Women spend more on diamond rings than men: De Beers

Diamond mining company De Beers released its annual report Diamond Analysis Report, reflecting the state of the industry over the past 12 months.

The report concludes that while consumer demand for diamonds remained strong in 2018, the mid-term challenges – including tighter financial regulations and a surplus of small cut diamonds, as well as the depreciation of the currency – have caused significant losses. problems.

Crude production rose 1 percent for the year, beating estimates of a 3 percent reduction.

The report also explored the changing meaning of diamonds to consumers, noting the opportunities for marketing stones as an “expression of modern love” outside of traditional commitments.

Engagement diamonds, gifts between partners before and during marriage or during cohabitation, and gifts between same-sex couples were particularly highlighted.

Diana Mitkov, Senior Director of Analysis and Analysis De Beers, said: “There are many other opportunities for the diamond industry to help consumers express their love beyond celebrating these. traditional stages. We should stop talking about “bride” and instead talk about love and commitment. “

Still, the company’s research found that 72 percent of American brides receive a diamond engagement ring; Furthermore, the share of American women who buy their own engagement rings has doubled to 14% in just five years. Women who bought their own ring spent an average of 33% more than men.

In China, 47% of brides now have a diamond engagement ring; it was less than one percent in 1990, according to De Beers.

Almost three-quarters of American individuals in same-sex relationships viewed diamonds as “important in celebrating special life events.”

De Beers has found that branded jewelry is becoming increasingly important for engagements and engagement gifts, especially in the millennials and same-sex couples segments.

Following the report’s findings, De Beers will launch new advertising campaigns aimed at the United States and China and increase its annual marketing budget by $ 170 million (AU 245 million), including an additional $ 10 million (14 million AU) allocated to advertising. during the remainder of 2019.

The report was released after De Beers released its cycle eight results, which reflect the continued downward trend in rough diamond sales in 2019. Compared to the same period last year, revenue fell by 39 % from 482 million US dollars (696 million Australian dollars). to $ 295 million (AU 426 million).

More reading:
Melee Malaise: Is Marketing the Only Solution for the Diamond Industry?
The White Diamond Report: Evolution and Survival
Trends Shaping the Engagement & Bridal Jewelry Industry

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