America's largest jewelry company says ring sales are on the decline as fewer people get engaged

Thu, 04/27/2023 - 10:26

Woman with red nails hugs man — Engagements have slowed after pandemic lockdowns, according to the largest jeweler in the US.
Bryan Miguel/Getty Images

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.
Other parts of the bridal industry are also feeling the effect — David's Bridal just filed for bankruptcy for the second time in five years.

As fewer Americans opt to tie the knot, jewelry companies are reporting a dip in engagement ring sales.

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.