It’s been proven, a pandemic can’t stop loved up Australian couples from getting down on one knee and promising forever. In fact, leading Sydney jeweller, Armans Fine Jewellery, has experienced a soar in engagement ring sales with the Oval style stealing their customers hearts.
“Consumer appetite is changing. People want bigger, after being locked down and restricted due to COVID, we have been seeing couples trying to mix it up and stand out. If standing out is what they want, then they have come to the right place! ” Boasts Armans Fine Jewellery Director, Aris Arzumanian.
As the leading Jeweller in Sydney, Aris discusses that there has been a surge in the engagement ring market and wedding ring sales as people are returning to the norm. With normal life resuming, it has only increased optimism in the market and more and more Australians are prepared to pop the question. We have seen proposals and weddings that were long postponed due to COVID-19 are finally going ahead.
The months of May and June 2021 have been the busiest months they've seen to date, in the 30 years they have been operating in the jewellery industry. Our clients are on the hunt for engagement rings to pop the big question now that they are able to travel within Australia - Queensland being the number one destination for proposals and weddings in these current times. We have even seen some men fighting over proposal venues and women fighting over their wedding venues as demand for these top locations are so limited.
During the peak of the pandemic millions of Australians have suffered economic losses, however for those who were able to still work were able to save an abundant amount of money as they were not out spending, meaning more disposable income than ever before. Too add to this, the Government were allowing people to access $20,000 of their superannuation and job keeper allowing more money than ever flowing in the economy. As the economy re-opened "revenge spending" (as Aris calls it) became more evident than ever when their sales quadrupled.
Prior to COVID-19, the average price of an engagement ring was $11,000 and now in the matter of one year, it has gone to $15,000. We have also noticed the consumer appetite for larger diamonds has grown exponentially.
Another trend we have seen is a surge in diamond jewellery and gifting. Our diamond tennis bracelet
sales have gone up by 6-fold, the diamond tennis necklaces
- which no one use to buy - has gone up by 3 times, and our diamond initial pendants
are selling like hot cakes with over more than 6,000 sold in one year. These are numbers that will go down in our history books.
There has been an increased demand in the number of clients now remodelling their existing jewellery. For example, old engagement rings are repurposed as a necklace and consumers are buying a completely new engagement ring. The appetite has grown, and we believe will do so for the next few years to come once more optimism arises.
One of the biggest factors that we, as jewellers, have noticed and is proven that the demand for diamonds are going up, are the prices of diamonds. Since the last 12 months, diamond prices have grown at a rate faster than ever and have exceeded by 12%. This is a growth we have seen in the last 10 years, and this has happened in just 12 months!
For all the ladies reading this blog, my suggestion is to tell your better half that NOW is the best time to buy an engagement ring if they want to make sure they don't pay any extra in the months to come.
We cannot wait for what 2022 has to offer us ! Stay tuned.