Millennials are all about this major change for engagement rings.

Lab-Grown Diamond
Credit: TIMOTHY A. CLARY/Getty Images

Some engagement ring trends, like Meghan Markle-inspired sparklers or rose gold bands are obvious to the eye; others, not so much.

Such is the case for one rising engagement ring movement, specifically among millennial shoppers. "The idea of spending thousands of dollars on a diamond is becoming less appealing as lab-grown alternatives of the stone are gaining traction. These lab-grown versions can look very similar to mined diamonds and can cost around 30-40% less," explains writer Mary Hanbury in a recent piece for Business Insider on the lab-grown diamond ring trend. While the technology has been used successfully since the 1950s, synthetic diamonds are estimated to make up only 1% of the global market share. Now, however, a report from Morgan Stanley predicts that lab-grown diamonds could "[take] a 7.5% share in sales of larger diamonds by 2020."

Millennials, in particular, are jumping aboard the bandwagon. In fact, as the Business Insider article notes, a survey from MVI Marketing of 1,000 individuals between the age of 21 and 40 found that nearly 70% would consider a lab-grown diamond for an engagement ring.

WATCH: Southern Millennials React To Molded Tuna Rings

With a very similar appearance to real diamonds and boasting a price discount of about 30-40% compared to mined diamonds, we're all about this ethical, wallet-friendly move. Get ready to spy some bling on hands near you. Well, actually...