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May 20, 2024 11 mins

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Speaker 1 (00:00):
Okay, I have a lot of thoughts about this, but
I don't know if they're linear thoughts.

Speaker 2 (00:04):
I don't know if they're going to make any sense.

Speaker 1 (00:06):
But engagement ring sales are down, so failed romances due
to the coronavirus pandemic have impacted the wedding industry, resulting
in a nosedive in the sales of engagement rings. To
get back to pre pandemic levels, engagement ring sales for
jewelers that include sales Jared Kay Diamonds Direct would need
to increase by twenty five percent by twenty twenty six.

(00:27):
It's not just engagement rings taking a hip with the
pandemic resulting in brides moving away from traditional weddings and dresses.
Data from the CDC earlier this year noted that weddings
weren't get back to pre pandemic levels either, as fewer
couples are deciding to tie the knot. And I would
love to know what people think about this. You can
call any time, by the way. Eight five, five, five, nine,
one one oh three five. Okay, here's my thing about

(00:48):
engagement rings. I don't know if this is going to
make any sense. So engagement rings, you know, However, many
years ago, De Beer's convinced everybody that what was truly
considered like a junk rock was the thing that everybody wanted. Yeah, right,
you had to have a diamond that everyone right, every
woman wanted a diamond, So it became a status symbol, right,

(01:11):
And the bigger the diamond, typically the more you were
loved slash, the more money that somebody was willing to spend.
But I think it's fair to say, can we all
agree that for the longest time, a diamond was a
status symbol, and the size of the diamond was also
a status symbol.

Speaker 2 (01:25):
Whether that's fair or not.

Speaker 1 (01:26):
I know rich people who wear an heirloom diamond, or
rich people who are now rich that were not rich
when they were proposed to. So the diamond's small, and
they still wear that because it has sentimental value. Okay,
So now they have the lab grown diamonds, right, which
are a fraction of the price. So I can now
go get a three four, I get a gigantic monster

(01:49):
diamond for my fiance, and I'm not spending anywhere near
what I would have spent before. So I feel like
that in some ways removes the status symbol I'm not
saying that a big diamond and that's manufactured is any
less great or or any less beautiful, but it's not
as expensive. So it's like, now when you look at
someone's ring, are you really as concerned about how much

(02:09):
it costs? Because it used to be, oh my god,
that's a jalo diamond that was a million dollars. Now
you might look at it and now you realize, well,
it doesn't have to be a million dollars anymore. So
then I asked myself the question of why diamonds at all,
Like at that point, why don't we Why does it
have to be a diamond? Why does it have to
be huge? Why does it have to be anything? Because
I can go buy a beautiful, flawless diamond it was

(02:31):
grown in a lab for like a I don't know
a fraction of what I would have had to pay
twenty years ago. So it doesn't really say anything about
how much money you do or don't have. It never
really did, because think about it, I know people that
have huge rings and the women are making the payments
on the ring because that's what they wanted and the
dude couldn't afford it, but they wanted something, and so

(02:55):
it was like or dude went out and financed a
gigantic ring and then lost his job, and then they
wind up taking this on as like a joint household expers.

Speaker 2 (03:03):
I'm just saying the whole thing is crazy.

Speaker 1 (03:04):
So what I wonder is, does everybody still want a
gigantic traditional diamond ring or are we at this point
going well, it doesn't necessarily say anything about anything, So
why does it have to be that?

Speaker 2 (03:17):
It could be anything? You don't feel this way? No,
absolutely not. It needs to be a diamond, and you
want a big ass diamond. It doesn't have to be big,
but it has to be. It has to fit me.

Speaker 1 (03:28):
Do you care if it was growing in the ground
or in the laboratory, Just.

Speaker 3 (03:32):
Don't tell me. Don't tell me the difference. I wouldn't
know if you gave me some cubans or cronium.

Speaker 4 (03:36):
No.

Speaker 5 (03:37):
No.

Speaker 3 (03:37):
The thing with me is like I have to walk
around and wear this, so I have to like it,
and it also represents me, so like I have to
like it. That's all I care about is that I
have to like the diamond.

Speaker 2 (03:50):
I have to like it.

Speaker 3 (03:50):
But I definitely think women still want rings. We still
want diamonds.

Speaker 2 (03:54):
I just feel like people used to stay in their head.

Speaker 1 (03:56):
And I'm making this some kind of but people used
to stay in their head, you know, I don't know
ten thousand dollars a carrot, fifteen thousand not whatever it
is in their minds, they'd be like, oh, that's two carrots.

Speaker 2 (04:06):
He spent twenty k on that.

Speaker 6 (04:07):
WHOA.

Speaker 1 (04:08):
Well, now you don't know, and it shouldn't have ever
been that way. But if I'm going to make a
splash on a status symbol, I don't know it'll if
it'll be that anymore, because I don't really know what
it means.

Speaker 3 (04:18):
But most people can't tell if it was grown in
a lab or in the backyard.

Speaker 2 (04:23):
You don't know. But at some point I trust me.

Speaker 1 (04:27):
I'm trying to grow diamonds in money, and people are like,
manufactured diamonds are flawless. Yes they are, but they're significantly
less expensive though. So it doesn't it doesn't can't. It
doesn't mean what you think it means anymore. I don't
think so at that point it's like, well, why why
would I go out and spend all this money on
a flawless natural diamond when I can get a cheaper
one this way, or I could go get get they're

(04:48):
getting so big, I could just go get a fake
one and most people wouldn't know the difference.

Speaker 2 (04:52):
I get. Jewelers are listening to me.

Speaker 1 (04:54):
Now, I'm going no, I don't say that, and I'm
not saying that you get whatever, get whatever you want.

Speaker 2 (04:59):
But I don't know.

Speaker 1 (05:00):
I'm just thinking, like, what if I go out and
I go buy some crazy expensive Tiffany ring for somebody,
and if somebody else goes and gets another ring that
looks exactly the same that was a tenth of the price, Well,
then if I were a status guy, we're the same,
I guess, which means why did I spend so much money?

Speaker 3 (05:17):
But you're not the same because you know that you
spent a real bad the world. The rest of the
world doesn't. Well, if we pull out the diamond tester, no.

Speaker 1 (05:24):
No, okay, because yeah, I get you know me, I'm
always carrying around a diamond. Oh congratulations when you're engagement,
give me that thing? You crazy? Hey Stephanie, good morning, Stephanie.

Speaker 2 (05:35):
How are you.

Speaker 5 (05:36):
I'm good? How are you Hi?

Speaker 2 (05:38):
What did you want to say? Welcome? Thanks for listening.

Speaker 5 (05:42):
So I just wanted to say, you know, like I
was a woman who got engaged in December of twenty twenty,
so like right after COVID, I don't have the biggest diamond,
but it's the diamond ring that fits me. It's my
single stone in the center and a nice halo and
diamonds down the Vand it did not cost an arm
and a leg.

Speaker 7 (06:00):
I know exactly what it costed.

Speaker 5 (06:02):
So for me, it's not about the diamond. My fiance
went in and he picked the ring. We looked at
him together, and he went back and got the style
that he felt that fit me, which to me is
more of a token of the love and the relationship
than just like a status symbol.

Speaker 2 (06:19):
Yeah, he was listening.

Speaker 1 (06:20):
He got what he could afford, he got what he
knew you would want exactly.

Speaker 2 (06:24):
Yeah, that's the point, right.

Speaker 1 (06:26):
Right.

Speaker 5 (06:27):
And I'm a bartender at a hall on the weekends
four weddings, and there has definitely been a decrease in
the amount of weddings that have been happening. Back when
I started, they were almost every single weekend. I went
an entire month in July of twenty twenty one not
bartending one wedding, and I mean it was definitely a

(06:50):
decrease from where we saw the year before, and I
just we're still not married, we're still engaged, but we
don't know if we want to spend that money on
a wedding for one night when we can go and
spend it maybe ships, getting married at a courthouse, or
eloping with our family and friends to like a nice,

(07:10):
longer vacation. Yeah, kind of edge about it.

Speaker 2 (07:14):
It makes a lot of sense.

Speaker 1 (07:15):
Thank you, Stephanie, have a great day, and congratulations you too.

Speaker 2 (07:18):
I guess so all I'm.

Speaker 1 (07:19):
Saying is I don't care what you spend I just
think that maybe this is like the equalizer, different different products,
different trends now, it's like the equal It's like, well,
maybe the standard is changing now and I can spend
less on a ring and more on something else like
a honeymoon or or or maybe we've learned during the
pandemic that we didn't need to have a wedding at all,
like this, lady, you know, Hey, Liz, Hey high Liz,

(07:41):
good morning.

Speaker 7 (07:43):
Good morning.

Speaker 8 (07:43):
I love you guys, Hey.

Speaker 2 (07:44):
Love you too. What did you want to say?

Speaker 5 (07:47):
I actually got engaged just before the pandemic hit, and
we had started to wedding plan, and it was driving
us crazy, and the guest list the most price was
just going up.

Speaker 7 (07:56):
And up, and then the pandemic hit and we were
ultimately so relieve because it gave us an excuse to.

Speaker 4 (08:02):
Elope and nobody could be mad at us for it,
and we sent all our money.

Speaker 7 (08:05):
On this great trip, just us and two friends and
my mom and it was really ideal.

Speaker 1 (08:10):
Yeah yeah, well, good for you and congratulations, thank you.

Speaker 8 (08:14):
And we also got staff fire instead of a diamond.

Speaker 1 (08:16):
See yeah, that's what I'm saying, like, maybe you like
something else better and so it doesn't have to be
the same as everybody else, or as big or smaller.

Speaker 2 (08:22):
It doesn't really matter. Thank you, Liz, have a good day.

Speaker 6 (08:25):
Yeah, thanks, thanks.

Speaker 2 (08:26):
I mean, still go buy something, I guess. You know.
Do we have any adjewelers on the air. I don't know. Yeah,
go buy from them if we do. Omar Hi.

Speaker 8 (08:35):
Big more than everyone.

Speaker 1 (08:36):
Hey, oh Mari, Hi, good morning, thanks for listening. So yeah,
it turns out that the whole wedding industry is still
sort of down from pre pandemic levels.

Speaker 2 (08:45):
Engagement, ring sales are down, all of that stuff. What
do you think?

Speaker 8 (08:49):
So yeah, you know, I actually married to my high
school sweetheart. We got engaged in the year before the
pandemic hit, and we went ring shopping and you know,
we were thinking about whether we should have a court
dat or a whole reception. We ended up having, you know,
deciding on reception. We had our down payment and everything,

(09:09):
and then pandemic hit. We lost our our you know,
our deposit for the place, for the venue. The venue
actually ended up shutting down. But at that point, you know,
we were still looking for rings and stuff, and I decided,
you know, I'll go get her something. I ended up
getting her a nice diamond ring which is you know,
which is which is her birth zone, So there was

(09:30):
no going around that.

Speaker 4 (09:32):
Yeah, well yeah, so but no, you know, we ended
up getting married in court, and we were actually on
a fence about even continuing, you know, if we should
look for a venue, and we.

Speaker 8 (09:44):
Were like, you know what, we already got buried in court.
Let's just live with your parent. We're still living with
our parents.

Speaker 2 (09:48):
Not at that point, we're you.

Speaker 8 (09:49):
Know, kind of fresh out of college and uh, you know,
just deciding what our plan was because the pandemic kind
of just threw a bench into everything.

Speaker 1 (09:57):
Yeah, I heard that. I heard that about the pandemic camp.
It did kind of you had kind of mess some
stuff up for people. Omar Man, congratulations, thank you for calling.

Speaker 8 (10:06):
Thank you, thanks so much.

Speaker 2 (10:07):
The pandemic was that was whacky? Wouldn't that whole thing?

Speaker 5 (10:12):
Is it?

Speaker 2 (10:12):
Meh hi? I said, all right, mish miss is it right?

Speaker 5 (10:18):
Oh?

Speaker 2 (10:18):
Hi, hi, mish hi, Yes.

Speaker 5 (10:20):
Good morning.

Speaker 7 (10:21):
I was just calling his chair. So I'm one of
the girls that you know, likes the big Sparkley, but
I also feel like I have a good head on
my shoulders, and you know, I wasn't expecting my husband
don fiance to pay the price of a car for
a ring that I want.

Speaker 6 (10:35):
So we did a lot of investigating and we decided
to go with something alternative, which was Moys Night. So
still Sparkley still looks like a diamond, but they're actually harder,
And so I was able to get a ring that
I liked, but in a price point that worked for us,
and you know, we could still have afford a wedding.

Speaker 1 (10:56):
That Yeah, So that makes a lot of sense. I
guess that's what I'm saying, is like, maybe that that's
what's going on here. Is the whole thing is just
sort of bringing to light the fact that there's plenty
of other things to spend money on, but other than
other than that.

Speaker 2 (11:09):
Actually, thank you so much.

Speaker 8 (11:11):
End of the day.

Speaker 7 (11:12):
Getting married to somebody you love, You're welcome.

Speaker 1 (11:15):
Yeah, No, I wish you a lifetime of happiness, not
the average seventy eight years that most people get. I
want you to have the whole damn thing. Okay, unless
you get tired of him. Unless you get tired of him,
then drop his ass and move on. It's okay, no
one's judging. Okay, day, Okay, thank you. She's like, no,
I just want you to know I support you either way.

Speaker 2 (11:33):
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