Jewellery sales trend tend to move downwards, while diamond engagement rings in Melbourne are always a retailer’s best friend.
According to luxury jewellerCerrone, there has been around 20% leap in annual sales of diamond engagement rings, striving the weak growth forecast of jewellery and watches sector.
“The engagement ring is turning to be more about a personal status on the finger. People tend to know about this precious stone and a lady is always asking for what she can afford,” says managing director Nicola Cerrone. “To be really conservative, the growth of this engagement precious stone is about 20% last year.”
The managing director of Tiffany & Co Glen Schlehuber had corresponded that the jewellery sector had been stimulated. “The number of marriages in Australia is growing, so there has been an increase in engagement ring sales. Over the years, customers are opting for a higher quality stone,” said Mr. Schlehuber.
Online jeweller Diamond Emporium discovered that an average Australian spends around $8,234 for diamond engagement rings in Melbourne. What this means is that couples marrying later have more money to spend on these precious stones, with average prices doubling or tripling over the past years.
Figures from the Australian Bureau of Statistics prove that the average age that Australians marry is from 26 years for males and 24 years for females in 1990. In 2010, the average rose to 29 years and 27 years respectively.
Also, there has been more demands for expensive diamond engagement rings in Melbourne due to the broader boom of the global luxury sector. This continues to grow despite slowdowns in the lower end of the market.
Countries like China, India, Middle East and Russia are among the areas with strong growth of global luxury sales. The Australian high-end retailers are also enjoying a brighter outlook among couples.
The shining and shimmering engagement diamond rings in Melbourne bring great news to the jewellery industry. According to the IBISWorld Watch and Jewellery report, watch and jewellery retailers peaked in 2010 at 5.6%. In 2013, it was 2.5%, and a forecast for 2016 dropped at 1.3%.