Engagement Ring Prices Double, Adding Pressure on Jewelers and Engaged Couples
Industry Responds by Reducing Weight While Maintaining Appearance
As international gold prices continue their steep rise, recently surpassing 5,000 dollars per ounce for the first time in history, jewelers and engaged couples in France are facing a growing burden.
Citing a report from the French daily Le Figaro on the 7th (local time), Yonhap News reported that soaring gold prices are dealing a direct blow to the entire French wedding jewelry market.
A jeweler in central Paris said, "The price of engagement rings has nearly doubled, yet engaged couples still want 18-carat gold and gemstones," adding, "These days, many couples visit the store with their parents and receive financial support from them."
Those who find it difficult to get help from their parents are turning their attention to using gold they already own. In fact, there has been an increase in cases where customers bring in their own gold to be melted down and turned into new rings.
The share of customers opting for relatively less expensive materials such as 9-carat gold, semi-precious stones, or silver has also risen sharply in an effort to reduce costs. According to jeweler Lucas Meulier, 60% of customers now choose silver products, a significant increase from the previous level of 20% to 30%. He said, "A pair of 9-carat gold rings that cost 600 euros last September now costs 800 euros," adding, "It is becoming increasingly difficult to meet customers' budget expectations."
The industry itself has also been unable to avoid price hikes. Sophie Lepourry, founder of the French jewelry brand Sophie Dagon, has raised prices twice since September 2024. She said, "From January, we increased collection prices by 10% to 12%, depending on the amount of gold used," and lamented, "Now we have to create the same look with 5 to 6 grams instead of the former 10 grams." The brand is responding by maintaining the appearance of its pieces while reducing their weight.
In contrast, the secondhand and vintage jewelry market is becoming more vibrant. It is gaining popularity because customers can buy high-end pieces with a high gold content at relatively reasonable prices. An industry insider said, "The older a piece is, the heavier and more substantial it tends to be," adding, "There is a clear increase in demand for vintage items."
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