Despite Rising Costs on Diamonds, Allurez Will Not Increase Prices on Engagement Rings & Fine Diamond Jewelry

A diamond supply shortage means a steep rise in prices. Consumers are already feeling the pinch.

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May 13, 2014, 12:02 ET

NEW YORK, May 13, 2014 /PRNewswire/ -- Diamonds are forever, but the supply might not be. Mining companies are starting to come up without a sparkle in their eye, or hands, in their search for new diamond producing mines. And as supply becomes unable to meet demand, prices will certainly rise.

Some predict that diamond prices may increase 6% a year until at least 2020*. That's not good news for jewelry stores who receive about 35% of their total retail sales** from bridal purchases with diamond engagement rings taking the lead.

"[Allurez] believes every woman should have the opportunity to enjoy the beauty of diamonds.” This image must be used in conjunction with the news release with which it was originally distributed. (PRNewsFoto/Allurez)

Allurez, a leading online jewelry company and designer of fine jewelry, is well aware of rising diamond prices. A company spokesman said, "We've seen a jump in diamond prices and are fielding questions and concerns from our customers seeking advice on diamond purchases. We have chosen not to increase our diamond prices and instead are working with smaller margins. After all, we believe every woman should have the opportunity to enjoy the beauty of diamonds."

The three month rule – spend about three month's salary on an engagement ring, will most certainly change, if it hasn't already***, reflecting the prohibitive costs associated with diamond purchases. But all is not lost; many modern brides are looking for unique, alternative bridal jewelry, making diamonds less important than the final product.

"Our designers are creating stunning proposal rings with moissanite in place of diamonds. They have more sparkle and shine than any diamond and are not as costly as diamonds. In addition, consumers also have a renewed interest in engagement rings with gemstone center stones that include either diamond or moissanite accents. Not only do diamond alternatives bring down the cost of a ring, the outcome is a unique ring that befits the new criteria for engagement rings that stand out from the rest.

With the rising cost of diamonds, settling for less isn't the only option. In fact, with the unique alternatives for proposal rings increasing, they may soon be the norm, rather than the exception.

About Allurez.com:
Operating as an innovative and robust retailer and designer of exceptional jewelry from the heart of NYC, Allurez is recognized for providing the largest selection of designer style jewelry for men and women including engagement rings, wedding bands, bracelets, necklaces, pendants, earrings, and certified loose diamonds. Designed using the finest metals and gemstones, Allurez provides custom made jewelry for customers seeking the finest jewelry available.

* Bloomberg News http://www.bloomberg.com/news/2013-05-17/diamond-prices-to-increase-6-a-year-to-2020-on-supply-bmo-says.html

**JCK February 2014 http://www.jckonline.com/2014/02/02/groom-service

*** http://www.forbes.com/sites/learnvest/2012/12/26/how-much-people-are-spending-on-wedding-proposals/

Photo - http://photos.prnewswire.com/prnh/20140509/86205

SOURCE Allurez