Holiday engagement rings driving jewellery sales, says De Beers

Engagement rings are driving jewellery sales this holiday season, according to De Beers Group’s latest Diamond Insight ‘Flash’ report.

From the group’s interviews with US-based jewellers, bridal sales are the primary source of diamond jewellery demand in recent months.

When it came to customers researching engagement rings, online was the most “predominant channel” for doing this, with 86% of customers surveyed saying they did online research before making a purchase.

Bruce Cleaver, CEO of the De Beers Group, said: “For many couples, the pandemic has brought them even closer together, in some instances speeding up the path to engagement after forming a deeper connection while experiencing lockdown and its associated ups and downs as a partnership.

“Engagement rings are taking on even greater symbolism in this environment, with retailers reporting couples are prepared to invest more than usual, particularly due to budget reductions in other areas.”