A new study released by the insurance company Jewelers Mutual Group shows that over 70% of consumers said their engagement ring “was one of the most expensive things they owned”.
In a press release, Jewelers Mutual said that half of the people surveyed said they would be “hard-pressed to pay for a replacement if the ring was lost, stolen or damaged”. In addition, 72% of the respondents said they would be “very upset” if something happened to the ring and it wasn’t insured”.
In March, several news reports showed that many Britons have made life-changing decisions during 2020, some of them relating directly to their choice of jewellery shopping. For instance, many couples decided to move in together in 2020, and many decided to tie the knot quickly. Several British based jewellers reported a leap in sales. Fine jewellery brand Fenton & Co saw engagement ring sales soar 40% in 2020, as did ethical jeweller Lebrusan Studio. In addition, online search for engagement rings soared 22% year-on-year. Another survey, conducted by Hitachi Personal Finance, showed that 50% of the people expected their partners to spend £500 less than the average cost of £1,483 on an engagement ring in 2020. As for the choice of ring, the classic diamond ring was still the most popular choice in 2020.
