Queensmith sees lab-grown diamonds reach record 87% share of sales

Queensmith has reported that lab-grown gems now account for 87% of all its diamond sales, marking a record high for the jewellery market. 

According to its  latest sales report natural diamonds now represent just 13% of transactions.

The figures show a 4.8% month-on-month increase for lab-grown stones, highlighting a rapid transformation in consumer buying habits since 2019, when they accounted for less than 1% of the brand’s sales.

The structural shift has also impacted the size of gemstones being purchased. The average lab-grown diamond sold reached 1.92 carats, compared with 1.14 carats for natural alternatives.

Brett Afshar, chief executive, said: “The fact that lab grown diamonds have grown from less than one per cent of our sales in 2019 to 87% today demonstrates just how dramatically consumer attitudes have changed. It’s no coincidence that this growth has coincided with a period of economic uncertainty, when clients are more conscious of value for money than ever before.

“At the same time, the modern buyer increasingly wants their purchase to reflect their personal values around ethical sourcing, sustainability and transparency, all of which have become integral to what luxury means today.”

He added: “While lab-grown diamonds now dominate the market, there remains a significant group of clients who are drawn to the rarity and story behind a natural diamond. What we’re seeing isn’t one diamond replacing the other entirely, but rather consumers choosing the option that best aligns with their priorities and values.”