Great time to pop the question: Diamond price falls mean engagement rings are cheaper thanks to Covid (as long as you avoid a pricey gold band)
- Jewellers say people who want to get married should buy engagement rings now
- World’s biggest diamond producers have slashed cost of diamonds by a tenth
- Engagement rings are set to get cheaper over the next few months – but people should buy platinum bands instead of gold as gold price is at record-high
Jewellers are encouraging anyone who wants to get married to buy an engagement ring now while the price of diamonds world-wide is falling.
The world’s biggest diamond producers have slashed the cost of rough diamonds by up to 10 per cent after months of low demand due to coronavirus.
De Beers confirmed that it is reducing the cost of its gems by nearly one tenth, while its rival Alrosa has not stated by how much it has lowered prices.
Jewellers are saying that engagement rings are going to get even cheaper over the next few months, with diamonds priced in dollars and the pound having climbed by 15 per cent against the dollar since its historic low in March.
The world’s biggest diamond producers have slashed the cost of rough diamonds by up to 10 per cent after months of low demand due to coronavirus (stock)
De Beers confirmed that it is reducing the cost of its gems by nearly one tenth, while its rival Alrosa has not stated by how much it has lowered prices (stock)
However, Peter Green, the managing director of Shrewsbury jeweller Fabricius Green, is advising happy couples to buy platinum bands instead of gold ones now the price of gold is at a record-high after rising by 66 per cent in two years.
Mr Green told The Times: ‘We have seen a recent drop in the price of cut diamonds, and we have reduced our engagement ring prices to reflect that.
‘The price cut from De Beers involves their larger diamonds, but now certainly seems like a good time to buy.’
He added: ‘We don’t recommend that people buy 18ct white gold at the moment because platinum is less expensive and is a better metal for several reasons.
However, Peter Green, the managing director of Shrewsbury jeweller Fabricius Green, is advising happy couples to buy platinum bands instead of gold ones now the price of gold is at a record-high after rising by 66 per cent in two years (stock)
‘For example it’s stronger and it’s naturally white so it keeps its colour better.’
Lindsey Straughton, of the National Association of Jewellers, told the newspaper: ‘The difficulty is that the price of metal is so high. Gold is at a record level and this could even out any reduction in diamond prices on jewellery.’
And Olivia Stewart-Stead, of Canterbury-based Fitzgerald Jewellers, said that lower prices would boost demand over the coming months.
‘I think the market that we live in right now has become so transparent for the price cuts not to have a direct effect on the price of diamond jewellery,’ she said.