There were 2.3 million marriages in the US in 2008 and an estimated 1.9 million engagement rings sold. The average price for an engagement ring is $4,400 according to the American Wedding Survey.
Retail prices for engagement rings have dropped approximately 25 percent. The markdowns apply to all segments of the industry, from a platinum ring selling on Amazon with a 0.5 carat diamond for $1,675, reduced from $3,425, to a multi-carat piece worth tens of thousands. Analysts report that the discount is greater the larger the stone.
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In a survey by Modern Bride, engaged couples consider honeymoon, photography and the engagement ring to be top priorities when budgeting. 81% of brides hope for platinum bridal jewelry, according to Conde Nast Bridal Group. Platinum is the most durable of precious metals and 30 times more rare than gold. A report by the Diamond Trading Company confirmed, concluding that women prefer "fewer, but better" pieces.
