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☆ It’s not you, it’s them: Engaged couples are cutting back on lavish weddings
▼ + stars: | 2024-03-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

The obsession with lavish weddings grew to a fever pitch in the years following the start of the Covid-19 pandemic. That’s bad news for wedding vendors who provide services like videography, photo booths and catering. Meanwhile, those vendors are facing a more worrisome existential threat: a looming drop in the overall number of weddings. But she said that so far in 2024, weddings are “cooling a bit.”A recent wedding where Gabrielle Stone served as the planner. In another life, some of those would-be couples who never met in 2020 could have gotten engaged this year.

Persons: ”, Shane McMurray, What’s, McMurray, Gabrielle Stone, ” Stone, Stone, Kay, Jared, Gina Drosos, “, Z, ” McMurray, Toni Burrowes, Burrowes, didn't, Toni Burrowes “, Alyssa Young, We've, Alyssa Young “, it’s, ” Young, It’s Organizations: CNN, Signet Jewelers, Kay Jewelers, Signet, Alpha, University of Virginia, Brigham Young University, Bureau of Labor Statistics Locations: Boston, Zales, Central Florida, San Antonio, Texas

☆ Signet Jewelers CEO says the 'engagement trough' triggered by Covid has passed, marriage proposals are coming back
▼ + stars: | 2023-12-05 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Signet Jewelers CEO Gina Drosos told CNBC's Jim Cramer on Tuesday that marriage proposals are finally on the rise, years after Covid disrupted typical dating patterns and hurt the company's business. "We know a lot about dating couples, and so we feel quite confident that our predictions are right, and that the engagement trough has happened," Drosos said. Bridal jewelry, especially engagement rings, makes up about 50% of Signet's sales, said Drosos. The company attributed poor sales in recent years to the slowed dating and stalled relationships brought on by isolation during the pandemic. Signet's surveys also suggest that younger generations have a greater desire to get engaged than in years past, she added.

Persons: Gina Drosos, CNBC's Jim Cramer, Drosos, Jared, Zales, Kay Jewelers, Tuesday's, Z, aren't Organizations: Signet, Google

☆ A diamond engagement ring is an ‘emotional purchase,’ analyst says. Here's what to know about lab-grown vs. natural gems
▼ + stars: | 2023-11-17 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

However, unlike natural diamonds, lab-grown stones don't increase in value at all. Natural diamonds were 'a winner' during the pandemicMan proposing to his girlfriend on Christmas Eve. Shoppers will also need to consider that the supply of natural diamonds is declining as the world runs out of resources, he added. Man-made diamonds might come to be considered "costume jewelry" in the future, said Benjamin Khordipour, manager of Estate Diamond Jewelry in New York. "People looking to buy an engagement ring or a piece of fine jewelry are going to continue to want natural diamonds."

Persons: Bryan Miguel, Zimnisky, Martin, Kay Jewelers, Benjamin Khordipour Organizations: Signet, Signet Jewelers, Jewelry Locations: U.S, Zales, New York

☆ Gas prices are unusually high. Here's why you shouldn't worry
▼ + stars: | 2023-09-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Instead, gasoline prices are getting more expensive and are just pennies away from their highest level so far this year. Are rising oil prices another item to add to the list? How high do you think oil prices will go? When you adjust for inflation, oil isn’t that high right now. I think that we are going to see continued high prices for a lot of stuff, including gasoline, but I don’t think we’re gonna see an acceleration in prices.

Persons: David Kelly, Bell, Kelly, it’s, we’re, We’ve, — aren’t, Eva Rothenberg, Sen, Bernie Sanders, CNN’s Jake Tapper, “, ”, Jared, Kay Jewelers, Parija Kavilanz, Virginia Drosos Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Asset Management, Strategic Petroleum Reserve, Federal, UAW, United Auto Workers, General Motors, Ford, Vermont Independent, Signet Jewelers, Signet, Diamonds, Goldman, Global Retailing Conference Locations: New York, Saudi Arabia, Russia, Libya, Ukraine, Gulf of Mexico, United States, Nile

☆ After 2023 wraps up, get ready for a spike in wedding proposals
▼ + stars: | 2023-09-17 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

This trend then created an “engagement gap” since couples get engaged, on average, about 3.25 years after they begin dating, according to Signet’s proprietary data. About 2.8 million couples, on average, get engaged every year in the United States, said Drosos. Last year, the number slipped to 2.5 million. In 2024, Signet expects engagements will reach 2.4 to 2.5 million. Courtesy of Zales/KAY JewelersDrosos said Signet is able to closely track the yearly engagement cycle because of its customer data platform.

Persons: Jared, Kay Jewelers, “ Covid, Covid, ”, Virginia Drosos, Kay, Neil Lane, KAY Jewelers Drosos, Signet, “, ” Drosos, Drosos Organizations: New, New York CNN, Signet Jewelers, Signet, Diamonds, Goldman, Global Retailing Conference, ” Locations: New York, United States, Nile, Texas, Florida, California

☆ What All the Single Ladies (and Men) Say About the Economy
▼ + stars: | 2023-06-09 | by ( Jeanna Smialek | Jason Karaian | ) www.nytimes.com time to read: +1 min

Aftershocks from the coronavirus pandemic continue to rumble across the U.S. economy, and Signet Jewelers shared a surprising one this week: The company is selling fewer engagement rings this year because, it says, singles who were stuck at home during lockdowns failed to meet their would-be fiancés in 2020. Shares of Signet, the largest jewelry retailer in the United States, tumbled after the company cut its forecasts for sales and profit for the rest of the year. In a way, the engagement ring has become a sparkly microcosm of the American economy. The bridal jewelry business is being buffeted by the delayed effects of the pandemic, rapid inflation that is squeezing consumers and a growing sense of nervousness among shoppers. Some of the volatility is owed purely to the pandemic.

Persons: lockdowns, Kay Organizations: Signet Jewelers, Signet, Kay Jewelers, Zales Locations: U.S, Virginia, United States

☆ America's largest jewelry company says ring sales are on the decline as fewer people get engaged
▼ + stars: | 2023-04-27 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Signet Jewelers said an "engagement gap" in the US is contributing to declining ring sales. Company president Jamie Singleton projected the company needs to grow sales 25% by 2026 to return to engagement levels before the pandemic, CNN reported. According to Signet Jewelers — the largest jewelry company in the US and owner of Kay Jewelers, Jared, and Zales — retailers are suffering from an "engagement gap" that's been about three years in the making. "Engagement jewelry sales were lackluster in fiscal 2023, and we expect them to remain so for the balance of fiscal 2024." Signet Jewelers did not immediately respond to Insider's request for comment.

☆ Engagement ring sales slide due to pandemic lockdowns
▼ + stars: | 2023-04-25 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

According to Signet Jewelers, the largest jewelry company in the United States, the pandemic dented sales of engagement rings as relationships faltered or never even blossomed in the first place due to the lockdowns. This created, it said, an “engagement gap.”“We’re still seeing it today,” Jamie Singleton, Signet Jewelers’ president and chief consumer officer, said during the company’s investor day last week. And it’s vital for Signet’s business, because 50% of the company’s merchandise sales come from the bridal segment. Meanwhile, the pandemic also walloped sales of wedding dresses as social gatherings of all kinds came to a standstill, and couples postponed their weddings. As dates were re-booked coming out of the pandemic, brides-to-be have had to contend with inflation and economic uncertainty bearing down on expenses.

☆ Premarket stocks: Why traders are so infatuated with inflation
▼ + stars: | 2023-02-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

What’s happening: Investors will get some market direction clarity on Tuesday morning with the release of key inflation data. It’s not all about the Fed: Traders are infatuated with CPI, but it’s likely going to affect markets more than it will future Fed policy. “CPI is the big inflation report that affects markets more than any other,” he said. Even beyond housing, the services sector has seen year-over-year inflation higher than 3.9% every month since March 2021, said Chaudhuri. And as Powell noted in Washington last week, the stickiness of core services inflation is his greatest concern.

☆ Ketamine is being sold as a depression wonder drug. For some, it's making everything worse.
▼ + stars: | 2023-01-25 | by ( Anna Silman | ) www.businessinsider.com time to read: +42 min

The infusions at the ketamine clinic in his West Texas hometown were a Christmas gift from his grandmother. About five years ago, more and more of my friends started using ketamine recreationally. IV ketamine treatment centers charging $400 to $2,000 an infusion popped up all over the country. "Ketamine used as directed in an appropriate clinical setting very rarely leads to any dependence," Mindbloom says on its website. Like Nadia, most of the people I interviewed said when they started using ketamine, they didn't think it was possible to become dependent on it.

☆ Expect big holiday sales on everything but the bling
▼ + stars: | 2022-09-26 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN Business —Retailers have already signaled big sales are coming for the holidays — with one major, sparkly exception. That’s because holiday jewelry sales have been on fire over the last two years. “Jewelry is in good shape heading into this holiday season,” said Marshal Cohen, chief retail industry adviser with NPD Group. “With no real overstock position, [jewelry] retailers are not anxious” and don’t see the need to run big sales, he said. Paul Zimnisky, an independent jewelry industry analyst, said Signet’s comments indicate that consumers should not expect big sales or liquidation deals.

☆ Why lab-grown diamond sales are surging
▼ + stars: | 2022-04-27 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +6 min

He said March data showed the number of engagement rings sold that featured a manufactured diamond jumped 63% compared to last year, while the number of engagement rings sold with a natural diamond declined 25% in the same period. “The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said. “This is substantially less – as much as 73% cheaper – than a natural diamond of the same size, cut and clarity as the man-made diamond, which would cost $8,740,” he said. “A lab diamond is a real diamond, but maybe it took a few weeks to make it,” said Golan. There is, however, one important consideration for anyone buying lab-created diamonds: Man-made diamonds have little resale value.

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