Lily Arkwright reported a 73% year-on-year increase in engagement ring sales in the first week of August, following a heatwave in August, and Lily Arkwright’s Managing Director, Phillip Dawson, spoke to Jewellery Focus about the increase in sales, current trends within the industry, and the growing interest in higher grade cuts.
How are Lily’s Arkwright sales so far this year?
As we continue to execute our five-year strategy, we are pleased with the brilliant sales we are seeing. With the wedding industry booming this year, it’s fantastic to see the results we’ve built on.
It’s been amazing to see us grow over the past year and continue as a leading ethical jewelry retailer. Launching our updated website earlier this year is a really exciting time for everyone at Lily Arkwright and we can’t wait to share our new plans with our customers.
What factors led to a 73% increase in engagement ring sales in the first week of August?
Compared to last year’s dismal August, we believe that a period of pleasant weather led to a surge in sales as couples prepared to propose in the sunshine. The remainder of August is sunny, making it the perfect time to hold an engagement without worrying about the weather.
What time of year are engagement ring sales usually the highest?
We often see a spike in sales in late November, as many couples like to prepare their proposals during the holiday season. As this is a particularly popular time for proposals, coupled with Black Friday sales at the end of November, we’ve previously seen November sales soar by 63% as many people prepare romantic winter proposals and combine them with huge offers on rings for the perfect engagement.
Do you expect this trend to continue?
Of course, December has always been a peak month for proposals and this is not expected to change. Christmas Eve and Christmas Day are very popular proposal days as it is usually the perfect gift for a memorable holiday.
Valentine’s Day is a little less popular than Valentine’s Day, as many people consider it a predictable time to propose, whereas Christmas proposals retain the element of surprise.
Which type/style of engagement ring is most popular?
Generally speaking, we see an even mix between lab diamonds, carbon silica and colored stones. In most cases this is entirely down to personal preference and many clients don’t follow trends in this case. This year, we did see an uptick in interest in higher end cuts, as oval shaped stones were particularly popular.
What is causing the rise in interest in more high-end cuts?
Consumers, especially millennials, have been very receptive to fine cuts in the last 12 months. I think there’s a real confidence in wearing something that’s a little different and reflects your personality, such as oval and radiant cuts.
Are other jewelry categories seeing sales growth as well?
Timeless pieces such as earrings and tennis bracelets continue to be the most popular items throughout the year. As sought-after gifts, sales of these items rose again in the run-up to Christmas and Valentine’s Day.
Does Lily Arkwright have any special collections or types of rings that get the most attention?
Certainly our lab-grown colored gemstone collection has been very popular this year. It really builds on my previous point that consumers want a ring that really shows their individuality and allows them the freedom to express themselves.
What other trends are you seeing in the jewelry industry?
Since the founding of Lily Arkwright, we’ve been pushing hard for a huge shift from mined diamonds to lab-grown alternatives. We expect the preference for lab-grown diamonds to accelerate over the next decade as many people come to realize the similarities between lab-grown and mined diamonds, and the fact that they are both graded and certified by the same internationally recognized governing bodies. With the global push towards sustainability.