It’s a busy season for the wedding season industry. It is officially engagement season, and according to wedding experts, December is when the most engagements happen. You know the rules of clarity, cut, color and carat, but your primary concern is cost. The tradition is to spend between one and three months’ salary on an engagement ring. Still, thanks to student loan debt and a high cost of living, American Express says more than half of millennials are spending only two weeks’ salary on an engagement ring.
A popular option for an engagement ring is buying lab-grown diamonds over natural diamonds. While both diamonds look the same, the only differences are one is manufactured and the price. Cost is the most apparent reason lab-grown diamonds are becoming more popular. The average retail price for a one-carat man-made diamond is a little over $2,000 compared to a natural one-carat diamond which costs on average $8,740. According to wedding experts, the price of natural diamonds is expected to rise as the war in Ukraine continues to reduce the supply chain.
According to CNN, Man-made diamonds are also becoming more popular because of the controversial history of natural diamonds. Natural mined diamonds are often tied to the use of child labor and “conflict diamonds,” which are diamonds that fund conflict in war-torn areas.
Whatever ring you choose is sure to be perfect. Hopefully, your spouse doesn’t object to you being budget conscious and is okay with a man-made diamond. Another pro is now you have a little more money to spend on the honeymoon or wedding.
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