Mining giant De Beers popularized the diamond as the stone of choice for engagement rings with its famous "A diamond is forever" tagline and the suggestion that "two months' salary" is the appropriate spend on an engagement ring.
Consumers still choose to say "I do" with diamonds, even in the midst of a stark recession. In fact, 71 percent of National Jeweler's product panelists who were asked about bridal sales reported that over the past three years, their sales of loose diamonds, diamond engagement rings and weddings bands have either increased (41 percent) or held steady as a percentage of overall sales (30 percent), while only 29 percent reported that bridal sales fell. See more results by downloading National Jeweler's exclusive product panel on bridal jewelry, "Hitched up to bridal."
Virtual rivals
When asked how the bridal market has changed in the past 10 years, the majority of panelists were able to sum up the shifts in two words: the Internet.
"The market has become more competitive," one retailer said. "With the Internet, people pre-shop all the time and have an idea of what they want for how much. The two are not always realistic if you are selling quality and service."
No recession for bridal
For some jewelers, bridal appears to be the one bright spot in their stores' sales recently.
When asked how the economy has altered the way retailers handle the bridal business, panelists' responses were all across the board.
But the strongest theme that emerged was that retailers aren't changing the way they do bridal business, with some noting their bridal business is up or unaffected by the recession.
"Ironically, our bridal business has gone up," one retailer wrote. "It's just the rest of the categories that are suffering because of the economic turn. People don't stop falling in love!"
Another jeweler strongly agreed, "[Our bridal business] remains steady while other segments decreased last year, increasing our percentage of overall sales that are bridal. Since this segment remains strong, we will focus our marketing dollars on engagement customers."
Did you know?
Here are some pieces of wedding trivia to throw out to customers when trying to close a sale, courtesy of popular wedding planning Web site The Knot.
Seventy percent of brides stick with tradition, wearing their wedding set on the fourth finger of their left hand. It was once believed that a vein in this finger led directly to the heart.
If a prospective groom is about to walk because he can't afford a diamond ring, suggest some alternatives instead of losing the sale: According to The Knot, a sapphire in an engagement ring signifies marital happiness, while aquamarine is said to ensure a long and happy marriage.
Pearl engagement rings, common among brides in ancient times, are no longer a popular pick, with The Knot claiming that the organic gems are bad luck because they resemble a tear shape.
But perhaps a more practical reason for their decline as an engagement ring option relates to durability. Pearls measure just 3 on the Mohs scale for hardness, compared with diamonds, which are a 10.
