MVEye, Wedding Report Partner on New Jewelry Research Platform
“Today’s Wedding Jewelry Consumer” shares data about engagement ring market size, lab-grown and natural diamonds, and more.
Today’s Wedding Jewelry Consumer operates as an interactive research platform, organizing statistical data by consumer demographics and key geographic markets.
“After someone gets engaged, their next step is to plan the wedding,” said Shane McMurray of The Wedding Report. “The Wedding Report’s ‘Wedding Cost Estimator’ captures about a quarter million consumers per year who have just gotten engaged and now seek to understand the cost of their upcoming wedding.”
This stage in consumers’ lives is the perfect time for jewelers to learn about the soon-to-be newlyweds’ recent and future jewelry shopping experiences, said Marty Hurwitz of The MVEye.
“This is research data that jewelry retailers have never had access to before, and it will be extremely valuable for product development, marketing efficiency, and sale presentations,” said Hurwitz.
The reports will be released three times a year and will be available on a subscription basis.
Report sponsors will be able to provide free or discounted subscriptions to their customers.
Beta interactive research reports are available now to demo for free. Retailers and potential sponsors can log on for free here.
The company shared some interesting statistics the platform has gathered about the engagement ring market size, lab-grown vs. natural diamonds, and more.
This year, about 2.1 million engagement rings will be sold at an average cost of $3,670, making the U.S. market worth $7.6 billion.
Personalization has been trending in the jewelry world. This year, an estimated 386,000 custom engagement rings will be created.
Sold at an average cost of $5,384, the custom engagement ring market is valued at $2.1 billion.
Couples that buy custom rings spend about 57 percent more than those who choose an existing style.
Engagement ring shoppers, particularly those on a budget, may consider lab-grown diamonds as an alternative to natural diamonds, as highlighted in a recent Fruchtman Marketing report.
This year, about one in four couples purchasing an engagement ring will purchase a lab-grown diamond engagement ring.
In terms of financing, about 545,000 couples will finance their engagement rings through their jeweler.
Couples that finance their engagement rings through the jeweler spend about 28 percent more than those that do not.
With an average cost of $4,512, the engagement ring finance market is valued at $2.46 billion.
As for wedding rings, 4.5 million will be sold this year at an average cost of $667, valuing the wedding ring market at $3 billion.
About 1.1 million couples will purchase a warranty for their engagement ring. Those that do will spend about 51 percent more than those who do not.
Nearly 14 percent of couples said they didn’t know about warranties, weren’t told, or didn’t think about it when asked why they didn’t purchase one. Most believed it was covered under their homeowners or renters’ insurance, said the company.
About 1.1 million couples will purchase insurance for their engagement, and those that do spend about 45 percent more than those who don’t.
Similar to warranties, 17 percent of customers said they didn’t know about engagement ring insurance, weren’t told, or didn’t think about it when asked why they didn’t purchase insurance.
Sponsored by HiBid
Plus, JSA President John Kennedy talks about the trajectory of industry crime over the last 20 years.
The fair was evacuated temporarily Tuesday after four suspects smashed a showcase and stole jewelry from British jeweler Symbolic & Chase.
Rare & Forever is helping to create an enjoyable diamond buying experience for the millions of newly-engaged couples.
It is the fifth acquisition under the ownership of private equity firm Epiris, which bought Bonhams in 2018.
Experience all the Italian Jewelry market has to offer in Las Vegas.
Retail ounce sales were up 23 percent year-over-year in Q1, according to the recent Platinum Jewellery Business Review.
Scheduled for Sept. 8-11, the event will comprise more than 310,000 square feet of show floor, exhibits, and education space.
“Confluence” is happening in August.
He first took a job at then Philadelphia-based Jewelers’ Circular-Keystone in 1963 and retired in 1996.
It cited two recent cases in California, plus incidents in Florida, Kansas, and Illinois.
Svetlana Lazar’s “Wishing Well” collection utilizes an innovative component to mimic the movement of water beneath them.
Sponsored by AGTA
All proceeds up to $25,000 will benefit the It Gets Better Project, a nonprofit that supports LGBTQ+ youth.
It’s a reminder that life is best lived with discretion.
The end-to-end software allows for real-time control over all sales, inventory, repairs, customer communications, and marketing.
Associate Editor Lenore Fedow shares her impressions of the Las Vegas Antique Jewelry & Watch Show and a few of her favorite finds.
The Asian Institute of Gemological Sciences aims to set a color standard for the trade name.