As the United States recovers after the pandemic, the wedding industry is thriving. With a sliver of normality in the air Americans are more likely to propose.
Daily Reuters was told by Price Blanchard, chief customer officer, executive vice president of Shane Co., a privately owned jeweler that has 14 stores. “We’ve seen a resurgence both in engagement ring sales and wedding bands sales as couples start to return to normal life,” Price Blanchard said. Covid-19 has finally allowed nuptials to take place. They are now being held in person and surrounded by family and friends.
Fine jewelers claim that they experienced massive sales and demand spikes in April and May after more Americans had access to Covid-19 vaccines.
The Clear Cut, an online-selling engagement ring company based in New York, saw its sales numbers soar this spring. Clear Cut’s chief operating officer Kyle Simon, co-founder of Clear Cut, said that customers are now looking for engagement rings because they can travel and propose while on vacation. Clear Cut has received a flood of requests from couples looking for wedding venues. In May 2021, sales increased by four times as much than the previous year.
Mark Broumand, the founder and president Mark Broumand Inc., an LA-based fine jeweler, saw a significant increase in sales and demand. He said that love was what really drove everything during the pandemic. Sales are recovering: June 2020 saw a 40% drop in sales compared to the pre-pandemic year. June sales this year were 20% higher than the same month in 2019.
Millions of Americans suffered severe economic losses due to the pandemic. However, some workers were able save money by staying employed or having a partner who was. Some people might have had more disposable income due to the closure of restaurants and travel stops.
“Between forced spending curtailment in pandemic lockdown, and multiple rounds of stimuli checks, many households have more savings now that they ever had before,” Greg McBride chief financial analyst at Bankrate.com. He said that “revenge spending” means that a large amount of the money will be reintroduced to the economy when the economy reopens.
Stephanie Gottlieb Fine Jewelry founder and jeweler in New York said that, while smaller weddings may appeal to some couples, they still have more disposable income to purchase the rings or jewelry they will wear on the day.
Brenna Lyden (CEO of Everly Rings, East West Gem Company) stated that the average price of our rings has increased substantially since Covid. She works with clients who use the money saved from the pandemic to upgrade or get new rings.
Diamonds in high demand
Global diamond shortages occurred during the pandemic because of increased demand and lower production due to Covid-19 restrictions. Katarzyna Zygnerska Rosales (founder and designer of Kasia Jewelry, Solana Beach), CA, stated that it was difficult to increase production to meet the demand.
Many jewelry companies partner with the Gemological Institute of America. This non-profit trains jewelers and maintains standards for diamond-grading services. Clear Cut has all its diamonds graded and certified there. Tom Moses, GIA’s executive Vice President and Chief Laboratory and Research Officer, stated that the agency is experiencing “historically high” submissions for laboratory services.