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March 02, 2009 |
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Commodity Online
SURAT, India: Your diamonds trade suffering from meltdown woes? Bank on brides to rescue you. That is what a survey by a magazine found out. Surat’s diamond traders can get some solace from this report by Modern Bride magazine, which said while the state of the global economy has taken a toll on most Americans, brides are more optimistic than ever.
The survey showed that instead of reducing their wedding budgets, engaged couples have reprioritised and plan to spend their dollars on items that will last forever.
On the top of the list is the honeymoon, photography and the engagement ring. Further, the Modern Bride survey also reported that 90% of brides said they are either keeping to their original wedding budget or plan to spend more.
In fact, in less than 10 years, the number of weddings is projected to increase by approximately 30 per cent, Ken Gassman reports in a ‘State of the Jewellery Industry — 2008 Jewellery Demand’, for Idexonline.com.
And while the bridal industry appears to be resilient through tough economic times with no decrease in the number of weddings expected in 2009, there is a clear shift in where those dollars are now being spent.
Modern Bride continued to report that 86% of brides surveyed said they are spending the same amount as six months ago or more on jewellery.
Now more than ever, brides are focused on quality over quantity when it comes to their bridal jewellery so it is no surprise that 81% of brides desire platinum, according to the Conde Nast Bridal Group.
Platinum is not only 30 times more rare than gold, but it is the most durable of all precious metals and will last a lifetime.
The Diamond Trading Company (DTC) reports that when it comes to jewellery, women prefer “fewer, but better” items.
This is the perfect sales opportunity for jewellers and retailers focusing on the bridal industry and working with platinum metal, which won’t wear down like other metals and will not chip or wear over time like gold.
A survey by ‘The Wedding Report’ found that over 40% of brides and grooms considered ‘durability’ to be a primary determining factor when purchasing a wedding band.
With an increased focus on value and longevity, the type of metal is more important than ever and one of the most significant considerations for consumers purchasing bridal jewelry. ‘The Wedding Report’ also reported that over 50% of couples ranked metal as an ‘important’ or ‘very important’ consideration for their engagement and wedding rings.
Platinum is the one metal that delivers the high quality and long-lasting features that brides and grooms are looking for today.
As a result, the jewellery industry has found creative ways to fill this consumer demand — savvy retailers are highlighting 3-ring bridal sets, an engagement ring and his and her wedding bands — as a package; and designers such as and Tacori and DeBeers are creating more lighter weight, lower priced platinum jewellery.
Online retailer, Blue Nile.com, features the high quality of platinum wedding bands starting as low as $255.00.
‘The Cost of Doing Business’, a survey by the Jewelers of America, found that platinum jewellery’s gross margin ranks the metal well above the national average providing retailers with increased dollar profits during this economic period and, at the same time, helping to ensure long-term customer satisfaction. By communicating the intrinsic value of Platinum to the consumer, manufacturers and retailers are taking advantage of this trend toward ‘quality over quantity’.
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