Are Sales of Engagement Rings Back on the Rise? A Local Jewelry Store Owner Gives Us the Scoop
My husband and I have four weddings to go to this summer. It'll be an expensive few months, but we are so excited for our friends to finally get married after having to postpone their big days a couple of times due to the pandemic.
We may have even more weddings to go next year too because more and more people are buying engagement and wedding rings according to CNN Business. They say jewelry stores have seen a major increase in sales in April and May of this year. So is this happening in our area as well?
I turned to my trusted friend, Michael Kanoff who owns Michael's Jewelers in Yardley and Fairless Hills PA. Michael's Jewelers has been a family owned business since 1976 and even way before that. The Kanoff family have been in the watch repair and jewelry retail business.
Michael, as well as other business owners had to close their doors due to the pandemic. His stores were closed for 2 and a half months and he had just fully taken over the business from his parents, remodeled both stores and upgraded their inventory. He said it was a very scary time for him.
Once they were able to open again on June 1st. Michael was shocked with what his cliental did.
June , July and August of last year we sold an insane amount of engagement rings and had record months as far as engagement rings sold. The common theme we kept hearing is we couldn't wait til you guys opened up again. We want to get engaged, we have been locked in together for the last 3 months. The common theme was custom engagement rings which is what we specialize in. This generation seems to want what they want with no compromises, which is great for us. Most chain stores are not set up to do that, but we are.
The other thing that really took off for us is lab diamonds. We have been selling them for a few years ,but I guess because people had so much extra time to research lab diamonds they really took off for us We sell both natural and lab diamonds. I like to be able to give customers choices.
Customers are also treating themselves in a different way.
The other thing that couples were doing was upgrading existing engagement rings. We had several couples celebrating milestone anniversaries that had big trips booked. Because of the pandemic they canceled the trips and upgraded rings.
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