Done with diamonds? Gemstone engagement rings are capturing hearts and market share
Publishing timestamp: 2024-02-14 08:00:01
Summary
U.S. consumers are expected to spend a record $6.4 billion on jewelry for Valentine's Day this year. There is a shift towards colored gemstones in engagement rings, potentially due to the rise in lab-grown diamonds or a desire for more distinctive rings. Signet Jewelers is seeing this trend in both wedding and fashion pieces. The demand for gemstones is increasing while the supply is getting tighter, leading to higher prices. Despite the rise of lab-grown gemstones, most customers still prefer natural colored gemstones.
Sentiment: NEUTRAL
Keywords: breaking news: business, signet jewelers ltd, business news, retail industry, s&p 500 index, business, jewelry,
Source: https://www.cnbc.com/2024/02/14/gemstone-engagement-rings.html