Back in the 40s, the jewelry company De Beers marketed a slogan that said “A diamond is forever.” It pushed the idea of timeless romance through wedding rings and diamonds and romantic gifts.
With the booming economy of the time, the public took up the slogan and started buying diamonds at a faster rate than ever before. The jewelry industry was booming, partly because of the famous slogan and partly because people now had the money to spend on such luxury items. It wasn’t just De Beers that was profiting either. Their savvy slogan carried weight with the entire industry, and the influx of customers was one that every jeweler was happy to accept.
But over the past decade or two, the diamond ring has fallen out of favor. There are a few reasons why this is happening. The jewelry industry is changing in many ways, but not always to its detriment.
The global recession has had a huge impact on the jewelry industry. People are less apt to buy expensive luxury items when they barely have enough money to feed their family and pay their bills. Their fortunes are changing, however, since the economy all around the world is seeing some recovery.
But this positive change has only marginally helped the jewelry industry. That’s because the idea of buying an expensive diamond wedding ring or even an anniversary ring, such as the Diamond Anniversary Band Platinum from Midwest Jewellery & Apparel, is less appealing than before. People have become used to being frugal with their money over the last decade and it is showing in the way they choose wedding rings.
One emerging trend is the increase of young couples using their family rings and heirlooms as wedding rings rather than buying new ones. These are rings that have been in the family for generations. And while passing such an item down used to be the modus operandi decades ago, it had practically disappeared from the public consciousness until recently.
Another factor keeping people from buying up diamonds like they used to is the fear that some of the newer diamonds are the same ones used to finance bloody wars in Africa. These African blood diamonds have been the plague of the industry for some years now, and it has turned a number of consumers away from buying diamonds at all.
That’s not to say that some of the older diamonds don’t have their own ugly history, but these tales are not as widely known or circulated. Whether the diamonds being sold were ever even used in such conflicts though, is hard to determine. And it has scared off some consumers while leaving many jewelers few avenues to sell their merchandise.
One trend that has helped the jewelry industry is that of the selfie. More particularly, this refers to the wedding ring selfie. More and more young women are spreading the joy of their new nuptials and engagements through social media sites. And one of the simplest ways to do that is for them to use the new trend of taking a selfie.
And because so many of these young women are aware that their posts are being watched and read by many hundreds or even thousands of people, they are more conscious about what kind of rings they are wearing. Many of them are growing conscious about their hands and how they looks as well, leading to a rise in manicures and hand preparation procedures.
But the temptation of showing off a gorgeous wedding ring has proven enough for many young couples to splurge on their rings and buy some of the nicest and most expensive rings available. This has been beneficial to the jewelry industry, as they gain back some of the customers they lost before and receive many new ones who may have never bought a diamond before.
Whereas before such rings would be seen as too lavish and expensive, rings such as the Allurez Cushion Cut Diamond and Moissanite Engagement Ring are seeing a surge in sales. Young brides and fiancés want to look their best for their wedding ring selfies, and the jewelry industry is performing well because of it.
We may never see the industry return back to its glory days of the late 40s and 50s, but it is difficult to predict trends like those listed above. Who knows what could come next that sends the industry soaring back past its high point and on to new glory days.…