(IDEX Online) - New research by the De Beers Group in its latest Diamond Insight Report reveals the increasing role women are taking in purchasing engagement rings. According to the research, the share of U.S. women buying their own engagement ring doubled from 7 percent to 14 percent within a five-year period.
The research also found that when women buy their own diamond engagement ring they spend on average 33 percent more than men - $4,400 compared with $3,300.
De Beers says The research reflects increasing female purchasing power and the continuing evolution of financial dynamics within modern relationships.
The Diamond Insight Report highlights three trends that are influencing how and why people buy diamond jewelry:
The engagement or wedding ring is no longer the most valuable diamond jewelry gift. The value of diamonds given as a gift of love before or after a wedding now exceeds the value of the engagement and wedding ring market. For couples who cohabit, the leading motivation for diamond jewelry purchases in cohabiting couples is as a gift of love, and women in these relationships now represent 10 percent of the diamond jewelry market in the U.S.
Same sex couples see diamonds as centrally important to symbolize their relationships, with over 70 percent of people in same-sex relationships viewing diamonds as important for celebrating life's special events. Diamond jewelry is purchased both to celebrate each other and to celebrate the relationship, and the preference is for more modern and less traditional and gender-specific designs.
The average spend on engagement rings by Millennials in...