“I like shiny things, but I’d marry you with paper rings,” Taylor Swift once sang. But the ring she actually received from beau Travis Kelce is far from simple. Her supersized old mine brilliant-cut diamond – estimated by jewellery experts to be worth over 4 crore – has left the world swooning.

Swifties are over the moon knowing that Kelce collaborated with an independent jewellery designer, even co-designing the ring himself. Indian fans are especially thrilled about the ring’s possible Indian connection. But, like a quintessential ‘Swift Effect’ moment, this proposal hasn’t just made headlines – it is also influencing culture, consumer behaviour, and even the economy.

And at the heart of this influence is her ring itself: could Taylor Swift’s choice of a natural diamond revive interest in natural stones and reshape the market? Especially since her actions alter culture and economics. She picked it at a time when lab-grown diamonds – cheaper, conflict-free, and marketed as sustainable – pose a strong challenge to the natural diamond industry.

The diamond is an old mine brilliant cut, Swift’s publicist Tree Paine confirmed, though she provided no further details.

Meanwhile, Garret Weldon, president of the Irish Antique Dealers Association and owner of Dublin-based jeweller Weldon, while speaking to CNN, described her diamond as “the Holy Grail in this business” because it is “one of the rarest stones you can get.”

Experts also note that the softer sparkle of the stone is likely because it was cut by hand as an antique, rather than by machine.

Stocks soar

The impact of Swift’s choice has already appeared in the business world.

Tvisha Tuli, a business influencer, says in her now-viral Reel: “Taylor Swift has given them (the natural diamond market) the world’s biggest marketing campaign for free. She didn’t just get engaged. She moved markets single-handedly. She has rescued the natural diamond market.”

She isn’t wrong. Shares of Signet Jewelers, one of the few jewellers listed on major exchanges, surged right after the announcement. Within hours, Brilliant Earth’s stock soared as well.

“This ring is a strategic masterstroke in the diamond industry’s proxy war against its own existential threat – lab-grown diamonds,” says another economy content creator, Max Rosenblum, in his viral Reel.

Lab-grown diamonds offer the same finesse and quality as natural ones – at nearly 80 per cent less cost. They are also conflict-free, making them an ethical choice. Even seasoned diamond professionals often cannot distinguish between a natural and a manufactured stone with the naked eye.

“Natural diamonds can’t compete on price or flawlessness, so they pivot to what labs can’t replicate: history. The couple’s choice of an antique, hand-cut, centuries-old stone reframes value from sterile perfection to character, provenance, and the romance of a one-of-a-kind asset – a likely unintentional campaign against the soullessness of synthetics,” he added.

The ‘Taylor Swift Effect’

Hotels book out, labour demand spikes 1,000 per cent, GDPs tick upward, and seismologists even detect tremors from her concerts.

Singapore’s economy registered a lift after her shows, European cities reported massive spending surges – all because of Swift. Her Eras Tour alone brought in $2.2 billion, becoming the highest-grossing tour of all time.

Harvard even teaches courses on her world. This isn’t hype. This is Swiftonomics, led by die-hard fans who call themselves Swifties.

Coming back to her ring – her engagement, and the reignited debate around natural versus lab-grown diamonds, comes at a time when over 50 per cent of engagement rings in the US now feature manufactured stones. Global diamond prices have fallen 5.7 per cent in 2025, according to the Zimnisky Rough Diamond Index, marking a 30 per cent drop over the past three years.

Notably, lab-grown diamond prices have also declined, prompting De Beers to shut down its lab-grown diamond brand Lightbox earlier this year.

Jewellery experts weigh in

The lab-grown diamond industry doesn’t view Taylor Swift’s natural diamond ring as a threat.

“Taylor Swift’s choice of a natural diamond will certainly be celebrated by the traditional diamond industry, given her immense cultural influence. That said, one celebrity ring alone won’t reverse the larger consumer shift we’re seeing,” says Disha Shah, founder and designer at DiAi Designs.

Anand Lukhi, founder and CEO of Lukson Jewels, meanwhile, believes that younger generations are more conscious of sustainability, value, and ethical sourcing than ever before.

However, there is little solid evidence to fully support the sustainability claims of lab-grown diamonds. While the conflict issues linked to natural diamond mining – also depicted in Leonardo DiCaprio’s film Blood Diamond (2006) – do not apply to lab-grown diamonds, the significant energy consumption involved in their production remains a concern.

“While high-profile choices like Taylor’s can influence sentiment temporarily, the long-term shift is clear. Lab-grown diamonds are reshaping the industry,” Lukhi adds.

Jewellers like Adeesh Nahar of Rosa Amoris, who deals in natural diamonds, argue that younger buyers value meaning and individuality. “A natural diamond carries permanence and emotion – qualities that can’t be replicated in a lab. Seeing someone they admire, like Taylor Swift, choose that can shift perspectives,” Nahar says.

Richa Singh, Managing Director for India and the Middle East at the Natural Diamond Council, shares a similar view. “For younger consumers – Gen Z and Millennials, who value pieces that hold meaning beyond aesthetics – her ring serves as a reminder that natural diamonds are not just adornments, but heirlooms of love and commitment. Taylor’s ring exemplifies how natural diamonds remain relevant and deeply resonant for marking life’s most significant moments,” Singh says.

For many, especially in India where jewellery holds strong emotional value, a natural diamond feels real, while a lab-grown one can feel artificial.

Jewellery experts like Vandana M Jagwani, creative director at Mahesh Notandass and founder of Vandals, meanwhile, feel that what’s really capturing people’s attention isn’t the natural vs lab-grown debate, but the design and scale of the ring itself.

“The fancy shapes, the larger stones, the mix of vintage settings with modern sensibilities – that’s where the trend seems to be heading. At the end of the day, whether it’s natural or lab-grown, we’re just happy to see such bold, beautiful choices being celebrated,” she says.

But lab-grown diamond jewellers believe this increased penchant for supersized rings will work in their favour.

“I think a lot of brides will now opt for much larger centre diamonds, and that’s where lab-grown will really take off. Most people can’t afford a USD 5 million engagement ring, but they can achieve a similar effect for anywhere between USD 5,000 and USD 15,000, depending on the size of the diamond,” says Ankur Daga, Founder and CEO of Angara, a US-based fine jewellery brand.

“Taylor Swift’s ‘old mine cut’ diamond is steeped in history, and that’s what elevates its worth. But such pieces come at extraordinary prices,” says Vidita Kochar Jain, co-founder of Jewelbox, echoing a similar sentiment.

Final bit

Whether her ring reshapes an industry or simply crowns a cultural moment, the Taylor Swift Effect is once again impossible to ignore. One option may be cheaper and more practical, the other more exquisite and authentic – how it plays out in the jewellery world will be interesting to watch.

– Ends