Independents

MVEye, Wedding Report Partner on New Jewelry Research Platform

IndependentsMay 25, 2022

MVEye, Wedding Report Partner on New Jewelry Research Platform

“Today’s Wedding Jewelry Consumer” shares data about engagement ring market size, lab-grown and natural diamonds, and more.

20220525_Kendra Scott engagement ring.jpg
Pictured here is a lab-grown diamond engagement ring from Kendra Scott’s new collection. Market research firms The Wedding Report and The MVEye have partnered on a new research platform providing information about wedding jewelry consumers.
Austin, Texas—Market research firms The Wedding Report and The MVEye have teamed up on a new platform designed to educate retailers about wedding jewelry consumers.

Today’s Wedding Jewelry Consumer operates as an interactive research platform, organizing statistical data by consumer demographics and key geographic markets.

“After someone gets engaged, their next step is to plan the wedding,” said Shane McMurray of The Wedding Report. “The Wedding Report’s ‘Wedding Cost Estimator’ captures about a quarter million consumers per year who have just gotten engaged and now seek to understand the cost of their upcoming wedding.”

This stage in consumers’ lives is the perfect time for jewelers to learn about the soon-to-be newlyweds’ recent and future jewelry shopping experiences, said Marty Hurwitz of The MVEye.

“This is research data that jewelry retailers have never had access to before, and it will be extremely valuable for product development, marketing efficiency, and sale presentations,” said Hurwitz.

The reports will be released three times a year and will be available on a subscription basis.

 Related stories will be right here … 

Report sponsors will be able to provide free or discounted subscriptions to their customers.

Beta interactive research reports are available now to demo for free. Retailers and potential sponsors can log on for free here.

The company shared some interesting statistics the platform has gathered about the engagement ring market size, lab-grown vs. natural diamonds, and more.

This year, about 2.1 million engagement rings will be sold at an average cost of $3,670, making the U.S. market worth $7.6 billion.

Personalization has been trending in the jewelry world. This year, an estimated 386,000 custom engagement rings will be created.

Sold at an average cost of $5,384, the custom engagement ring market is valued at $2.1 billion.

Couples that buy custom rings spend about 57 percent more than those who choose an existing style.

Engagement ring shoppers, particularly those on a budget, may consider lab-grown diamonds as an alternative to natural diamonds, as highlighted in a recent Fruchtman Marketing report.

This year, about one in four couples purchasing an engagement ring will purchase a lab-grown diamond engagement ring.

20220525_Infographic.jpg

In terms of financing, about 545,000 couples will finance their engagement rings through their jeweler.

Couples that finance their engagement rings through the jeweler spend about 28 percent more than those that do not.

With an average cost of $4,512, the engagement ring finance market is valued at $2.46 billion. 

As for wedding rings, 4.5 million will be sold this year at an average cost of $667, valuing the wedding ring market at $3 billion.

About 1.1 million couples will purchase a warranty for their engagement ring. Those that do will spend about 51 percent more than those who do not.

Nearly 14 percent of couples said they didn’t know about warranties, weren’t told, or didn’t think about it when asked why they didn’t purchase one. Most believed it was covered under their homeowners or renters’ insurance, said the company.

About 1.1 million couples will purchase insurance for their engagement, and those that do spend about 45 percent more than those who don’t.

Similar to warranties, 17 percent of customers said they didn’t know about engagement ring insurance, weren’t told, or didn’t think about it when asked why they didn’t purchase insurance.
Lenore Fedowis the senior editor, news at National Jeweler, covering the retail beat and the business side of jewelry.
tags:

The Latest

Surveillance image of Macy’s jewelry thief
CrimeFeb 13, 2025
Macy’s Employee Foils $1.5M Jewelry Theft

The employee confronted the thief, causing the suspect to flee and leave behind the suitcases full of jewelry.

Namdia rough diamonds
SourcingFeb 13, 2025
Namibian Diamond Co. Suspends CEO, COO After Deadly Heist

Namib Desert Diamonds also put its security manager on leave following last month’s robbery that left one employee dead.

Spectrum and Cutting Edge Buyer’s Choice awards
Events & AwardsFeb 13, 2025
AGTA Announces Buyer’s Choice Award Winners for Spectrum, Cutting Edge

AGTA recently concluded its 2025 GemFair event in Tucson and is already gearing up for next year’s show, set for Feb. 2-6, 2026.

Top Image.png
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored Gems

Colored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?

Royal Chain models in 14-karat gold fashion links
CollectionsFeb 13, 2025
Royal Chain Releases Its Spring 2025 Catalog

More than 400 new pieces are featured in the supplier’s latest catalog.

Weekly QuizFeb 13, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Azra Mehdi pink sapphire ombré heart dog tag necklace in 14-karat rose gold
TrendsFeb 13, 2025
Amanda’s Style File: Hearts for Valentine’s Day

This curation celebrates love with heart-shaped jewelry of all shapes and sizes.

Jewelers Relief Fund logo
Policies & IssuesFeb 13, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires

The fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.

Resolutions - 2025.jpg
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers

The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.

3 natural diamond engagement rings by Marrow Fine, Stephanie Gottlieb, Single Stone, and Sylvie Jewelry
TrendsFeb 12, 2025
5 Engagement Ring Trends Expected to Rule 2025

From chunky bands to vintage diamond cuts and bezel settings, these are the trends experts are seeing take over the bridal market.

Jean Prounis cushion-cut diamond engagement ring
EditorsFeb 12, 2025
Q&A: Marion Fasel on the History of Diamond Engagement Rings

Fasel discusses researching her new book, the most enduring engagement ring styles, and the diamond shape Taylor Swift will pick.

De Beers Jewellers Embrace Bracelet
CollectionsFeb 12, 2025
De Beers Jewellers’ New High Jewelry Pays Homage to the Beauty of Trees

The “Essence of Nature, Chapter One” collection echoes trees and roots, literally and figuratively, through three sets of high jewelry.

Shree Ramkrishna Exports (SRK) diamonds
SourcingFeb 12, 2025
SRK Announces Notable Reduction in Greenhouse Gas Emissions

Late last year, the India-based diamond manufacturer recorded emissions per carat that are 34 percent lower than the industry average.

Peter Smith
ColumnistsFeb 12, 2025
Peter Smith: 9 Store Manager Archetypes

Smith details the types of store managers he’s encountered, with the goal of helping retailers find a person who’s a fit for their store.

myGemma showroom
TechnologyFeb 12, 2025
MyGemma Now Offers Consignment Service

The secondhand reseller stocks pre-owned designer jewelry and watches, along with other luxury goods.

 Ghirardelli Chocolocket
CollectionsFeb 12, 2025
Ghirardelli Is Slipping Chocolate Into a Locket This Valentine's Day

The limited-edition “Chocolocket” fits a mini square of Ghirardelli chocolate inside.

Jewelers of America 20 Under 40 graphic
Events & AwardsFeb 11, 2025
JA Seeking Nominations for Its Next ‘20 Under 40’ Class

The program has been expanded to include a “20 Under 40” list for jewelry suppliers and is accepting nominations through Feb. 19.

Police cars with lights on
CrimeFeb 11, 2025
2 Men Charged With Selling Stolen Jewelry, Watches in NYC Diamond District

One of the men is said to be connected to the South American crew charged with burglarizing Cincinnati Bengals QB Joe Burrow’s home.

Bulgari x MB&F Serpenti watch
WatchesFeb 11, 2025
Bulgari, MB&F Launch Reimagined ‘Serpenti’ Watch

The brands immersed one of Bulgari’s most famous historical icons in MB&F’s ultra-mechanical universe of haute horlogerie.

Boucheron Power of Couture campaign
FinancialsFeb 11, 2025
Boucheron a Bright Spot as Kering’s Full-Year Sales Sink 12%

The luxury titan’s full-year performance was weighed down by struggling sales at its star brand Gucci.

Midas Chain Diamond and Gemstone Jewelry
MajorsFeb 11, 2025
Midas Chain Releases First Diamond Collection

The jewelry manufacturer has launched more than 100 pieces made with natural diamonds.

Tacori Stilla ring
SurveysFeb 10, 2025
Jewelry Resilient in 2024 Even As Luxury Sales Slipped, Says Bain & Co.

Bain & Co.’s latest report on the luxury market examines why the market’s customer base is shrinking and how to appeal to consumers in 2025.

Counterfeit Cartier “Juste Un Clou” bracelet
CrimeFeb 10, 2025
Counterfeit Jewelry Kept Kentucky Customs Agents Busy in January, CBP Says

Officers in Louisville seized 28 shipments of fake jewelry and watches that would have been worth more than $27 million if genuine.

Hearts On Fire Inside Out Collection Bracelets
CollectionsFeb 10, 2025
Hearts on Fire Flips Jewelry ‘Inside Out’ in New Collection

The collection centers on the art of tailoring, inspired by designs that feature folded fabrics, such as a tuxedo lapel.

JW Marriott Hotel in Nashville Tennessee
Events & AwardsFeb 10, 2025
Select Jewelry Show Heads to Nashville

The trade show has added a new location to its fall line-up.

Jade Trau Ladybird Charm
CollectionsFeb 07, 2025
Piece of the Week: Jade Trau’s ‘Ladybird’ Charm

From the brand’s latest collection of lucky charms, the ladybird is seen as a bearer of good fortune and a ward against negative energy.

Rough diamonds from De Beers’ Gahcho Kue diamond mine in Canada
SourcingFeb 07, 2025
De Beers’ Production Guidance Slashed, Anglo Anticipates Another Writedown

The moves come amid a prolonged period of lower demand for diamonds, particularly in China.

Stuller Bench Jeweler Workshop
Events & AwardsFeb 07, 2025
Registration Opens for Stuller’s Bench Jeweler Workshop

The workshop returns in March, along with the “Battle of the Benches” mini challenge series.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy