The US jewellery market
The US market for gold jewellery has shifted away from mass market gold sales and is enjoying a renaissance at the high end with the growth of designer gold jewellery brands, particularly in yellow gold which has become increasingly fashionable on the East and West coasts. This has been led by high levels of interest from celebrities and more innovative concepts emerging from younger designers.
Weddings are also a key driver of American demand for gold jewellery today. The US market for engagement rings and wedding bands is more than US$9.7 billion1.
While wedding rings have been a part of Western European culture for centuries, the modern American tradition of the gold wedding band took off during the Second World War, when soldiers fighting overseas wore rings to remind them of their loved ones back home.
Gold’s dominance of this market is derived from its claim to being the original and authentic metal of love. Its physical beauty, strength and intrinsic value have made it the definitive choice for wedding bands for almost two thousand years. These qualities are still the reason why over 77 per cent of women choose gold for their own wedding band today.
On average, couples spend between US$1,500 and US$2,000 on the bride’s wedding band, and there is a growing trend towards more premium, customised products. Gold’s malleability means it is very workable, making it easy to resize and personalise with engravings. There are few better ways of making an eternal statement of love than inscribing a message in gold.
The range of colours that gold is now produced in means that American consumers also have more options, and today 70 per cent of brides choose to wear white gold for their wedding or engagement rings. The total value of the market for white gold wedding and engagement rings in the US is in excess of US$6.3 billion.
- Wedding Report, Inc., Engagement and Wedding Ring Report 2011