We're on Twitter – click here to follow us!
Get our latest news articles delivered directly to your inbox!
Got a newsreader? Get the feed!
The Voice of The Industry
The Jeweller is a trade publication for the Jewellery industry put together and published by The National Association of Goldsmiths and The British Jewellers Association, of which we are a member. W&W were recently asked to comment on trends influencing Engagement Rings, Wedding Rings and Bridal Jewellery.
The Voice of the Industry - to use the magazine's own catchphrase!
Nice Day for a White Wedding
Preparations for the new decade's first wedding season are in full flow, but what are customers looking for in 2010? The last few years have seen a return to the good life of growing our own vegetables, making jam from windfall and baking cakes rather than dashing to the nearest supermarket shelf; will the jewellery industry go the same way with an upsurge in sales of plain yellow gold bands and single, small diamonds?
To be honest, it looks like the answer is a resounding no. White metals are set to be this season's big success story, with designers and retailers across the board seeing an increase in both platinum and palladium, as Amber Saunders from Brown & Newirth explains; "We're still seeing a definite preference for white metal over yellow at the moment and it's been this way for the past 5 years. They have been saying that yellow gold will be making a come back in the UK but I can't see that happening for a few years yet."
It's a sentiment echoed by Antoinette Corbishley, senior designer for HK Jewellery "Definitely white metal is the colour of choice at the moment, specifically platinum; yellow gold I think is seen as a more traditional metal colour and is not as popular."
The increased popularity of palladium is due in no small part to the introduction of the hallmark which became compulsory on 1st January 2010. The hallmark has increased customer confidence in the metal and many companies are finding that couples are opting for palladium as an alternative to white gold. "Palladium has been a phenomenal success for us," says Amber Saunders "And this was the case even before the introduction of the palladium hallmark - the hallmark has only helped those few retail sceptics who weren't sure about taking the metal on a few years ago when we launched it. Palladium has certainly affected our 9ct white gold sales but that is exactly what we wanted to happen as we introduced palladium as an up-sell from 9ct white gold."
White gold is still holding its own against palladium with some retailers though, as Antoinette Corbishley was keen to point out, "white gold is still very popular, our customers like the fact that we give the natural warmer colour of non-rhodium plated white gold as an option. As most high street jewellers automatically rhodium plate their white gold, many people looking to buy don't even realize they have a choice, and love the fact they can have varying shades of white to match their skin tone, or the colour of stones they are having set. Budget will always have a part to play in metal choice, so 9ct white gold is a great option of customers working to a smaller budget and is still very much in demand."
Despite its premium price point platinum is still doing big business in the wedding market too, as Andrew Sollitt, marking director of Domino explained, "We believe that in the bridal market, above all others, consumers are looking for quality and that once they have set their hearts on platinum that they won't, despite the relatively high price, settle for anything else. In some gent's designs we have seen an increasing demand for palladium, however this is still a relatively small percentage when compared with 18ct gold and platinum."
According to Pip Beale from Charles Green NPD the high price of gold in the current market has also led to an increase in platinum sales, "We find that customers will often upgrade to platinum from gold as the step up in price is not as high as people expect."
Corbishley agrees that platinum has the allure to overcome people's potential monetary concerns, "In spite of the recession platinum is by far the most popular metal chosen by our bespoke engagement and wedding rings customers. I think the combination of it's steely blue white colour, its durability and ease of care (not having to be re-rhodium plated), as well as its weight and the sheer perception of it being the most luxurious of the precious metals, contributes to its enduring appeal, and it is the most metal requested."
Amber Saunders places the popularity of platinum down not just to market forces but the allure of the celebrity world too, "Platinum is still by far the ultimate metal of choice, even in the current climate and if people can afford it, they will choose to buy platinum. It still has the kudos of celebrities wearing platinum jewellery and due to publicity, and of course the knowledge the internet provides, consumers regard it as the best. Those whose budget can't stretch to a pair of platinum wedding rings, will often buy a platinum wedding ring for the bride and the guy will choose palladium instead."
The fashion industry is also at the heart of what many designers are offering, with many taking inspiration from the catwalks and the pages of the fashion magazines as well as listening to the most important part of the equation, the consumer. This is an approach which has served HK Jewellery well, according to Antoinette Corbishley, "We research a lot about what colours will be in fashion for the next couple of seasons, be this through trade predictions and shows, as well as fashion articles. We also collect information every month on what customers have been asking for and expressing an interest in. If there is a consistent demand for something we will obviously do our best to fulfil that demand and design items for our ready to wear collections in accordance with what customers want."
This approach is also taken by W&W Jewellery, "We are confident enough to put our own designs out there, but not foolish enough to ignore our clients!" says Dickie Warrender, "Fashion glossies are planned three to four months ahead so are always useful - we try to look at everything from Vogue to The Evening Standard magazine."
The trade shows also play a large part in helping designers anticipate trends, as do other areas of the industry, as Amber Saunders explained, "It's a mixture of visiting trade shows, feedback from our Sales Representatives and our retailers and also looking at the watch houses. They spend a huge amount of their budget researching the market to see what is the next new colour trend and that provides a very good indication of what direction jewellery buying will take too."
With inspiration for new designs coming from across a wide range of areas will be there be a change in the type of rings sold for weddings? The traditional wedding band is still very popular, but sales of gem set rings are also coming through strongly. "We're selling more gem set rings, especially with small diamonds, but the most of our trade is still plain", says Peter Green from Baird & Co. It's a sentiment echoed by Amber Saunders "We've seen a dramatic increase in the number of diamond set wedding rings for gents and the market doesn't look like it's slowing down either."
It's not just the grooms that are getting in on the gem set ring action though, "We have seen an increasing demand for diamond-set wedding bands in the past two or three years as brides begin to demand more than simply a plain band", reports Domino's Andrew Sollitt.
So whilst white diamonds are still a girl's (or boy's) best friend, the use of coloured diamonds is still taking it's time to filter through to the wedding market, unlike other coloured stones which have got a firm foothold in engagement ring design, "More and more of W&W Jewellery's engagement ring commissions have incorporated alternative coloured stones such as tourmalines and sapphires," explains their co-founder Dickie Warrender. "The strength of the market for coloured diamonds in 2007 seems to have slipped away, but a lovely coloured diamond sill remains valuable."
Consumers are also becoming more adventurous with the settings of engagement rings. Whilst the classic, round brilliant Tiffany setting is still a very big seller more unusual settings are gaining popularity. "Cushion cut and oval diamonds have been really popular at W&W," continues Warrender, "but the classic brilliant cut single stone and three stone designs done well are very important to our engagement ring market. In design terms shoulder settings have progressed and 2009 was all about split pave shoulders and bezel settings."
Andrew Sollitt at Domino concurs, "Classic designs remain popular; but we are also experiencing strong demand for slightly more avant garde and cutting edge lifestyle designs. Rub over settings are particularly popular, as are diamond accents around ornate multi-claw settings. Extra sparkle is definitely desirable and diamond set shoulders are becoming an established look."
H&K Jewellery have found that their customers are often choosing a twist on an old favourite, as Antoinette Corbishley explained, "The brilliant cut is the most requested stone shape by our customers, but not necessarily in a traditional Tiffany style setting. Twists and asymmetrical style shanks have been very popular, as have split shoulder shanks. The more traditional style of shank is still a favourite, but the majority of our customers like to add a slightly modern or meaningful twist to it, be it through adding birthstones into the shoulders, engraving or a slightly different setting. Smooth, more contemporary rub over settings are very popular, followed by the four claw, which frequently we turn on point to make the stone look more like a diamond shape, and give it a slightly different look."
The legal recognition of civil partnerships in 2005 has also had an impact on both the sales and trends of wedding jewellery. The average spend on rings per couple appears to be higher, due in no small part to the majority of couples having higher disposable income and few of them having children to take into account. "Spend on civil ceremony rings is often higher than for heterosexual weddings and they tend to buy platinum rather than yellow metals," says Peter Green from Baird & Co.
It's a common theme across designers and retailers, agrees Amber Saunders, "We've seen a huge rise in the number of same sex partnership rings being ordered since the civil ceremony was officially recognised a few years ago. With dual incomes and often no children to support, civil ceremonies are an important revenue stream for retailers. The spend on commitment rings can often be very much in excess of the usual heterosexual couples budget for wedding rings."
Diamond set rings do tend to be more popular for civil partnerships, but, as with heterosexual wedding rings, there are no hard and fast rules regarding designs and spend. "Some couples like to have matching rings, others completely different, but most will have complimentary design elements but not exactly the same ring," says Antoinette Corbishley. "We have designed rings that are low profile, similar to eternity or wedding bands, others have been more dramatic with a central stone like an engagement ring. A lot depends on the couple's life style and how practical the rings need to be, as well, of course, as their design taste, just like any ring design. Being a bespoke jewellery company most of the people who come to us are after something a little different; that doesn't mean they want wild and wacky, just something unique to them which they can put their own personal stamp on, and know there isn't another in the world exactly like it." Of course, this isn't the case in all situations and there is still a market for the more traditional plain band, though it does tend to be in platinum or palladium rather than yellow gold.
Gifts for the bridal party, such as bridesmaids, mothers of the bride & groom, best man and ushers is a growing market too, though understandably these gifts are at a much lower price point and are very often purchased in silver. Earrings or bracelets are popular as gifts for female members of the party, with cufflinks still taking top spot for the guys, as Andrew Sollitt from Domino explains, "Weddings undoubtedly offer 'add on' sales opportunities for retailers and we have a broad selection of pendant and earring designs that have been specifically created to mix and match with our wedding and engagement ring designs."
As Amber Saunders points out, buying jewellery for the wedding party is often not a major priority for the happy couple, "Gifts for the bridal party have always been a part of the wedding budget but more and more, this seems to be a token gift rather than something of particularly high value. Weddings themselves are extremely expensive and by the time bridesmaids' outfits and ushers suits' have paid for, there isn't a great deal left in the pot for gifts!"
Given the tumultuous time the economy has been having recently it would seem only natural that there would be an effect on the wedding market, but it would seem that many people are still determined to make their big day as special as they possibly can, as Lee Ruben from Gemex has observed, "Due to the ever growing popularity of diamond set weds, we feel that many engaged couples would rather buy a high quality diamond set band which the bride will wear as her engagement ring as well as her wedding ring. Couples are, in a way, saving money as they are making only one high quality purchase as opposed to two purchases and perhaps settling for mediocre quality diamonds."
Knowing the upcoming trends in the wedding market is all well and good, but as the marriage rate in the UK is still low, what can retailers do to ensure they get their share of a reduced consumer base? Antoinette Corbishley feels that practicality plays a large role in successful bridal buying, especially for pieces other than the wedding ring, "Think of versatility, can the piece be worn with several different outfits after the big day? Have a wide range of colours to suit lots of different colour schemes. Also most brides what their dress to be the main focus, and the necklace, earrings or tiara is there to enhance it not over power it, so go for subtle but elegant pieces, and things that catch the light and have a little sparkle always seem popular."
Amber Saunders' advice is more basic, "Don't sell off your stock samples! We see time and again that our customers who generate the most business are those who keep their stock samples up to date and if they do happen to sell a sample from their window, they replace it. Once a sample has been sold from the window, if you don't have it to show people again, you're never going to sell it."
It also can pay to be cautious in these straitened times according to Gary Sinclair of PH Wedding rings, "Retailers are understandably nervous about introducing a large varied wedding rings range. The advice is, keep the range conservative with safe bets on the best selling designs."
Of course, there's two sides to every story, as Gert-Jan Beukenkamp from 5C Jewelry believes that retailers can afford to be a little more daring with their stock, provided there's basis for their choices, "Listen carefully to what brides want and are looking for, and communicate this to your manufacturer. The retailer knows best what the consumer wants and needs to work together with the manufacturer to create the right designs. Try to include some customised special items in the store's wedding range that is not found elsewhere."
Andrew Sollitt from Domino agrees that there's definitely a place for innovative design when it comes to wedding jewellery, "When it comes to wedding jewellery you simply can't let your customers down and my advice would be to go for a supplier with a proven track record for quality and service. You also need product that is a little bit different and which offers great quality and design."
Jewellery bought for weddings, whether traditional church service or civil ceremony, is always going to come with a higher than normal emotional involvement from consumers when compared with 'day to day' purchases. The good news seems to be that customers are more savvy about requesting exactly what they want and, more importantly, are willing to pay for everything to be just perfect. Congratulations!
The Jeweller - January/February 2010
