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New York, NY--Three years on from the pandemic's outbreak, the once steady bridal jewelry market is still reeling. Wedding rates fluctuated, falling from an average 2.2 million annually to 1.7 million in 2020, later rebounding to an estimated 2.6 million in 2022, according to wedding planning site, The Knot. Mirroring this trajectory, the jewelry market saw a low of $59 billion in 2020, only to bounce back with a 55% increase to $91.5 billion in 2022.

[Photo by Jonathan Borba]

According to a Forbes report, due to delays in dating and engagements during the pandemic, and rising inflation and economic uncertainty, couples have put their long-term commitments on hold again. Wedding expenses, averaging $30,000 in 2022, with engagement rings costing about $5,800, make a significant chunk of this cost. Hence, jewelers have to reorient their strategies to capture this initial, yet significant purchase.

The report noted that in this volatile landscape, three major jewelers, Signet, Brilliant Earth, and Kendra Scott, are adopting varying strategies. Signet, the largest jewelry retailer in the nation, intends to weather the storm, relying on the long-term potential of its strategy, despite experiencing a 9.3% drop in revenues in the first quarter of fiscal 2024. Kay president, Bill Brace, emphasises the emotional and financial significance of the bridal market for the company, expecting a rebound by fiscal 2025.

Brilliant Earth, a digitally-native brand, is bracing for the storm by leaning into it, expanding its footprint to attract younger, next-gen couples. Despite a 2.3% drop in net sales in the first quarter of 2023, it aims to maintain its projected net sales of $460 million to $490 million.

Kendra Scott, known for its boutique-style stores and customizable jewelry, has ingeniously entered the bridal jewelry market. Initially focusing on bridal party jewelry, it has recently introduced engagement rings and bridal jewelry with lab-grown diamonds.

Adding another layer of complexity to the market is the rising demand for lab-grown diamonds. The report noted the survey by The Knot, which showed that 36% of couples chose a lab-grown diamond for their center stone in 2023, up from 18% in 2020. This trend is set to grow, and jewelers like Signet, Brilliant Earth, and Kendra Scott are prepared to cater to this changing preference. Despite the current volatility, these jewelers remain optimistic about capturing a larger share of the bridal jewelry market as they adapt their strategies to the changing times.

Learn more in the Forbes report.