As Lab-Grown Diamonds Explode In Popularity, The Ultra-Wealthy Search For The Next Flex

For decades, massive engagement rings were the exclusive domain of celebrities and billionaires — the kind of stones seen on Taylor Swift, Lauren Sanchez, or Paris Hilton. But a seismic shift in the diamond market is changing who can afford supersized sparkle, raising a new question: now that everyday buyers can wear what used to be Hollywood-level gems, how will the ultra-rich set themselves apart?

Industry experts say the answer may lie not in going bigger, but in pivoting to rarity, provenance, and stones with stories.

La Joya Jewelry President and CEO Nishit Mehta said the rise of lab-grown diamonds — especially stones over four carats — means carat weight “will no longer be a gauge of wealth.”

“With lab diamonds making diamonds over 4 carats so extremely affordable and abundant, the uber rich will stop using just the size and carat weight to flaunt their wealth. They will give far more importance to provenance and rarity,” Mehta says.

“True luxury relies on rarity and a barrier to entry. Its the Hermes effect. The Birkin bag has not become such a prized possession because it is the largest bag. It is coveted because of its history, rarity and because it requires access to acquire. Similarly the uber rich will not want large stones like they did in the past. They will now want rare stones or antique cuts. People will move away from showing off to knowing. The flex will no longer be in the size of the stone but instead on how difficult it is to get another like it,” he says.

That means jewelers may soon see renewed demand for some of the rarest gems on earth. Mehta said buyers chasing “the new unobtainable” may look toward untreated Burmese rubies, Kashmir sapphires, and Colombian emeralds. And while larger diamonds have become accessible to the average shopper, he noted that everyday practicality still caps how big an engagement ring can reasonably be.

“There is a limit to what size stone people can wear in their day to day life. Wearing a huge rock as an engagement ring while impressive is actually impractical,” Mehta says. “This is why lab-grown diamonds will solidify the 2–4 carat range as the eternal sweet spot. It creates a look that is impressive and aspirational, yet remains socially plausible and elegant.”

Demand for lab-grown diamonds has grown so quickly that Yanina of Yanina & Co. says supply of the biggest stones is tightening.

“Even the elite are embracing lab-grown diamonds. The reality is simple: no one can tell the difference, and even the wealthy appreciate the ability to save money without compromising beauty or size,” Yanina says. “With bigger is better now driving demand, truly large, fine-quality lab-grown diamonds are becoming scarce — and highly sought after. Theyre also emerging in a wide range of colors, a direction the market is quickly moving toward.”

Yanina notes that while sapphires, rubies, and emeralds can also be created in the lab, “theres still nothing quite like a diamond.”

But not all luxury buyers are ready to give up natural stones. Allon Zohar of Iconic Timepieces said the ultra-wealthy still overwhelmingly prefer mined diamonds because of their symbolism and longevity.

“High-end jewelry users still prefer natural diamonds as they remain seen as more prestigious because of their rarity, natural origin and the symbolism of owning something formed over millions of years,” Zohar says

”Natural diamonds still hold more long term and legacy value. For people who care about heirlooms, investment, or resale, natural stones are perceived as superior,” he says. “For many affluent buyers, diamonds are more than sparkle — theyre about legacy, status, tradition and identity. As long as those values exist, natural diamonds will hold a place.”

Award-winning goldsmith and jeweler Terry Quinn of Quinn’s Goldsmith says that while wealthy customers are buying very large lab-grown diamonds, younger generations are also buying larger lab-grown diamonds, around 3 carats on average.

“Now over 50% of all diamonds sold are lab grown. The younger generation are buying large diamonds; 3 carat lab-grown for an average,” Quinn says.

Quinn says that sapphires, rubies and emeralds are “very popular,” and that yellow gold has fully re-entered the trend cycle.

“Yellow gold is back with a vengeance. The reason, I think, is too many people were confusing white gold with silver,” Quinn says.

Still, not every buyer is leaning into bold gems or luxury metals.

“There is a large group of young people that don’t understand why they should have to buy anything,” Quinn says. “And another group that is avoiding gold because it’s just too expensive for them. So they’re getting alternative metals for their bands.”