Over the years, engagement rings have played a critical role in relationships. Partners have used them as a show of commitment to their relationship. Diamonds flooded the market for many years. However, we have seen moissanite engagement rings find their way into the market as well. All the same, the diamond options still are part of this lucrative industry.
As more and more people’s tastes and preferences change, the industry is experiencing shakeups. Therefore, there is a huge impact on how people wear rings today. For many years, diamond was the main stone for engagement rings. They were top sellers in jewelry stores around the globe making it a multibillion-dollar industry across the globe. However, significant changes have happed over the years.
Understanding the Changing Market Dynamics
Nothing is as constant as change. This has been evident in the jewelry industry as well. Following massive developments in technology, lab-grown moissanite alternatives have taken over. The internet and social media platforms have helped to spread the word about these changing trends. As a result, shoppers have access to much more information than was the case in the past.
The engagement ring buying experience continues to change by the day. The lab making of moissanite is indeed a game-changer in the industry today. This development has redefined buying patterns among jewelry lovers. The fact that diamond is rare prompts, buyers, to look for options. Therefore, they tend to incline more toward lab-grown solutions than natural diamonds.
Here is how the buying of engagement rings is changing:
- Increased access to information has redefined shopping. Customers are now buying engagement rings from a well-informed point of view. They have already done their homework before visiting any jewelry store. Technology and the internet have helped them access details of what they want to buy. Therefore, they do not depend entirely on the seller for advice.
- Partners shopping together. Most couples are doing engagement ring shopping together. They visit stores and try on replicas together before getting the actual rings. Therefore, they can get help to buy rings that fit them perfectly. More than half of the shoppers are doing it with their partners. This is a huge shift from conventional surprise shopping.
- Taste for bands. Brides are looking for moissanite bands, especially having two of them stacked beneath their engagement ring. In addition, partners incline towards rings that sit tight and flush. Mixing engagement rings and bands with metals are increasingly becoming popular. This mix has helped in the development of personal and unique ring designs.
- Power of Influencers. Many jewelry buyers get influenced by prominent people to decide on what could be the best engagement rings for their use. Therefore, this is a key factor in the buy-decision of many people. Renowned people like Meghan Markle and Blake Lively among others have influenced many people to pick certain engagement rings.
- Preference for Vintage options. Today, the old is now new. People have more preference for old jewelry pieces. They are looking for workmanship and the warmth of a vintage stone. Engagement ring customers are looking for sentimental options from old stones. These have been vital in bringing out happy memories after seeing these old jewelry pieces.
- Acceptance of Lab-grown options. Conventionally, buyers have insisted on getting natural gemstones and shying away from synthetic options. However, this trend has changed with authorities terming lab-grown stones as real. Lab-grown solutions have exhibited the same; sometimes better properties than natural ones. Therefore, there are many more people buying lab-grown moissanite than before.
- Choice of Cheaper Alternatives. Moissanite is a great diamond alternative and most importantly more affordable than diamonds. Most importantly, these options have the same qualities despite their affordable price. People are no longer going for an expensive diamond because there are cheaper alternatives. Therefore, people with a tight budget have found a great solution to their engagement ring needs.
The jewelry industry continues to change with many more products and people flooding the market. As a result, buying engagement rings is constantly changing. People are no longer stuck to expensive diamond. They now have access to cheaper options like moissanite. Moreover, celebrities and information available have influenced their buying patterns.