I Do, I Do

The history of the $11 billion engagement ring and wedding jewelry market dates back to the ancient Egyptians, who viewed the circular shape of the ring as a never-ending cycle and the space in the center as a gateway. During the Roman era, a man gave an engagement ring with a small key, which romantics believe was the key to his heart. The ancient Greeks started the tradition of wearing wedding rings on the fourth finger of the left hand, as it is believed that the vein in that finger leads to the heart    In 1215, Pope Innocent III decreed a period of waiting between a decision to marry and the ceremony itself. Rings were given during that time as a promise of a future marriage. Diamond engagement rings were popularized among the wealthy in Europe during the Renaissance, when the first diamond engagement ring of record was presented to Mary of Burgundy in 1477 by Archduke Maximilian of Austria on the occasion of their betrothal. The Victorians — known for their keen sense of romance — gave posy rings, bands with colored gemstones, which symbolized love and fidelity. In Colonial America, women were given a thimble with the top cut off so that it could be worn as a ring.    The modern diamond engagement ring as we know it today came to the forefront in the 1930s when a young man gave his girlfriend a diamond engagement ring before going to war. The diamond engagement ring skyrocketed its way into popular culture in 1947, when N.W. Ayer advertising agency copywriter Frances Gerety, who was working on the De Beers account, was asked to come up with a line that embodied the attributes of a diamond. She came up with the phrase “A Diamond is Forever,” a tagline that still endures. Today in the U.S., a diamond engagement ring has become a cultural imperative, with some 80 percent of women receiving a diamond ring when they become engaged. Bridal By The Numbers    Tracking the $11 billion a year engagement ring and wedding jewelry market, The Knot.com & WeddingChannel.com 2011 Engagement and Jewelry Study reveals that:

• $5,200 is the average price spent on an engagement ring.
• On average, the center stone is 1 carat. Including side stones, total carat weight is 1.40. 
• Round is the most popular diamond shape — 53 percent — followed by princess at 30 percent.
• 73 percent of engagement rings purchased are white gold.
• The band costs $1,126 for brides and 70 percent are white gold. For grooms, the band costs $491 and 34 percent are white gold.
• In the luxury sector of the market — defined as a group that is older, lives mostly in the Northeast and skews traditional — the study finds that about 12 percent of couples will spend more than $8,000 on an engagement ring. 
• For the luxury sector, the average engagement ring price comes in at $13,500. 
• The center stone in luxury engagement rings averages 1.50 carats. With side stones, total weight is 2 carats.
• The luxury couple will spend $1,580 for the bride’s wedding band and $731 for the groom’s band.
• In the luxury bridal market, 57 percent of brides chose a round diamond, with a cushion shape trending as a favorite. 

   According to the study, only 14 percent of grooms said that they had downsized their engagement ring budgets due to the economy and one in four grooms reported spending more than they had budgeted for the ring.    The study also examined where grooms shopped for the engagement ring:

• 39 percent went to their local or independent jeweler.
• 35 percent went to a national jewelry store chain.
• 9 percent shopped online.

   In most cases, grooms did not make the sole decision on the engagement ring — 65 percent of brides were involved in the selection of the ring. Eras Past    It seems to be a trip down memory lane for brides in 2013, who are looking to eras past for inspiration. In The Wedding Report, Sharon Naylor, bestselling author of over 35 wedding books, wrote about 2013 wedding trends, noting that the television show “Downton Abbey” and the movies “Anna Karenina” and the soon-to-be-released “Great Gatsby” influence fashion and themes for weddings this year. Naylor predicts that gowns will be more embellished as part of this trend. She goes on to say that there will be “minimalist jewelry, since more detail is in the dress and hair accessories and more brides will be wearing heirloom or borrowed jewelry on the wedding day.” Earrings and necklace sets are an important jewel and bangles will be the new “it” jewelry for brides, she says, calling out sparkling vintage hairpins as an important accessory.    Jewelry designers are finding the vintage trend to be on target. Sylvie Levine, vice president and designer for the Dallas, Texas–based Sylvie Collection, maintains that the halo ring remains a top seller, especially the double halo, which features very small diamonds in the halo, giving the ring a bigger look at an affordable price. Myriam Gumuchian, principal of Gumuchian in New York City, finds that brides are looking for very delicate pieces and styles with an Art Deco feeling. New York City–based designer John Apel predicts that vintage will come back more strongly over the next couple of years. Designer Chris Davies, also based in New York City, finds that his customers are attracted to antique-style cut diamonds, especially a contemporary rose cut. He also sees a move back to the design principles of the 1920s and 1930s, when styles were clean and direct.    While white gold is by far the most popular metal for engagement rings, designers cited a rise in interest in rose gold. The warm color is flattering to all skin tones and brings a vintage feeling to a piece of jewelry. It also appeals to brides looking for something different. Most brides do want white diamonds, but some independent-minded women like colored diamonds or even rough diamonds in their rings.    The key to ringing up sales in this $11 billion dollar segment of the market is to personalize service and showcase a variety of styles to fit the individual tastes of a broad market. Just as a diamond is forever, the couple who buys a ring in your store is a customer forever.