Signet Jewelers, the world’s largest retailer of diamond jewelry, is blaming Covid-related lockdowns and an ensuing “engagement gap” for falling ring sales, IDEX Online reports.
Jamie Singleton, Signet’s president and chief consumer officer, spoke to CNN and said that according to company research, couples, on average, get engaged about 3.25 years after they begin dating. “So what’s happened over the past couple of years is what we anticipated and what we planned for,” she told CNN. “Engagement jewelry sales were lackluster in fiscal 2023, and we expect them to remain so for the balance of fiscal 2024.”
In fact, she added, the sector would have to grow by 25% by 2026 to return to pre-pandemic levels. The good news, she said, is that their research shows that dating ”is up 8% to pre-Covid.”
Signet Jewelers owns Kay Jewelers, Zales, Jared, Banter by Piercing Pagoda, Diamonds Direct, JamesAllen.com, Rocksbox, Peoples Jewellers, H.Samuel and Ernest Jones and has 2,800 outlets in the US. According to IDEX Online, bridal jewelry “accounts for around half of Signet’s business across its banners.”
