Editor’s Note
This article highlights the robust growth trajectory of the global wedding ring market, projected to nearly double in value over the next decade. The data underscores a significant and sustained demand within this key segment of the jewelry industry.
Market Overview
The global wedding ring market was valued at USD 97.3 billion in 2024. The market is projected to grow from USD 101.7 billion in 2025 to USD 181 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 6.6% during the forecast period.
Key Market Drivers
Several key factors are driving the growth of the wedding ring market.
“According to a report by National Jewelers, 68% of engaged couples in the United States purchased a diamond wedding ring, a significant increase from 45% in 2018.”
“A survey by Jewelers of America indicates that 72% of jewelry store customers plan to spend more on their next purchase within two years, with many opting for lab-grown diamonds or other sustainable alternatives.”
Market Trends and Consumer Preferences
Consumer preferences are evolving, significantly impacting market dynamics.
“Data from the World Gold Council shows that consumer demand for gold in wedding rings has increased by 35% since 2019, driven by its value retention and cultural significance.”
“The American Gem Society reported that from 2020 to 2023, the average spending on engagement rings exceeding $10,000 grew by 42%.”
“Platinum Guild International notes that 28% of wedding rings are now made from platinum, reflecting a shift towards premium and durable materials, particularly among younger consumers like Generation Z.”
“The International Precious Metals Institute highlights that 85% of jewelers now offer certified sustainable jewelry, a trend that has accelerated purchasing decisions by 25%.”
“The Wedding Report 2023 found that over 70% of couples now consider sustainability factors when purchasing a wedding ring, indicating a strong market driver for ethically sourced materials.”
Market Segmentation and Future Outlook
The wedding ring market is segmented by material, distribution channel, and region. The market’s future is closely tied to evolving consumer values around sustainability, personalization, and the integration of technology in the shopping experience. Industry standards set by bodies like the Responsible Jewelry Council are becoming increasingly important for market credibility and growth.
