Valentine's Day statistics from 2014 suggest jewellery sales will soar in 2015 as the quality of diamonds continues to decline.
notonthehighstreet has estimated that 180 million roses will be sold for Valentine’s Day with a further £1.3 billion spent on gifts.— In 2015, a recent survey from
Florists should be ready, however, it is the jewellers that will receive the biggest influx with 47.3% of couples choosing jewellery as the number one gift in 2014 (followed by roses, chocolate, lingerie and cards respectively).
Research from diamonds.net has shown that grading laboratories must start focusing on the jewellery market as consumers aren’t getting the best value for money when it comes to diamond jewellery in the run-up to Valentine’s Day, with sales for 14th February predicted to rise even further in 2015.
The average spend per person on Valentine’s Day in the UK is £119 and this figure is set to rise in 2015. Weddings are officially 23% more popular over the past year than they were 3 years prior and so the number of engagements is also on the rise.
With 1 in 10 now choosing to propose on Valentine’s Day, which is an estimate of over 28 000 engagement rings to be bought, research has also shown that consumers expect to pay higher prices for diamonds. However high street retailers with a lower price bracket are increasing the prices with one in particular offering 0.19 carat for £1,125.
With sales set to increase over the next couple of weeks, reputable retailers from high end to high street are offering lower diamond carat content at a higher retail price resulting in consumers getting less value for money for a lower quality piece.
At the highest and most significant price point range, the website of one of the most recognisable jewellery and diamond suppliers in the world shows a price point range on diamond specific jewellery of £215-£748,000. What consumers are getting between these price points is sometimes as little as 0.02 of a carat ranging up to 0.57 carat in the £5,000-£6,000 mark.
With high street prices increasing yet the carat content remaining stable, or decreasing in some cases, consumers are suffering as they panic buy in the run-up to the most romantic day of the year.
From this analysis, diamond retailer and founder of Addicted Diamonds Jane Disborough predicts that the prices could continue to increase if consumers aren’t wary of the tell-tale signs:
“Prices of rough diamonds have been coming down over the past few months and this is starting to be reflected in polished prices, particularly following the closure of the Antwerp Diamond Bank which is forcing cutters and polishers to sell more inventory to increase their liquidity. Consumers are not seeing these price reductions coming through to the retail market though. Buyers of diamond jewellery generally do not have a great understanding of diamond pricing and quality – huge premiums are paid for brand names whilst many high street retailers are offering poor quality diamonds, often not disclosing the 4C’s which affect their value, at inflated prices. Anyone buying diamond jewellery this Valentine’s Day should do some careful research to make sure they are getting the best diamond value for money.”
For many jewellery retailers based in the UK, Valentine’s Day is the busiest time of the year with only a select few including a considerable amount of diamond jewellery to reflect the growing demand. With 20% of women admitting they would change their ring if they had the chance, a variety of quality and style in diamond rings has never been more paramount.
Start-ups like Addicted Diamonds focus on emerging designers and tailoring their business to meet consumer demand for diamonds. The buyer can purchase an original UK designed and manufactured piece of jewellery online whilst supporting home grown talent in the process. As an online business with low overheads plus the ability to purchase diamonds directly from polishers in Antwerp, the consumer is guaranteed excellent diamond value for money. In the run up to Valentine’s Day, consumers can save money by sourcing diamond jewellery from emerging businesses and young designers to get better value and a more unique gift.
Name: Jane Disborough
Email: Send Email
Organization: Addicted Diamonds
Address: Addicted Diamond Jewellery Limited, 1st Floor, 239 High Street, Kensington, London, W8 6SN
Phone: 0207 316 3070
Release ID: 73885