Buying an Engagement Ring in Recession

Making the decision to ask a woman to marry you is one of the biggest decisions you will make in your life. Deciding on an engagement ring to give her at the moment you ask her to spend the rest of her life with you, can be an overwhelming experience especially with this economic downturn.

25karats Engagement Ring

25karats Engagement Ring

According to the Diamond Information Center, the number of engagement rings sold in the first 5 months of 2009 had held steady. However, it was uncertain if the price of those rings has fallen, held the same or even risen.

The average price of an engagement ring including the stone and the setting was $3,200 in 2006; the average diamond size was .75 to 1 carat. According to the Diamond Information Center, about 44 percent of rings sold cost less than $1,000 and just 1 percent more than $15,000.

Even the fine diamond jewelry items such as fancy diamond rings, diamond earrings and necklace sales are dropping in recession, people are still getting married and willing to spend for quality diamond engagement rings which holds the sales yet strong.

According to Helena Krodel, director of media for the Jewelry Information Center, while some buyers won’t downgrade the size of their diamond, they might choose a stone with a lesser quality of color or clarity. Some couples decides to skip the diamond altogether, pick birthstones, cubic zirconia or no rock at all. Moreover, some couples make their engagement ring decisions with inexpensive metal types and go for lower karats of gold instead of platinum. On the other hand, some couples are extending their engagement period to pay off the ring and save up for a wedding.

On Friday luxury jeweler Tiffany & Co. reported that its first-quarter profit plunged 62 percent compared with the same period last year. Online diamond seller Blue Nile also had a bad quarter, with net sales down 11.4 percent.

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