More Brides Buying Their Own Engagement Rings

RAPAPORT... US women increasingly buy engagement rings forthemselves, and spend more on them than their partners do, De Beers said Mondayin its annual Diamond Insight Report. The proportion of engagement rings financed solely by brides rose to 14% in 2017 from 11% in 2015 and 7% in 2013, accordingto the report. The trend reflects growth in female purchasing power, one ofseveral social changes impacting the segment De Beers refers to as "commitmentjewelry." During the four years ending 2017, grooms' average outlayon engagement rings dropped 13%, while brides' spending rose 19%, De Beersnoted. In 2017, brides who reported buying the ring themselves shelled out anaverage of $4,400, while grooms spent $3,300, the company said. "This emphasizes that growing purchasing power among womenis a factor to be reckoned with in the commitment space, and not only when itcomes to self-purchasing of diamond jewelry," the company noted. The 2019 Insight Report focuses on how consumers viewlove and diamonds amid changing attitudes to relationships. While marriagesrates have declined in the US and engaged couples are waiting longer to tie theknot, "love remains a constant," and consumers are buying diamonds in a widervariety of ways to symbolize it, De Beers explained. Commitment jewelry - diamond engagement rings, anddiamond wedding bands or rings for women - has retained its important place in themarket, with just over 70% of US brides acquiring a diamond engagement ring. However, the global value of men's gifts of diamond jewelry towomen before or after a wedding now exceeds the value of the engagement- andwedding-ring market. Women in the US who cohabit with their partners nowaccount for 10% of the female diamond-jewelry market. Meanwhile, more than 70%of people in same-sex relationships view diamonds as important for celebratinglife's special events, the report continued. Those four trends - commitment jewelry, "love gifting,"cohabitation and same-sex couples - are the focus of this year's edition of theDe Beers research. Consumers are still attracted to diamonds as an emblem oflove, but are approaching the product in new ways that mirror thosecontemporary modes of living, the company argued. "While diamonds are still seen as the ultimate symbols oflove, the diamond industry must focus on continuing to offer jewelry, brandsand retail experiences that meet the modern consumer's desire for individualproducts and experiences that reflect their own unique love story," said DeBeers CEO Bruce Cleaver.Image: A couple with a diamond ring. (Getty Images/De Beers)