Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
Another Survey Shows Dip in Engagement Ring Spending
The Knot says couples spent about 2 percent less on their engagement rings in 2018.

New York—Weddings with a personal flair were all the rage in 2018, but U.S. couples spent less on a few key elements including the engagement ring, data from The Knot shows.
On Thursday—Valentine’s Day—the popular wedding planning website released the results of the 2018 Real Weddings Study, which surveyed nearly 14,000 couples in the United States who got married last year.
Overall, the average cost of a wedding, excluding the honeymoon, was $33,931, up about 2 percent compared with $33,391 in 2017. (Just to put it in perspective, $32,500 could get you a brand-new 2019 Mercedes-Benz A 220 Sedan.)
The most expensive place to get married was Manhattan with the average Big Apple wedding costing $96,910. The least expensive place was Idaho, where the average wedding runs around $16,366.
The average couple spent $5,680 on an engagement ring, down about 2 percent compared with $5,764 in 2017.
The bride’s wedding band cost an average of $1,078, nearly double the $584 average price tag of the groom’s wedding band.
The Wedding Report, a Tucson-based research company that tracks and forecasts spending and trends in the wedding industry, reported similar findings on engagement ring spending earlier this week, noting about a 1 percent drop.
Outside of jewelry, couples cut costs on the cake, spending $528 on average, about 2 percent less than $540 a year ago. Around 58 percent of couples celebrated with a traditional tiered wedding cake, while others opted for cupcakes or cookies.
The average amount spent on invitations also dropped, declining about 5 percent from $408 to $386.
There were a few areas where couples spent more money, including on the dress and on event planners.
The average bride spent $1,631 on the dress, about an 8 percent jump compared with $1,509 last year.
Couples spent an average of $2,002 on an event planner, a close to 1 percent increase compared with $1,988 in 2017. Around 29 percent of couples hired a professional planner to craft the perfect day.
Another interesting note from The Knot’s 2018 Real Weddings Study: Nearly 59 percent of Generation Z respondents—Gen Z is the group that follows the millennials—said they will likely include a charity on their wedding registry as a way of giving back.
The Latest

The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.

Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

The Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.


The Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.

Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.

NYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.

U.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.

A new court filing details the locations of the stores that will close, as well as the 830 that will remain open.

The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”

Sapphire’s variety of colors make it the perfect birthstone for September.

The retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.

Niccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.

The three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.

The collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.

The highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.

CEO Efraim Grinberg noted a resurgence in the fashion watch market.

The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.

Sponsored by Clientbook

It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.

President Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.

Former Free People buyer Afton Robertson-Kanne recently joined the retailer.

The jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.