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Jewellery Sales Trend Down, Engagement Rings Up

Q Report Team
Updated on October 06, 2022
2 min read

engagement ring sales have improved despite low jewellery sales overall

From a jewellery insurance perspective at Q Report, we have seen a year that dipped around the time of elections but has more than come back after that. Those who have invested in online marketing and understand the power of referrals in the space of engagement rings have benefited the most.

Those jewellers who understand that customer service doesn’t end once the customer pays, but that this is in fact where it begins, are the ones experiencing the highest growth.

SMH: The trend of people marrying later in life means couples have more money to spend on engagement rings, with average prices tripling over the past two decades.

“There are a lot of well educated people who become committed to their work first and therefore their wages are a lot higher than they used to be,” Ms Cerrone said. “People went from paying $10,000 in the ’90s, and now it’s $40,000 for a diamond engagement ring,” said Ms Cerrone, who has created rings for couples including Jennifer Hawkins and Jake Wall, Ricky and Rianna Ponting and Geoff and Sara Huegill.

The average age at which Australians first tie the knot has increased from 26.5 years for men and 24.3 years for women in 1990 to 29.6 years and 27.9 years respectively in 2010, figures from the Australian Bureau of Statistics show.

Hardy Brothers Jewellers chief executive Stuart Bishop said the growth in the luxury diamond engagement ring market was also driven by customers gravitating towards unique, luxury creations over mass-produced items.

“Jewellers are seeing an increase in diamond engagement rings as consumers are trending towards quality bespoke pieces over generic mass-produced product,” Mr Bishop said.

Click here to read the entire SMH article

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