If we take a look at the past 70 years in the jewellery industry, we can see how diamond mogul De Beers created an amazing advertising campaign saying that ‘diamonds are a girl’s best friend’, which was one of the most successful marketing campaigns in history. Using Hollywood A-Listers who sported huge sparkling diamonds on their fingers, diamonds were put forward as the ultimate in luxury and elegance, and their slogan, ‘a diamond is forever’ paved the way for a trend that is still going strong today.
Diamond Engagement Ring Industry
This industry incorporates both engagement and wedding rings and in 2019, the US had just over 52% of the market, with the Chinese market accounting for 12%, while Japan is at 6% and the rest of the world makes up 22% of the market. The Gulf States and India make up the remaining 8% of the global market.
Coloured Diamonds
We are in the middle of a coloured diamond trend, with more couples than ever before choosing coloured gemstones for engagement and wedding rings. Argyle pink diamonds are extremely popular and even though this famous Australian mine is no longer producing diamonds, there are still many fine examples of pink and champagne diamonds that can be acquired via a diamond broker. Check out the engagement ring designers Parramatta or your city has. You will find one who are happy to work with your concept and budget to produce the perfect symbol of your undying love.
Gemstone Diversity
There has been a significant shift from diamonds to other gemstones – including rubies, emeralds and sapphires. Does this mean the end to the diamond’s hold on the market? Some experts predict that other gemstones will continue to be more popular in the industry, while some people will always relate diamonds to romantic love.
One important aspect that affects the market is price; as the global economy moves into a minor recession, people tend to spend less on engagement and wedding rings and even consider other gemstones that are less expensive than diamonds. Amethyst, garnet and amber are gaining in popularity, which are rich in colour. If you want to crunch the numbers, find out the blue diamond price per carat and see how big you can go!
Trend For Online Shopping
In the last few years, we have seen a rise in the number of engagement and wedding rings purchased online, which is a more convenient way to shop. Of course, you should buy from a reputable jeweller who offers gemstone quality diamonds that come with certification.
Custom Engagement & Wedding Rings
The custom ring sector is definitely growing in popularity, as couples wish to create an engagement or wedding ring that is truly unique. Thanks to digital programs such as Zoom, it is possible to have a diamond engagement ring designed and hand-made without ever meeting the custom jeweller. If you would like an informal Zoom call with a custom jeweller, you can book a time via their website.
The engagement ring industry is seeing some changes, and this is good news for those who are looking to make their union official in 2023.