With the increasing price of petrol and food, and all the negative news in the media about plummeting house prices, the economic outlook looks bleak. This is having an adverse effect on many industries such as as construction and manufacturing, for example. So, how is the current economic climate affecting the diamond industry.
A recent survey seemed to suggest that it is having little effect. Indeed, 85% of respondents said that despite the gloomy economic climate, they wouldn't be putting their engagement plans on hold, whilst 15% said they would. This would suggest, therefore, that sales of diamond engagement rings should remain relatively constant.
The report, by Gemex, also provided some interesting reading in the way that diamonds and engagement rings are purchased -
Almost all respondents were of the opinion that they would prefer to buy a slightly smaller diamond of better quality than a larger diamond of lesser quality....in other words, the sparkle of the diamond is paramount. This is something that we would always advocate here at DeJoria - buy a well balanced and well proportioned diamond, and you are pretty much guaranteed of that WOW factor!
It also seems that men are continuing to uphold the time-honoured traditional of popping the question unannounced. 85% of the respondents had planned a surprise event for their partner and had purchased the diamond engagement ring in preparation, whilst 15% of their partner's knew about the planned proposal.
Of course, the general economic downturn may have a small impact upon the volume and, more noticeably, the value of people's diamond purchases, but its good to see that many brides and grooms to be are still pursuing their dreams, regardless of all the current economic concerns.....and long may it continue!
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