31-10-2019
De Beers’ The Diamond Insight (DI) Report 2019 has reported attitude and spend on engagement rings of three demographic groups in the United States, namely women, same-sex couples and millennials.
The figure of American women self-purchase their own engagement rings doubled from seven percent to 14 percent within five years. They spend averagely 33 percent more than men. The research reflects a greater female purchasing power. Diamonds remain to play a significant role as a symbol of love. Eight out of 10 wedding rings and nearly nine out of 10 engagement rings contain diamonds.
Although sexual orientation differs, preference does not. More than 70 percent of same-sex couples also see diamonds play an important role in celebrating life’s special events. They look for more modern and less traditional design.
For millennials, their average spends on engagement rings is higher than the average spend on engagement rings in the US market as a whole. Over 40 percent of the value of all engagement rings in the US comes from international high-end diamond jewellery brands and international designer brands.
Bruce Cleaver, CEO, De Beers commented on the result: “While diamonds are still seen as the ultimate symbols of love, the diamond industry must focus on continuing to offer jewellery, brands and retail experiences that meet the modern consumer’s desire for individual products and experiences that reflect their own unique love story.”
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