US jewellers report that more couples than ever are buying diamond engagement rings, with bridal sales being their primary source of diamond jewellery demand in recent months. The findings were published today in De Beers Group’s latest Diamond Insight ‘Flash’ Report, which looks at the impact of the pandemic on relationships and engagements.
Interviews with independent jewellers around the country revealed that the rate of couples getting engaged has increased compared with the period when Covid-19 first had an impact in the US in the spring. In addition, despite challenging economic times, consumers were spending more than ever on diamond engagement rings – often upgrading in colour, cut and clarity, rather than size. Several jewellers speculated that with consumers spending less on elaborate weddings and/or honeymoons in the current environment, they had more to spend on choosing the perfect ring.
When it came to researching engagement rings, online was by far the predominant channel for gaining ideas/inspiration at 86% of consumers surveyed, with 85% saying they had saved examples of styles they liked. Only a quarter of respondents said they had looked in-store at a physical location for design inspiration.
Bruce Cleaver, CEO, De Beers Group, said: “For many couples, the pandemic has brought them even closer together, in some instances speeding up the path to engagement after forming a deeper connection while experiencing lockdown and its associated ups and downs as a partnership. Engagement rings are taking on even greater symbolism in this environment, with retailers reporting couples are prepared to invest more than usual, particularly due to budget reductions in other areas.”
The full report can be read here.