The jewellery sector is seeing an increase in the popularity of engagement rings, with significant growth in the European market.

According to the Associated Press(AP), engagement rings had until recently been largely the preserve of US retailers such as Tiffany, but now European companies including Cartier and Bulgari are beginning to increase their activity in the sector.

More couples in Europe are buying diamond engagement rings than in the past and as such the European retailers are now looking to capitalise this trend.

"The engagement ring phenomenon has gone worldwide," De Beers Chief Executive, Guy Leymarie, told AP.

Meanwhile, the US market is also continuing to see growth in the engagement ring market, with the bridal sector accounting for 14 per cent of Tiffany's US sales last year.

The company has stated on a number of occasions that the competition for engagement rings is now "fierce" and it expects the market to become even more competitive in the future.

Source:

European jewelers court brides, 3/08/07
http://money.aol.com/news/articles/_a/european-jewelers-court-brides/n20070803133709990012?cid=1223

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