designs with minimal additional diamond coverage. In past years, halos were often chosen to enhance the appearance of the central diamond's size.

Demand for Halo engagement rings has fallen by over a half in 2023. A couple of years ago, halo rings enjoyed more popularity compared to today. Back then, they were favoured as a budget-friendly means to create the illusion of a larger ring without surpassing budget constraints. However, today, couples discover they can achieve the appearance of a larger diamond simply by choosing a lab-grown diamond, which offers a lower cost per carat.

Trilogy rings stand as a symbol of the past, present, and future, making them an immensely romantic and deeply meaningful choice for an engagement ring. Comprising two impeccably matched diamonds that complement the central gemstone, trilogy rings exude captivating allure. The popularity of diamond bands and trilogy rings has remained relatively stable since 2023, accounting for 21% and 16.7% of sales, respectively. This trend compares to 21% for diamond bands and 16.8% for trilogy rings in 2022.

Throughout 2022, we saw a consistent increase in the demand for ‘other’ styles such as toi et moi (“you and me”) or five-stone rings and the demand for these rings significantly increased throughout the year overtaking halo rings altogether. More bespoke styles have become increasingly popular as couples aim to make their engagement ring feel more personal to them.

Our data reveals that the leading diamond shape for 2023 remains the classic round shape, capturing 55% of sales, despite experiencing a 4% decline compared to the previous year. Despite the popularity of this diamond shape, it's intriguing to note that five years ago, round diamonds constituted a huge 75% of sales, marking a significant decrease over time. September 2023 marked an unexpected low for round diamonds, with sales dropping to a mere 51% of all sales—a notable occurrence for Queensmith and perhaps the broader jewellery industry.

Experiencing a surge in popularity are oval engagement rings, comprising 23.9% of Queensmith's sales in 2023. Their popularity is largely due to their brilliance and elongated shape that creates a flattering effect on the ring finger. The elongated shape of the oval cut creates a greater spread of the carat weight, providing excellent coverage across the finger, whilst also creating an illusion of a larger diamond compared to other shapes.

The most unpredicted shift has been the rise in the popularity of emerald-shaped rings. With only 3.8% of total sales in 2022, this year has seen a 2.9% increase, the largest rise out of all the diamond shapes, replacing last year's pear in 3rd place most popular. In September alone, Emerald cuts accounted for nearly 10% of sales which could be because they call for super high quality. Their open facets make flaws and poor colour more visible, so with the increased availability of top-quality lab diamonds, we can see people now affording top-quality (lab-grown) emerald cuts.

Gemstones have gained widespread popularity in 2023 as many consumers are drawn to the vibrant array of colours offered by these rings. As an alternative to diamonds, gemstones create uniquely beautiful engagement rings, showcasing individuality and rare beauty.

Based on our internal sales data, there's been a notable surge in the demand for coloured gemstones, with sapphire leading at 58% among consumers. The majority prefer shades like 'Royal Blue' or 'Velvet Blue,' while there's an increasing interest in the less common 'teal' tone. While sapphire engagement rings rank second to diamonds in durability, they claim the top spot in terms of evoking romance, boasting stunning colour, and offering unparalleled uniqueness.

Aside from sapphire, the second most popular gemstone which accounted for 28% of sales is green emerald, which is known to soothe and strengthen relationships.

Other gemstones account for less than 1% of sales such as; tsavorite, tourmaline, morganite and alexandrite, whilst rubies were at 7%.

Choosing the right precious metal for an engagement ring can be challenging. Factors like tarnishing, budget constraints, and how well the metal complements your skin tone come into play. From bright, colourless platinum and white gold, to the warm and characterful tones of yellow and rose gold, there are many options to choose from when it comes to finding the right metal match.

Platinum is the rarest precious metal. Being 30 times rarer than gold, it’s strong, durable, hypoallergenic and resistant to tarnish. It looks very similar to white gold, although white gold will tarnish over time and turn a little yellow, whereas platinum will remain silvery in tone. 57% of our customers bought platinum rings in 2023; sales for platinum have decreased in recent years with platinum accounting for 64% in 2022 and 73% in 2021.

Conversely, there's been a consistent rise in the popularity of yellow gold. In 2021, it constituted just 18% of sales, a figure that leapt to 27% in 2022 and further surged to 33% in 2023. Yellow gold stands out for its timeless allure and warm tones.

Its stunning colour is achieved by blending gold with copper and silver, not only imparting richness but also contributing to a more affordable price point. Within fashion jewellery and social media trends, yellow gold has been incredibly popular this year, which is informing fine jewellery and engagement ring taste. Additionally, yellow gold is relatively easy to maintain, requiring only occasional polishing to retain its shine, making it a worthwhile investment.

Traditionally, gold has been the most popular choice when it comes to engagement rings and it comes in white, yellow and rose. Gold is combined with other metals to increase the strength of the ring and also alter the colour to make it look desirable.

White gold is perfect for that elegant and sophisticated look. Whilst it may look like platinum, the neutral colour is the product of gold mixed with silver and palladium, then coated in rhodium to cover the buttery-yellow tone. Only 6% of our customers have bought white gold rings which is a slight increase from the past two years, but still relatively low compared to the other two options. Rose gold jewellery has also been steadily increasing in popularity, but in terms of engagement rings, sales are quite low at just 4%.

Across both natural and lab diamonds, the average diamond carat weight bought in 2023 was exactly the same as the previous year at 1.25ct.

The average diamond carat weight in 2023 varied depending on whether the client chose a natural diamond or a lab diamond. For instance, lab diamond engagement ring buyers typically opted for larger carat weights compared to natural diamond buyers with nearly 98.3% of diamonds purchased above 2ct being lab diamonds. In previous years, we’ve seen demand for diamonds at the 1ct mark, due to the psychological ‘feel-good’ factor of owning a full-carat diamond; perhaps 2ct diamonds are becoming the new ‘feel-good’ benchmark. We expect to see demand for 2ct lab diamonds grow throughout the next year.

The most frequently purchased carat range natural diamonds were between 0.75-0.99, which may be lower than in previous years due to the ongoing inflation of natural diamond prices since 2022.

1. 1.00 - 1.24ct Lab

2. 0.75 - 0.99ct Lab

3. 1.50 - 1.74ct Lab

4. 2.00 - 2.24ct Lab

5. 0.75 - 0.99ct Natural

In 2023, the most favoured choice of diamond grade was VS1 diamonds, representing 54% of overall diamond sales. This figure marks a notable shift from the previous year's 67%, highlighting a trend toward higher clarity grades. The increased demand and availability of top-quality lab diamonds has likely driven this upward trend in diamond clarity preferences. The rising popularity of lab-created diamonds has led to enhancements in the standards of cut, colour and clarity grades selected by buyers.

At the start of the year, VS1 diamonds held a dominant position, accounting for 60% of sales, but gradually declined to just 37%. Conversely, the accessibility of top clarity, VVS2 diamonds due to lab diamonds, saw a remarkable increase. VVS2 diamonds constituted a mere 9.7% of sales in January, escalating to a significant 41% by the year's end. Demand for VVS1 experienced a modest 1% rise.

This may also reflect the significant rise in demand for emerald cut diamonds; it is advisable to choose top clarity and colour for an emerald cut as their large, open facets make any flaws more visible.

Lab diamonds continue to dominate the engagement ring market, accounting for nearly 80% of all diamond engagement rings sold at Queensmith in 2023. Contrary to common belief, lab-grown diamonds are identical to mined ones, the key difference being their origin—grown in a lab rather than extracted from the earth. They exhibit identical properties, retaining the same sparkle, brilliance, and characteristics as mined diamonds.

This surge in demand is primarily due to the cost factor, with lab-grown diamonds being approximately 60-80% less expensive than mined ones, yet retaining the exact same durability and beauty as natural diamonds. Additionally, they offer an eco-friendly choice for conscientious buyers. Given the detrimental impact of diamond mining on ecosystems, lab-grown diamonds emerge as a significantly more sustainable option.

In addition to these aspects, the controlled environment in which lab diamonds are created allows for enhanced clarity and fewer imperfections compared to natural diamonds.

1. Bardot - most commonly with a round diamond, and plain platinum shoulders; but also incredibly popular with oval, emerald and cushion diamonds, with scallop shoulders in yellow gold. This is a popular design for hidden diamonds, like a diamond bridge and bezel.

2. Temple - solitaire in platinum with a round diamond, but emerald cut and cushion are also very popular. In general, we’ve seen emerald cuts rise in popularity.

3. Lamar - with an oval centre diamond and pear side diamonds; offers great finger coverage. Trilogies in general are more popular due to lab diamonds, which makes the cost of three diamonds more affordable.

4. Portman Pavé - a new design that’s fast-become a bestseller. The one touch-point, where the claws meet the band, is super trendy and popular on Instagram. The diamond-set bezel is another incredibly popular design feature this year.

5. Blondell Scallop - in yellow gold. This is particularly popular online, people are loving the slightly unusual, super modern style. The open-sided setting allows plenty of light to bounce around the centre diamond.

Senior Gemmologist & Design Expert at Queensmith, Eddi, explains;

“If the current trends persist, even with their slightly slower growth, oval diamonds are likely to maintain their strong competition with round diamonds in 2024.

Additionally, should emerald cuts continue their upward trajectory observed in 2023, we can anticipate a further surge in their popularity next year. This rise is especially foreseeable given the increased accessibility of top-quality lab diamonds, enabling more individuals to afford premium-grade (lab-grown) emerald cuts - a shape that requires top grades due to large, open facets that make flaws more visible.

"Platinum will likely remain the metal of choice for most in 2023, however, there's a noticeable rise in yellow gold, gaining traction throughout the year.

Notably, we foresee lab-grown diamonds accounting for nearly all the engagement rings we create in 2024. As consumers become more aware of their advantages and lower cost per carat, particularly in the face of ongoing cost-of-living challenges, there's a heightened consciousness about where money is spent and the quality received in return. A custom-made lab-grown diamond ring emerges as an ideal solution, offering exceptional quality and size at a more budget-friendly price point.”

In the whirlwind of excitement surrounding the engagement ring, it's common to overlook the significance of wedding bands. Yet, these bands play a pivotal role in the ceremony and serve as the enduring symbol of love and commitment. Taking ample time to explore and select the perfect wedding rings is crucial, as these are the pieces you'll see and wear for years to come. Here we’ve broken down our internal sales data to highlight the wedding ring trends we anticipate for 2024.

With many getting excited about engagement rings, it’s important to not forget about the actual wedding ring!

Whilst wedding rings are usually a fair amount cheaper than the engagement ring, the prices can vary massively based on the material, shape and size. On average, most people spent around £2,285 on wedding rings with 82% of the orders accounting for both partners' rings.

Traditionally, couples used to buy wedding rings apart, however nowadays, more couples favour shopping for the rings together so that they complement each other! According to our data, only 9.98% of women and 9.13% of men's wedding rings were bought alone.

But when should you buy wedding rings? Whilst there’s no rule or set time to buy your wedding rings, you should leave enough time for it to be engraved or personalised. Preparing in advance will make sure your rings are ready for the memorable day.

Women predominantly favour the same metal for their wedding rings as they do for their engagement rings, often opting for matching metals. Platinum therefore continues to hold the top spot for women’s wedding rings, accounting for over 57% of sales, closely trailed by yellow gold at 33%.

The most sought-after wedding ring among men remains platinum, capturing 63% of recorded sales. Despite the trend of yellow gold this year, our findings indicate that men might be less influenced by current jewellery trends and prefer the luxurious appeal of platinum. Beyond its stylish appearance, platinum stands out for its reduced likelihood of triggering skin reactions in individuals with metal allergies, along with its exceptional resistance to wear and tarnishing.

1. 57% platinum

2. 33% yellow gold

3. 6% white gold

4. 4% rose gold

1. 63% platinum

2. 28% yellow gold

3. 6% white gold

4. 3% rose gold

Crafting a wedding ring involves careful attention to detail, ensuring it aligns perfectly with your desires and feels comfortably wearable. Given that it becomes a daily companion throughout your lives together, prioritising comfort is essential to ensure it won't cause any irritation.

Wider bands offer a modern aesthetic and boast enhanced durability compared to thinner rings. Their larger width allows for more intricate designs, adding a unique and personalised touch. However, the increased use of metal in wider bands does elevate the cost, making them more expensive than thinner bands.

Thinner bands tend to be more cost-effective due to their use of less metal, offering a sophisticated and delicate appearance. Women are more likely to invest in a thinner band as they tend to have smaller fingers and also wear their engagement ring on the same finger. However, their delicacy comes with reduced durability, potentially leading to more wear and tear over time compared to thicker rings.

Among women's wedding rings, diamond sets accounted for over 70% of purchases, with the beautifully crafted Scallop Set diamond wedding ring emerging as the top choice. Among all the diamond wedding rings sold, 1 in 2 featured a 60% diamond coverage, resembling a full-eternity ring, while the remaining 40% comprised a plain ring, allowing for future resizing—a practical and ideal feature!

Full eternity rings constituted 21% of the total sales for women's wedding rings. Additionally, 7% of women's wedding rings were curved or 'contoured' to align seamlessly with engagement rings that might not naturally accommodate a traditional wedding ring, ensuring a flush fit.

Traditionally, men's wedding bands were designed to be more discreet and functional, explaining the popularity of the Light Court plain ring as the favoured style among men. However, in 2023, there's been an upsurge in the preference for subtle yet distinctive design elements.

There's been an increased demand for various finishes, such as the Central Groove with Satin & Polish Finish, which is still simplistic, whilst bringing a little dimension and character to a still super-traditional and understated ring. Additionally, there's been a rise in the desire for hammer-finished wedding rings, introducing a unique and textured quality to these bands.

In 2024, we expect to see a slight rise in women seeking diamond-set wedding rings that deviate from matching the setting style of their engagement rings. Embracing the mismatched trend popularised by Meghan Markle, women are exploring combinations like pairing a scallop set engagement ring with a channel set, pavé set wedding ring or opting for unique designs like the 12 Stone Flush Set.

As more individuals gravitate towards unconventional engagement rings such as the Portman Tilted Pear or custom toi et moi designs, we anticipate a surge in demand for 'shaped' or 'curved' wedding rings tailored to complement and fit around these distinct engagement ring styles.

While men may continue favouring plain wedding rings in 2024, there's growing interest in slightly unconventional designs. Engraved grooves, matte, satin, or hammered finishes are expected to see increased demand among men seeking a touch of uniqueness in their wedding bands.

Consumers are increasingly exposed to jewellery design online through social media such as TikTok. Through an analysis of a comprehensive list of ring designs and styles, we’ve used hashtag data from TikTok to reveal which trends have the highest number of views.

This comes as no surprise, as we have seen from our own sales data that lab-grown diamonds have increased in popularity throughout 2022 and 2023 and we predict they will continue to dominate the diamond market in future years. Our recent survey of 1,500 newlyweds revealed that 70% would be willing to opt for a lab-grown alternative.

This is due to increased consumer awareness of environmental and social responsibility resulting in a significant decline in demand for natural diamonds. Lab-grown diamonds are also increasingly being seen as the better-value alternative. Lab-grown diamonds are a great option for anyone looking to purchase a diamond from a transparent supply chain that has not disturbed the earth through mining.

Unique engagement rings have grown in popularity throughout 2023 with people expressing themselves more through their jewellery choices. Unique rings allow couples to express their individuality and personal style. 2023 marked a year of people looking to broaden their engagement ring tastes and look for something a little different while keeping the core style of the ring a healthy balance of modern & timeless. This has resulted in a wider variety of popular styles.

Symbolising ‘you and me’ in French, the toi et moi ring style is deeply romantic and has grown in popularity throughout most recent years, especially in 2023. Garnering around 224 million hashtag views on TikTok, this trend seems poised for longevity in 2024 with the lower cost per carat of lab diamonds making this highly-sought after style more accessible.

With the rise of unique engagement rings, this style of ring is perfect for those partners seeking distinctive, one-of-a-kind designs. With a toi et moi ring, the choice extends beyond two shapes, allowing for the incorporation of gemstones to craft a truly unique and special piece for both partners.

The rising trend of oval diamonds continued through 2023. Although the sales figures for oval diamonds didn't escalate as much as anticipated, they remain a popular choice among social media users, especially with the continuation of minimalism and 'clean' aesthetics throughout 2023. Notably, the oval diamond has been a favoured choice for several celebrity engagements throughout 2023, highlighted by Molly Mae's estimated 5-carat oval diamond.

The silhouette of radiant cut diamonds closely resembles an emerald shape, yet its internal facet structure shares similarities with the classic, most popular, round diamond. This unique combination results in a vibrant stone, boasting an effervescent sparkle.

The radiant cut has rapidly gained popularity, particularly among social media users, amassing over 222 million views on TikTok. Radiant diamond engagement rings consistently feature among the most sought-after shapes in the current market trends.