Fine jewelers across the country say they saw massive spikes in demand of sales of engagement rings in April and May, following more access to COVID-19 vaccinations.
Sales numbers have skyrocketed this spring for The Clear Cut, a New York-based engagement ring company that sells its gems online. The founder of the business says customers are on the hunt for engagement rings now because they can “finally travel” and propose on vacation.
The company has been inundated with requests from couples who are “fighting for wedding venues” and get this – sales for rings have quadrupled in May 2021 compared to the year prior.
We know millions of Americans faced devastating economic losses during the pandemic, but some workers who stayed employed — or had a partner who did — were able to save money.
The travel shutdown and restaurant closures meant that some people may have had more disposable income than usual and that means they can and do spend more to pop the question.
And the prices may be going up. Pent-up demand and a dip in production due to COVID-19 restrictions led to global diamond shortages during the pandemic.
This surge isn’t going away anytime soon – the CEO of De Beers group – one of the largest diamond companies in the world --says the sentiment is “increasingly optimistic”.