While doing some picture research for this month’s feature on antique jewellery sales (check it out in the May issue of Retail Jeweller), I came across a rather interesting story in The Independent. Now, I may be writing this from a less than objective point of view, as a recently engaged lady myself, but I couldn’t quite believe what I was reading.
Apparently, now that times are hard, people are turning to eBay to buy their engagement rings – it has seen a 200% rise in engagement ring listings over the past three months alone. Now, don’t get me wrong – I am a massive eBay fan and have sold many an unwanted item on there myself (I made a small fortune selling every item an ex-boyfriend had ever given me – it was very satisfying.)
My problem was what it said with the average price of an engagement ring on eBay – £31! I understand that many people are tightening their purse strings and looking at how they can cut back on non-essentials, but £31? Is romance really that dead? Or does it not really matter that a man pays less for your engagement ring than he does on a tank of petrol?
on Apr 17th, 2009 at 1:36 pm
I just completed a redesign of my clients “dream” wedding ring as she wasn’t happy with the surprise ring her husband gave to her on their wedding day. He skimped a bit on the amount of diamonds and the design, well let’s just say “what design”? She ended up with her ‘tiara’ as she calls it and cried her eyes out when she saw it. Yes, it cost him more money in the long rung (not by that much as I used small melee stones), cast it in palladium (saved him a bundle there) and now his wife couldn’t be happier. Can you actually put a price on that? Could you find that on Ebay? Working within a budget is obviously important however for a ring she’s going to wear the rest of her life (hopefully);her happiness is PRICELESS. No romance should not be dead and about $45 US for an engagement ring… he’s better off giving her a cigar band for now and saving for something a bit nicer for the future.
on Apr 17th, 2009 at 4:58 pm
Each to their budget, although obviously we should want everyone spending at least their monthly salary on an engagement ring, it is just as important they are buying into fine jewellery. The biggest thing Gerald Ratner did, apart from making some bad comments in the wrong setting, was to bring jewellery to a generation that thought it was too posh/expensive/inimidating to enter a jewellery store. If E-Bay or any other encourages people to buy jewellery or watches then I think it’s positive and at these prices I don’t see it as a threat to the mainstream jewellery houses and equally I don’t think it should be derided. There are plenty of jewellers out there that sell cheap jewellery, but being on benefit or out of work sometimes being romantic means getting the best you can afford and I am sure their partners apppreciate that.
on Apr 17th, 2009 at 5:15 pm
That’s all well and good I suppose if they really are unemployed/poor. But if the man has a flat-screen TV, XBox and Sky TV, but claimed he couldn’t afford to spend more than £30 on a lifelong piece of jewellery, I would tell him where to stick it!!
on Apr 18th, 2009 at 12:11 pm
Fran,
It begs the question: What is the current median selling price for an engagement ring in the various UK diamond retail outlets?
Diamond sales are crucial to the success of many UK retail jewellers. I read there are approximately 7600 retail outlets selling diamonds in the UK; 5300 are independent jewellers, 1300 are multiples and 1100 are ‘specialist jewellers’.
Obtaining data from the UK jewellery industry is difficult; Verdict Research, the retail analyst, uses ONS data in their work. Many believe government statistics are not exactly reliable and trustworthy. So how about a spot of investigative journalism on your part? It would be interesting to your readers for Retail Jeweller to discover the size, quality and selling price of diamond engagement rings retailed in these three sectors and on-line at present and compared to this time last year. These data would become key indicators to the state of the UK retail jeweller.
on Apr 18th, 2009 at 12:13 pm
I know the maths is wrong but it’s not my data!
on Apr 20th, 2009 at 11:52 am
Eric, this is definitely something that would make an interesting study, although I’m not sure our resources would be able to provide as accurate a survey as you seem to be after.
I would recommend you having a look at Mintel’s research into the jewellery industry, which provides detailed information on sales figures and trends. I have found this quite comprehensive for research into the bridal market in the past.
on Apr 20th, 2009 at 1:41 pm
In terms of people looking to buy engagement rings on places like eBay it is completely true. I work on the website http://www.idonowidont.com which is an online marketplace for buying/selling second hand jewelry, namely diamond engagement rings. The sales on our site have been constantly increasing. In today’s economy, buying second hand is a savvy investment. Why spend 10k on a Tiffany ring when you can purchase the exact same ring on my site for around 4k. There are no wear and tear on diamonds, so it’s as good as new.
All in all, sites like eBay and http://www.idonowidont.com are helpful ways to make things affordable in these tough economic times.
on Apr 23rd, 2009 at 3:59 pm
I sell high quality diamonds through ebay - loose and pre-set and agree that I have seen an increase in the number of male customers lately. I am pleased to say that mine must be in the minority as the average spend is closer to £2000 than £31 and many of them choose a loose stone and then pick a setting to have the ring made to order. I find men really know what they are looking for and spend quite a while researching quality and the type of certificate they are after. Ebay is a great selling and market research tool and I think that people have begun to realise that it doesn’t have to mean “cheap” or “tacky” but can give really good value for money.