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DESPITE ECONOMIC CHALLENGES OF COVID PANDEMIC IN UNITED STATES ENGAGEMENTS AND ENGAGEMENT RING SALES REMAIN STRONG

 

A floral-shaped ring set with 12,638 diamonds has earned a place in the Guinness World Records for the ring set with the most diamonds, and demonstrated once again the perennial popularity of the jewelry category as the preferred platform for the world’s most popular gemstone.

Called “The Marigold – The Ring of Prosperity,”  the new record holder sports an eight-layer flower design and weighs about 165 grams, making it both “wearable and comfortable,” according Harshit Bansal, its India-based creator.

“My target was always more than 10,000 diamonds. I trashed many designs and concepts over the years to finally zero in on this,” Bansal told the AFP.

The previous Guinness World Record holder was a ring set with a mere 7,801 diamonds.

AS SPENDING ON WEDDINGS FALL, SPENDING ON RINGS INCREASE

According to De Beers most recent Diamond Insight “Flash” Report, despite the global pandemic, U.S. jewellers are reporting that more couples than ever are buying diamond engagement rings. Indeed, with incidental shopping traffic way down, bridal jewelry sales have been the primary source of demand in recent months.

Interviews with independent jewellers around the United States revealed that the rate of couples getting engaged has increased compared with the early spring, when COVID-19 first struck. The report said, consumers were spending more – upgrading colour, cut and clarity, although not size.

The report stated that several jewelers speculated had that, since consumers were spending less on elaborate weddings and honeymoons during the pandemic, they had more resources available to spend on rings.

 “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,” commented Bruce Cleaver, CEO of the De Beers Group.  “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.”

A side view and a top-view of the “The Marigold – The Ring of Prosperity,” which with 12,638 diamonds has earned a place in the Guinness World Records for the ring set with the most diamonds.

 “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,” commented Bruce Cleaver, CEO of the De Beers Group.  “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.”

A RETURN TO CLASSIC DESIGN

The jewelers surveyed by De Beers reported newly engaged couples are choosing simpler, more classic designs, with with customers less interested in extra pavé and melee embellishments.

Rounds cuts remain the most popular choice, and as far as fancy cuts are concerned jewelers reported difficulty keeping ovals and cushions in stock. They also report seeing more requests for classic solitaires or solitaires with simple baguette accents.

Source: De Beers’ Insight Flash Report, no. 5

The features that are considered most important in a ring, according to people polled, are the the shape of stone, according to 56 percent of those surveyed, and the setting, according to 41 percent of respondents. This was followed by the type of metal and the quality of stone.

Some 51 percent of survey respondents, who also were those receiving the ring, said they expected to be involved in selecting the jewelry, and 42 percent insisted that they wanted to shop withtheir partner or tell them the style ring they want.

In the United States these trends are not limited to the independent jeweler. The Signet Corporation has observed similar tendencies, with its Jared and Kay franchises seeing a strong uptick in couples getting engaged and then married right away. Employees ordained to perform weddings have been facilitating in store engagements and weddings.

When it came to researching engagement rings, online was by far the predominant channel, with 86 percent of the people surveyed 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.

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