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Demand for engagement rings on the rise

 


Jewelers across the country say they saw massive spikes in demand for engagement ring sales in April and May, following better 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 company founder says customers are now on the hunt for engagement rings because they can finally travel and offer vacations.

The company has been inundated with inquiries from couples fighting over wedding venues and getting those ring sales to quadruple in May 2021 from the previous year.

We know millions of Americans suffered devastating economic losses during the pandemic, but some workers who remained employed or had a partner who did so were able to save money.

Travel closures and restaurant closings mean some people may have more disposable income than usual and it means they can and spend more to ask the question.

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And prices are likely to increase. Pent-up demand and a drop in production due to COVID-19 restrictions have led to global diamond shortages during the pandemic.

This push is not going to go away anytime soon, the CEO of De Beers Group, one of the world’s largest diamond companies, says sentiment is increasingly optimistic.

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