Engagement Ring Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Wedding and engagement rings have a long and varied history, dating back to the ancient Egyptian era. Centuries later, they still continue to remain a classic and popular tradition associated with engagements and marriages. The millennial population continues to be the most prolific consumer segment, giving a significant uptick to the growth of the wedding rings market. Leading stakeholders in the market are redefining the retail experience of wedding rings by innovating designs, sharing, and curating in order to stay on top.
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Key players in the global Engagement Ring market covered :
Harry Winston Company
Chow Sang Sang
Chow Tai Fook
Charles and Colvard
What is Engagement Ring?
Engagement rings are referred to in different parts of the world as finger rings or bands worn to celebrate the tradition of engagement or marriage. The engagement ring has been used since ancient times according to different cultures and has gained prominence around the world. Gimmel rings, poesy rings, and Byzantine rings were previously used as engagement rings. As innovation and technology has occurred in recent years, the industry has widened its range of engagement rings. In general, the classic and simple diamond wedding bands are produced by the use of powerful machines that apply enormous pressure on the metals and blending machines to shape the ring, followed by the process of soldering, polishing and buffing.
The investment of key players in improving the efficiency of technology such as casting and plating by the use of software has created a range of premium engagement rings that draw mass consumers in the industry. The growing consumer need for newer trends and customization is expected to fuel the growth of the market over the estimated time. However, the increasing number of counterfeit rings in the market is a major factor affecting the growth of the market. Moreover, the growing penetration of the E-commerce sector coupled with the characteristic of engagement ring is attracting customers, which in turn, propelling the growth of the market.
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