Blue Nile CEO Diane Irvine predicted a weaker demand for diamonds as consumers cut back on bridal jewelry. Speaking at the Thomas Weisel Partners 2008 Consumer Conference in New York, she reiterated the company’s second-quarter findings by calling the retail environment in the United States challenging. Trends underway included a downsize shift in bridal purchases. Consumers were trading from solitaires to diamond bands, representing an average price difference from about $6,000 to $3,000. Consumers were also switching from platinum to white gold.
While there was no statistical evidence suggesting a slow-down in wedding or engagement planning due to the economy, Blue Nile chairman Mark Vadon said that buying the engagement ring was just part of the larger marriage investment, which also includes the cost of a wedding and setting up a new household.
One of the traditional ways to attract attention to this segment of the jewelry industry is holding contests for would-be couples.
In the end of September the Platinum Guild International and the GroomGroove.com site announced a contest for the best marriage proposal story. Bridegrooms are invited to tell it.
A contest participant who submits the best story will be awarded platinum wedding rings made by Novell Design Studio.
Aubree Smith, Creative Director of GroomGroove.com, says in the press release, “The prize of two platinum wedding bands mirrors that commitment with the purest and most durable wedding band metal found in nature.”
