Engagement ring and wedding ring sales on the rise “As couples begin to return to normal life” – CBS Boston
(CNN) – The wedding industry is rebounding as the United States recovers from the pandemic. And with glimmers of normalcy in the air, more and more Americans are preparing to ask the question.
“We have seen a resurgence in sales of engagement rings and wedding rings as couples begin to return to normal lives,” said Price Blanchard, chief customer officer and executive vice president of Shane Co., a jeweler. private with stores in 14 cities. CNN Affairs. Long-postponed nuptials due to Covid-19 are finally taking place, with in-person ceremonies and large receptions filled with family and friends.
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Jewelers say they saw massive spikes in demand and sales in April and May, following better access to Covid-19 vaccinations across the United States.
Sales numbers have skyrocketed this spring for The Clear Cut, a New York-based engagement ring company that sells its gems online. Customers are now on the hunt for engagement rings because they can “finally travel” and offer a vacation, Clear Cut co-founder and COO Kyle Simon told CNN Business. The company has been inundated with inquiries from couples “fighting over wedding venues,” he said, and sales quadrupled in May 2021 from the previous year.
Mark Broumand, founder and president of Mark Broumand Inc., a Los Angeles-based jeweler, has also seen a huge increase in demand and sales. “Love is what really propelled everything” during the pandemic, he said. Sales are recovering: in June 2020, the company’s sales fell by 40% compared to the previous year before the pandemic; Sales in June of this year are 20% higher than in the same month in 2019.
Spend more on the rock
Millions of Americans suffered devastating economic losses during the pandemic, but some workers who remained employed – or had a partner who did – were able to save money. Stopping travel and restaurant closings mean some people may have had more disposable income than usual.
“Between the forced spending cuts during the pandemic lockdown and multiple rounds of stimulus checks, many households now have more savings than they’ve ever had before,” said Greg McBride, analyst Chief Financial Officer at Bankrate.com. “As the economy reopens, ‘revenge spending’ means a good chunk of that money will end up in the economy,” he said.
Stephanie Gottlieb, founder and jeweler of Stephanie Gottlieb Fine Jewelry in New York City, said that even though couples opt for smaller weddings, they have “more funds available to use for rings or jewelry to wear on their day. “.
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“Our average price for our rings sold has increased significantly since Covid,” said Brenna Lyden, Founder and CEO of Everly Rings and East West Gem Company. She also works with clients who are using the money they saved during the pandemic to upgrade their current rings or get brand new ones.
Pent-up demand and a drop in production due to Covid-19 restrictions have resulted in global diamond shortages during the pandemic. “I struggled to prepare for production to support demand,” said Katarzyna Zygnerska Rosales, founder and designer of Kasia Jewelry in Solana Beach, California.
Many jewelry companies work with the Gemological Institute of America, a non-profit organization that trains jewelers and maintains standards for diamond grading services. The Clear Cut, for example, has all of its certified and graded diamonds there. “We have a historically high number of submissions for laboratory services,” said Tom Moses, executive vice president and director of laboratories and research at GIA.
At The Clear Cut, “we’ve seen a lot more demand for in-person dates,” and some customers are even going to New York City to come into the showroom and look at rings, “Landau said, pointing out that customers are confident enough to resume their trip and ready to try on rings in person.
Demand is not slowing down and sentiment is “increasingly optimistic,” said Bruce Cleaver, CEO of De Beers Group, in a recent statement of the company.
De Beers, the world’s largest diamond producer, is seeing “strong demand for rough diamonds,” Cleaver said, due to demand “in the major consumer markets of the United States and China” and ” return of intermediate capacity in India ”.
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