How Millennials and Gen Z Are Changing the Lab-Grown Diamond Market

Walk into a jewellery store today and the conversation around diamonds sounds very different from what it did a decade ago. At RoseCut, this shift is already visible in the way younger customers shop and ask questions.

Younger buyers ask more questions. Where did it come from? How was it made? Is it worth the price?

Millennials and Gen Z approach buying diamonds a little differently. They want it to have that traditional fairytale appeal but at the same time personal value matters a lot. Many are also comparing options more carefully, especially when looking to buy lab-grown diamonds or evaluate what truly makes the best lab-grown diamonds.

That shift in mindset has transformed the diamond industry. Today, nearly 70% of lab-grown diamond buyers come from Millennial and Gen Z age groups, making them the generation driving one of the biggest changes the jewellery market has seen in years. And they’re doing it on their own terms.

Not long ago, lab-created diamonds were still considered experimental. In 2015 they made up barely 1% of the global diamond market. Fast forward to today and they account for around 20% of diamond sales worldwide. That kind of growth rarely happens by accident.

Younger consumers have grown up in a world where technology improves almost everything, from phones to fashion. So the idea that diamonds can also evolve feels exciting.

Instead of replacing tradition, lab-grown diamond jewellery is becoming part of a broader definition of what modern luxury looks like.

The engagement ring market offers one of the clearest glimpses of this change.

Couples planning weddings today are balancing priorities more than ever. They are trying to save up for travel, homes, experiences and long-term financial goals. Naturally, that mindset shows up in jewellery decisions too.

More than half of couples now choose or seriously consider lab-grown engagement rings, especially when comparing lab-grown diamond ring prices and understanding the value they offer.

For many, the appeal is simple. They can choose the size, design and quality they want without stretching the budget in the same way traditional diamonds often require. This is also why searches around lab-grown diamond cost and 1 carat lab-grown diamond price have increased significantly in recent years.

Younger buyers are moving away from the idea that diamonds should only appear during engagements and weddings. Because of their affordability and sustainability, it’s becoming part of their daily lives and why shouldn’t it be?

Small diamond pendants, everyday rings and simple bracelets have become staples in many collections of lab-grown jewelry. Your friend’s birthday is next month? Look at this pair of earrings. You got promoted? Why not celebrate this milestone with a bracelet?

The emotional connection is still there but the rules around when diamonds can be worn are just loosening.

Moments like these may feel small but they reflect a bigger shift in how jewellery is worn and purchased today. Diamonds are no longer limited to once-in-a-lifetime occasions. They are becoming pieces people reach for more often, marking personal achievements, memories and everyday celebrations.

If there’s one factor that consistently shapes buying decisions for Millennials and Gen Z, it’s value.

Lab-grown diamond prices are typically 30–40% lower than mined diamonds with similar characteristics. For younger buyers who carefully research purchases, that difference opens up possibilities.

That price difference gives buyers more room to explore. Some choose large lab-grown diamonds, others invest in custom designs or add multiple pieces to their jewellery collection. It reflects how strongly these generations value getting more out of what they buy.

Environmental awareness also plays a role in how younger consumers shop for jewellery.
Around 60% of Gen Z buyers say ethical sourcing is an important factor when choosing diamonds. Transparency around production, supply chains and sustainability is increasingly part of the conversation.

Laboratory-grown diamonds naturally fit into that discussion, which helps explain why they resonate so strongly with this audience. Many buyers also actively research the difference between lab-grown diamonds and natural diamonds before making a purchase decision.

What started as a niche category is now one of the fastest-growing segments of the jewellery industry.

The global lab-grown diamond market was valued at $22.66 billion in 2023 and is projected to reach nearly $57 billion by 2032. This rapid growth is also reflected in increasing online searches for lab-grown diamonds for sale and lab-grown diamond price comparisons across markets in New Zealand and Australia.

Much of that momentum comes from younger buyers who see diamonds through a slightly different lens. For them, the idea of luxury is gradually changing. It’s less about following a fixed standard and more about choosing something that feels personal.

This shift is also visible in design choices. Buyers are moving beyond the classic round brilliant and exploring a wider range of styles. Fancy cuts like trillion, marquise, step-cut and oval gemstones are increasingly being chosen in lab-grown diamonds, offering more individuality in both engagement rings and everyday jewellery.

At RoseCut, this shift is at the centre of how we design and create. We focus on custom lab-grown diamond jewellery that is shaped for you and not limited by what’s on display. Whether you’re looking to buy lab-grown diamonds for an engagement ring or create a piece to mark a personal milestone, the process is built around your choices.

Every detail, from the cut to the setting, is considered with you.

With certified lab-grown diamonds and a focus on transparency, design and value, the aim is simple - to help you create something that feels entirely your own. Because in the end, it’s about choosing how you want to wear it, what you want it to represent and why it matters to you.

 

FAQs

  1. What types of lab-grown diamond jewellery are popular?
    Diamond earrings, pendants, bracelets and rings are increasingly popular for gifting, self-purchase and milestone celebrations, especially among those looking for the best lab-grown diamonds at accessible price points.     
  1. How does social media influence lab-grown diamond demand?
    Platforms like Instagram, Pinterest and TikTok help younger consumers discover jewellery trends, compare styles and research on lab-grown diamonds before buying.     
  1. Why are Millennials and Gen Z more open to lab-grown diamonds?
    These generations are generally more comfortable with technology and innovation, making them opt for lab-created diamonds and modern production methods.     
  1. How are jewellery brands responding to this shift?
    Many brands are expanding their collections to include certified lab-grown diamonds to meet growing demand from younger consumers.     
  1. Are younger consumers buying diamond jewellery for themselves?
    Yes, self-purchasing is growing among Millennials and Gen Z, with many buying lab-grown diamonds for sale to mark personal milestones and everyday achievements.