What You Need to Know about Diamond Rings this 2022
As the timeless De Beers ad says, “diamonds are forever.” And it’s no surprise that real diamond rings have become such iconic statements for engagements and weddings. Statista reports that the global diamond jewelry market is valued at US$79 billion. Diamonds account for a huge chunk of its market. These precious stones are mostly mined in Russia, Botswana, the Democratic Republic of Congo and Australia. (People have become wary though of the so-called “blood diamonds”.)
In Australia, diamond rings are at the center of many relationships. According to the Australian Bureau of Statistics, the number of registered relationships have increased in Australia from over 11,000 in 2016 to almost 20,000 in 2020. The majority of them, most likely chose a diamond ring for their wedding. In the state of Queensland (with its capital Brisbane), there are over 23,000 registered marriages in 2018 alone. This fuels demand for diamond rings in Brisbane.
Why diamond rings?
Blame it on De Beers. Presenting real diamond rings only started to become a trend in the 1930s when the company launched an impressive ad campaign featuring diamond rings worn by Hollywood actresses. Thus the slogan “a diamond is forever.” Today, the diamond ring is considered to be the most iconic symbol in any marriage or engagement. In fact, 75 percent of all engagement rings are diamond. The second most popular stone is the sapphire.
Diamond ring spending
Diamond rings are one of the most expensive jewelry one could ever buy. The renowned “Pink Star” diamond ring (at 59.6 carats) is considered to be the most expensive ring in the world fetching a value of over US$70 million. While an average Australian can’t afford this kind of bling, there are many precious ones out there for the taking. Diamond Port reports that 80 percent of Aussies buy a diamond ring and present it at the proposal. Their survey also reveals that Aussies spend an average of around AU$5,000 for an engagement ring.
Diamond ring settings
Aside from the cut of the diamond, the way the stone is set also helps push up the value of a diamond ring. Jewelry setting is the way the diamond (or any gemstone) is placed on a metal base. The jeweler, depending on his skill level and technique, can help craft real diamond rings that accent the stone. The three most popular ring settings for Aussies are: halo setting (31.4 percent), centre stone (30.5 percent) and solitaire (30.2 percent). Ring settings are both for aesthetic and practical purposes so the diamond remains secure and in style.