What are the diamond jewellery trends for 2023?

What can we expect the major diamond jewellery trends to be this year? With the global supply of diamonds disrupted by the war in Ukraine, read our report by Rachael Taylor of Rapaport as she asks the diamond experts what they expect 2023 to hold

By Rachael Taylor

Last year was an unusual one for diamonds. After coming out of the pandemic on a high due to many of us diverting our holiday and going-out funds to buying jewellery, designers ran into some unexpected turbulence when Putin’s war against Ukraine disrupted the world’s supply of diamonds. The Russian stones, which before the invasion accounted for a third of global supply, became untouchable overnight. 

Other factors to contend with in 2022 included the cost-of-living crisis, which has no doubt made one or two couples think twice before committing to a diamond engagement ring. The rise of lab-grown diamonds – now cheaper than ever – further muddied the waters. That’s not to say that it was a bad year for diamonds; many jewellers and dealers continued to do well, and there is a sense of – to steal a phrase parroted by CEOs the world over – ‘cautious optimism’ about this year. 

For a recent story I wrote for Rapaport magazine, I asked insiders what they expected the major diamond jewellery trends to be this year, and the consensus was split. Many jewellery brands have recently been leaning into a demand for collections that are simple, pared back – stripping back fussier details like the diamond halos around central stones on rings. Melanie Goldfiner Goldberg, director of marketing and business development at Rahaminov Diamonds, told me she expects this demand for timeless, classic jewels to “excel”, especially as world events continue to remain rocky. “When there is so much uncertainty, diamonds and jewelry still help to celebrate the important milestones,” she said.

Lepa Galeb-Roskopp, founder of Misahara Jewelry, plans to produce fewer collections in 2023 to reflect her belief that it “is not going to be a year of mass consumption”. Misahara will release smaller drops and will focus on further developing its core lines, moving away from trend-driven strategies and towards “creating timeless designs that our clients will wear on their life’s journey”. 

Classic diamond designs tie into a sense of value; we know that forever pieces such as diamond studs or a tennis bracelet will still be stylish in decades’ time, so they seem like a prudent purchase even in uncertain times. A recurring message from jewellers is that they don’t believe people will stop buying in 2023, but they do expect us all to think more carefully about what we do buy. 

Pamela Whiteside, senior vice president of consumer insights at Signet Jewelers, told me that jewellery group intends to tailor its marketing this year to help shoppers better understand the value of classic, timeless designs by breaking down per-wear costs. “If a consumer spends $5,000 on a tennis necklace as a milestone gift, and the recipient ends up wearing it on average three days a week for one year, then the cost per wear is about $32, further justifying its overall return on investment,” she gave as an example. 

The other trend that will shape 2023 is a sense of fun. Lauren Curtin, founder of New York jewellery brand Lauren Addison, spoke to her thoughts that fancy-shaped diamonds would remain popular with bridal shoppers. “Particularly ovals, antique-style cushions and emerald cuts,” she noted. 

Katherine Jetter, jewellery designer and owner of The Vault Nantucket jewellery store, posed that we will see designers experimenting with colour through enamels and metal treatments such as titanium. She also believes nostalgic trends from the 1980s and 1990s will play an important role as designers seek to connect with shoppers on an “emotional level”. 

Whether playing it safe with classic jewels that will last a lifetime, or seizing the day with endorphin-boosting designs, it would seem that 2023 remains as good a year as any to invest in diamonds.

The interviews featured in this story were originally conducted for a story in Rapaport magazine titled: What’s the forecast? To read the full feature, click here.

Cover image: Ara Vartanian

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