MONTH IN REVIEW
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ENGAGEMENT RINGS
Survey reveals
average cost of
an engagement
ring
A recent survey conducted by Ripe
Insurance has revealed the average
money spent on an engagement ring.
Some 1,500 people aged 18 and
over from across the UK took part in
the survey, which revealed that the
traditional ‘three-month salary rule’ no
longer stands, with the average person
spending 1.7 months’ salary on a ring.
The survey also found that more
than one in three people admitted
to spending £250 or less on their
engagement ring.
Despite one in five couples getting
engaged within a year, the average
couple gets engaged after three years
together.
Since 2010, the cost of an
engagement ring has averaged
£2,014.75, with the most generous
proposers located in the East Midlands
with the average price being £2,451.92.
The survey also found the average
cost of engagement rings by region,
with the East Midlands averaging the
most at £2,451.92, followed by london
who average £50 less and the West
Midlands on £2,283.48.
A new trend over the past decade
is the use of placeholder rings. Before
the year 2000, only 1% of proposals
involved a placeholder ring, but since
then this has increased to 7%.
Jon Woosey, MD of Ripe Insurance,
said: “It’s interesting to see how
proposals are moving with the times,
with traditional values on the decline
and new trends taking their place. It’s
apparent that those who are going to
propose would rather get the ring right
first time – either by asking for their
partners’ help when choosing the ring
April 2018 | jewelleryfocus.co.uk
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or using a placeholder ring at the time
of proposal so they can choose the real
thing together.
“With the average ring price now
at more than £2,000 and more time
being spent planning proposals, it’s
clear that Brits are still invested in the
engagement journey.”
Find the full table of average
cost below:
Region
Average Engagement
Ring Cost
East Midlands
£2,451.92
London £2,401.88
West Midlands
£2,283.48
Northern Ireland
£2,046.88
South East
£1,951.09
Scotland £1,761.36
Wales £1,760.42
Yorkshire and the Humber
£1,703.70
North West
£1,620.54
North East £1,434.21
South West
£1,336.54
East Anglia
£1,062.50
REFURBISHMENT
Goldsmiths
Meadowhall
reopens after
refurbishment
High street jeweller Goldsmiths
has unveiled its newly refurbished
Meadowhall showroom, following a
£10,000 investment.
As part of the revamped showroom,
customers will also be able to
purchase a variety of jewellery
collections such as Goldsmiths
exclusives Jenny Packham and
Mappin and Webb, Italian brands
Fope, Gucci and Roberto Coin as
well as the Parisian brand Messika.
Experts will be on hand in-store to
consult shoppers and offer specialist
customer service.
Craig Bolton, Goldsmiths executive
director, said: “We are delighted to
unveil the new look Longines area at
our Meadowhall showroom, which first
opened in 1990. We’re confident it will
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be a great success for the brand and in
turn, the wider business in Sheffield.
“Meadowhall is a dynamic
shopping destination where we are
keen to invest, having launched a
standalone TAG Heuer boutique last
summer. The centre has completely
transformed over recent years and its
future plans will further cement it as a
go-to retail hub in the UK.”
ETHICS
RJC meets with
jewellery experts
to discuss future
of responsible
practices
The Responsible Jewellery Council
(RJC) hosted an industry panel
discussion at the 35th Hong Kong
International Jewellery Show.
Moderated by Edward Johnson, RJC’s
newly appointed director of business
development, the discussion focused
on the commercial case for responsible
business practices in the jewellery
industry.
Jewellery industry experts, Ken Lo
and Victor Chan chairman and vice
chairman of the Hong Kong Jewellery
& Jade Manufacturers Association
(HKJJA), Jonathan Kendall, senior VP of
Forevermark and Guido Grohmann, MD
of BV Schmuck Uhren joined Johnson
on stage to spotlight the importance of
responsible business practices in the
future of the jewellery industry.
Lo highlighted the relevance of the
RJC to the industry and confirmed
HKJJA’s ongoing support for the RJC’s
vision of a responsible world-wide
supply chain that promotes trust
and accountability in the global fine
jewellery and watch industry.
Additionally panelists discussed the
increasing demand for transparency
and accountability from consumers and
were in agreement about the need for
companies to establish clear corporate
social responsibility objectives in
response to this shifting trend.
JEWELLERY FOCUS
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