(IDEX Online) - New research by the De Beers Group in its latest Diamond Insight Report reveals the increasing role women are taking in purchasing engagement rings. According to the research, the share of U.S. women buying their own engagement ring doubled from 7 percent to 14 percent within a five-year period.
The research also found that when women buy their own diamond engagement ring they spend on average 33 percent more than men - $4,400 compared with $3,300.
De Beers says The research reflects increasing female purchasing power and the continuing evolution of financial dynamics within modern relationships.
The Diamond Insight Report highlights three trends that are influencing how and why people buy diamond jewelry:
The engagement or wedding ring is no longer the most valuable diamond jewelry gift. The value of diamonds given as a gift of love before or after a wedding now exceeds the value of the engagement and wedding ring market. For couples who cohabit, the leading motivation for diamond jewelry purchases in cohabiting couples is as a gift of love, and women in these relationships now represent 10 percent of the diamond jewelry market in the U.S.
Same sex couples see diamonds as centrally important to symbolize their relationships, with over 70 percent of people in same-sex relationships viewing diamonds as important for celebrating life's special events. Diamond jewelry is purchased both to celebrate each other and to celebrate the relationship, and the preference is for more modern and less traditional and gender-specific designs.
The average spend on engagement rings by Millennials in the US is now higher than the average spend on engagement rings in the U.S. market as a whole. Meanwhile, brands are increasingly capturing Millennials' attention. Over 40 percent of the value of all engagement rings in the U.S. comes from international luxury diamond jewelry brands and international designer brands, up from just under 30 percent in 2015.
"While diamonds are still seen as the ultimate symbols of love, the diamond industry must focus on continuing to offer jewelry, brands and retail experiences that meet the modern consumer's desire for individual products and experiences that reflect their own unique love story," said De Beers Group CEO.
"And it will be increasingly important to share information about the hugely positive impact diamonds have for producing countries and communities around the world, as this reinforces their value as symbols of love that their owners can be proud to wear."
The full report can be seen here.