The De Beers Diamond Report indicates that US consumer demand for natural diamonds strengthened in 2025, with spending, desirability and acquisition rates all rising despite economic uncertainty among other headwinds.

Based on a survey of 18,500 women aged 18-74, the report found that natural diamonds remain the most desired jewellery category. Average spending rose 25% to $4,063 from $3,242 in 2023, while average carat weight increased to 1.86 carats from 1.65 carats, signalling growing demand for larger stones. Acquisition rates improved to 9%, up from 8% in 2023.

Millennials remained the largest value driver, accounting for 55% of natural diamond demand, while Gen Z emerged as the second-largest diamond-buying generation, contributing 23% of demand value. Gen Z consumers spend nearly twice as much per purchase as Baby Boomers and increasingly associate diamonds with self-expression and personal achievement.

The report also highlighted a shift away from traditional bridal demand. Engagement and wedding jewellery accounted for just 25% of natural diamond demand in 2025, while gifting represented 44% and self-purchase 31%.

Although lab-grown diamond acquisition rates matched natural diamonds at 9%, natural diamonds continued to dominate value, accounting for 75% of overall US diamond demand and 85% of sales at independent jewellers. De Beers noted that continued declines in lab-grown diamond prices could pressure retailer margins.

Looking ahead, the report identifies stronger category marketing, clearer differentiation between natural and lab-grown diamonds, declining natural diamond supply and evolving retail economics as the key factors shaping the industry’s future. De Beers forecasts global rough diamond production will fall from around 105 million carats in 2026 to 96 million carats by 2030.