About Engagement Ring
An engagement ring is popular in western culture signifying that the person wearing it is engaged to be married. It represents a formal agreement to future marriage. In Western countries, engagement rings are worn mostly by women, and rings can feature diamonds or can be made of gold, silver and platinum. There are couples that choose to customize their engagement rings to infuse personal symbolism. For example, many engagement rings will include Celtic designs or engraved words, some couples also choose birthstone engagement rings as opposed to the traditional diamond.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Engagement Ring market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Cartier International SNC (France), Charles & Colvard, Ltd. (United States), CrownRing (Canada), David Yurman Enterprises LLC (United States), H.Samuel (United Kingdom), Harry Winston, Inc. (United States), Louis Vuitton (France), Pandora A/S (Denmark), Robbins Bros. Jewelry, Inc. (United States), Swarovski AG (Austria) and Tiffany & Co (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are ENAEX (Mexico), Sasol (South Africa) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Engagement Ring market by and Region.
On the basis of geography, the market of Engagement Ring has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Pattern, the sub-segment i.e. Antique will boost the Engagement Ring market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Engagement Ring market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Men will boost the Engagement Ring market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material Type, the sub-segment i.e. Platinum will boost the Engagement Ring market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Demand for Aesthetically Appealing Engagement Ring, Increasing Demand for Traditional and Customized Engagement Jewelry and Rising Customer Inclination towards Studded Jewelry
Market Growth Drivers:
Growth in the Spending on Wedding Jewelry by the Low and Middle-Income Families and Rising Population of Fashion Admirers
Challenges:
Maintaining the Value of Unsold Wedding Jewelry and Growing Dominance of Local Market Players
Restraints:
High Cost of Premium Engagement Jewelry and Rising E-Commerce Fraud and Lack of Knowledge about Hallmarks on Jewelry
Opportunities:
Introduction of Innovative Engagement Ring and Manufacturers Are Focusing on Couple Rings
Market Leaders and their expansionary development strategies
In March 2023, Monique Lhuillier BLISS, the iconic designer launched a collection of engagement rings with colorful gemstones including aquamarine, yellow quartz, light purple amethyst, and peridot as well as black diamonds.
In June 2023, LightBox, the lab-grown division of De Beers, is making a significant move into the bridal market by introducing a collection of 16 engagement rings, IDEX Online reports. This development marks a shift for the company, which initially focused on providing “high-quality, fashion jewelry” for less formal occasions. The new engagement ring range carries the tagline “Because great chemistry deserves great chemistry.”
Key Target Audience
Manufacturers of Engagement Ring, End-User, Raw Material Supplier and Governmental Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.