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‘Brides increasingly spend more of their own money on engagement rings’

29 october 2019

Women, particularly in the United States, are increasingly having more say in the choice of diamond jewellery they will wear and are also contributing towards its cost, even when it’s a gift to them, according to a study conducted by De Beers. 

                               Image credit: De Beers

Group chief executive Bruce Cleaver said in a statement accompanying the diamond insight report for 2019 that women’s earning power has increased and they are also choosing higher value pieces. 
The average price of engagement rings in the US is supported by brides more frequently acquiring for themselves and spending an increasing budget 
The proportion of engagement rings financed by brides alone has doubled between 2013 and 2017 to 14% of rings.
“What is more, the average spend of grooms has come down 13% in that period, while the average spend of brides has increased by 19%,” said De Beers.
“Thus, in 2017, brides who reported financing the ring themselves spent on average $4,400, while grooms spent $3,300 on diamond engagement rings. 
“This emphasises that growing purchasing power among women is a factor to be reckoned with in the commitment space and not only when it comes to self-purchasing of diamond jewellery.”
Cleaver said the desire for reciprocity is also an emerging trend with couples in China often choosing complementary diamond jewellery for each other, with ‘couple rings’ being the most popular option.
Meanwhile, De Beers said the macro-economic fundamentals remain supportive overall of diamond demand growth in 2019 with US-China trade war developments and currency fluctuations remaining the main risk to the downside.
Longer term, it said, the growing middle class of China and India offer the most upside potential if desirability can continue to grow.
“In the US, market expectations remain positive, with growth likely to remain steady; however, dissipating fiscal stimulus and rising recession fears could prove to be a drag on growth in 2020,” said De Beers.
“For the Chinese, assuming a de-escalation in the US-China trade conflict, demand is poised to increase as the country’s growth transitions to being consumption-driven.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished