Maybe it’s because they’re forever and even terrible pandemics aren’t, but sales of diamonds appear to be roaring back after a pandemic slump, CNN reported.
“We’ve seen a resurgence in both engagement ring and wedding band sales as couples start returning to normal life,” Price Blanchard, chief customer officer and executive vice president at jeweler Shane Co., told CNN.
Kyle Simon, CEO and co-founder of New York engagement ring company The Clear Cut, told CNN sales in May were four times sales in May last year. Simon attributed the increase in sales at least in part to the renewed ability of couples to travel to special locations for wedding proposals.
Greg McBride, a financial analyst at Bankrate.com, told CNN part of the increase in the average selling price of new engagement rings is due to the piling up of savings among individuals who lacked spending options during the pandemic.
The number of weddings is far surpassing that of 2020, including weddings on Mondays, which is a new trend, PYMNTS reported. And the calendar flexibility doesn’t stop there.
Maggie Lord, a vice president at David’s Bridal, said in a published report: “Moving forward, it’s going to be an unprecedented wedding season this year. Couples are getting super creative and having Thursday night ceremonies or Friday afternoon ceremonies just because of the amount of people getting married this year.”
Justin Warshaw, CEO of wedding dress design and manufacturing firm the Justin Alexander Group, said dress sales are more than five times comparable 2020 levels.
“A lot of that has to do with pent-up demand and also what we envisioned would happen: So many COVID couples turning into COVID engagements, turning into weddings,” Warshaw said, according to a published report.