De Beers Group’s latest Diamond Insight ‘Flash’ Report has revealed that an increase in the amount of couples becoming engaged at the moment is keeping demand for diamond jewellery high.
It expects the high number of engagement and bridal jewellery sales to continue through December.
The report revealed that, despite the difficult economic situation, consumers are spending more than ever on diamond engagement rings – often upgrading in colour, cut and clarity, rather than size.
Several jewellers De Beers surveyed 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.
Interviewed for the report, Dr Terry Real, relationship therapist and author, commented: “Part of the reason people are getting engaged during Covid is because there is so much distance between them and their community.
“The couple is intimate but thirsty for outside stimulation, for an environment to hold them beyond them.
“For a young person to have a performance of your love that’s witnessed is like water in the desert in this culture. The ring is that performance. Especially now.”
The report included a national survey of 360 US women in serious relationships.
It found that the majority of respondents (54%) were thinking more about their engagement ring than the wedding itself (32%) or the honeymoon (15%).
This supports jewellers’ hypothesis that engagement ring sales were benefiting from reduced wedding and travel budgets in light of Covid-19 restrictions.
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.”