What is the first thought that pops in your mind when you hear about a marriage proposal? Most people would get excited to see how the wedding ring looks like. Whenever someone proposes their better half, the first thing they start mulling over is which ring to purchase for the big day. And this is why engagement rings have a strong significance.
They are not just normal rings. They exhibit loyalty, love, and most importantly, mark the start of a life-long bond. But over the years, as the peoples’ mindsets have evolved, so has the engagement ring industry. Today, we will look at how the market for wedding bands has shifted and the trends that diamond sellers should be looking forward to.
A Brief Background Story About Diamond Rings:
The tradition of wearing diamond rings dates back to Ancient Rome. It all started when Archduke Maximillian of Austria proposed to Mary of Burgundy with a ring that had a diamond in the shape of the letter M on it. The craze was furthered when DeBeers, in 1947, kick-started an ad campaign for his diamonds that included Hollywood stars. DeBeers is a company that specializes in extracting diamonds. And this was when diamonds became a must-have for an engagement ceremony.
These events are what made this beautiful stone become a significant part of a life-long promise. But now, let us discuss how currently the engagement ring industry is witnessing a shift in trends.
Social Media Has Now Taken Over:
Our lives today revolve around the internet. The generation at present looks up everything online. You are not feeling well, let us Google the symptoms. You are feeling bored, let us Netflix a show. And when it comes to the internet, social media is quite the rage.
Likewise, the engagement industry has also seen a shift because of social media. Consumers now look up diamond rings online or get inspired by the pictures they see. For example, Stephanie Gottlieb’s Instagram page features many of her hand pictures adorning her jewelry designs. Stephanie Gottlieb is a known jewelry designer and a businessperson who emphasizes the significance of social media. She opines that her business has seen a direct rise in buyers with their social media engagement. The more viewers they had on their social media platform, the higher sales they earned.
Customers Are Now Well-Informed:
Another shift that the industry witnessed was that the customers are now more knowledgeable and aware of the diamonds they are willing to purchase. If they have chosen a designer brand, likely, they have thoroughly studied the brand beforehand. They know the kind of designs they offer, have researched their website, and know whether the bands lie in their budget or not. Moreover, they are also aware of their wants and expectations, which makes the process fairly easier.
A few years ago, buyers were not this mindful of their needs and had to be guided through the process. Today, for diamond sellers, it also means that they need to be prepared to handle a well-informed consumer accordingly.
Celebrities Influence The Sale Of Diamonds:
When Meghan Markle stepped out wearing Diana’s aquamarine ring, the demand for the stone saw a sudden surge. It is natural for celebrities or public figures to affect consumer buying patterns these days. People adore them and love to follow suit.
Moreover, with paparazzi keeping a tap on every move celebs make, it is very easy to get to know what they are buying and wearing. Just like the engagement ring Ryan Reynolds gifted Blake Lively caused quite a stir. The oval-shaped diamond Lively sported on her ring made people fall in love and eventually want one for their engagements.
Consumers Looking Towards Sustainable Options:
Did you know that when purchasing diamonds, you also can save the environment and buy sustainable diamonds? These are lab-grown diamonds that have been ethically sourced.
The general public today is quite aware of the footprint human activities have on the environment. Consumers are now making informed choices and are in search of environment-friendly and sustainable options. Lab-grown diamonds are also cheaper compared to natural ones, which makes them a more attractive option.
According to experts, the demand for sustainable diamonds is gradually increasing. Sustainable diamonds are expected to give tough competition to natural diamonds in the upcoming years, with sustainability being a major concern for future buyers.
Couples Shopping Together:
In previous years, a partner would usually buy a ring and surprise their better half with it during a proposal. But recently, there is a rise in the trend of purchasing the rings together. Diamond sellers now witness couples coming in together to decide on engagement rings or bands. This has pushed businesses to design an experience that includes both partners.
The engagement ring industry, much like other fields, has seen a massive shift recently. With social media gaining huge popularity, consumers are now more aware and informed of their buying decisions. It has had consequences for the designers as now they need to adapt to their clients’ changing demands and expectations.