Engagement Rings Changing In The Recession

by Deidre Woollard (RSS feed)
Jun 20th 2009 at 11:01AM

I've always thought that when it comes to jewelry, the bridal market was a safe bet even in bad times. After all, people will always fall in love and get married even during a recession. But a new report from the Jewelry Consumer Opinion Council indicates a bit of weakness in the wedding market. Their June Bridal Study" shows that while most people are still going through with their weddings, ring budgets are shifting. Grooms seem more ready to downsize the ring than brides. Of the grooms surveyed, 36 percent have said that their ring budget is lower by fifteen percent or more due to the recession but only 23 percent of brides thought the budget for the rings would be lowered that much.

This isn't the first time I've seen information on scaled back ring budgets. ABC News had a piece earlier this month on the same topic which featured interviews with young couples. Prospective grooms are getting creative, buying rings off Craigslist or swapping out the diamond for something a little less pricey. Some are cutting back on the quality of the ring, sacrificing color and clarity so that they don't have to scale back the size.

Of course you could always try your luck at winning one. GemEx(R) Systems, Inc. has launched the Rock the Recession, Pop the Question contest where couples upload a video showing their most romantic and persuasive plea to get engaged for a chance to win a prize package worth $10,000, including a one carat GemEx certified diamond engagement ring. Submissions will be accepted until July 31.

Tags: bridal, diamonds, engagement, rings