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Diamond Retail Sales Grow 8% in 2004.
For the ninth consecutive year, the retail diamond jewelry market grew in the United States, with an increase of 8.2 percent in 2004. Total diamond jewelry sales --half of the world's sales are in the U.S.-- was $31.5 billion, up $2.4 billion from 2003. Transactions grew by 4 percent and the average ticket price reflected a 4 percent growth as well.
Three-stone diamond jewelry, the “new classic,” continues to drive sales growth for the diamond jewelry market. In addition, by launching the “I Forever Do” anniversary campaign, the Diamond Trading Company will continue to grow the three-stone market by re-presenting a fresh occasion, the anniversary, for which three-stone jewelry is an appropriate gift. The three-stone category, which is any piece of diamond jewelry that consists of three diamonds, is now valued at $3.1 billion. During the past five years, three-stone diamond jewelry sales growth has risen almost 35 percent.
In 2004, diamond engagement rings reached their highest average price at $2,600, a year when 82 percent of U.S. brides felt that a diamond engagement ring was the only way to celebrate this momentous occasion. The total retail value for the diamond engagement ring category is $4.5 billion, which is a growth of 5 percent ahead of 2003.
The Diamond Right Hand Ring is another area that has seen tremendous growth. In 2004, the Diamond Right Hand Ring drove the $3.8 billion non-bridal fashion diamond ring category from an under performing section of the market into one that grew by 15 percent. This can be attributed to the success of the marketing campaign that resonates with women who believe in “The Left Hand Is For We, The Right Hand Is For Me!” In addition, research has shown that 39 percent of women are aware of the right hand ring; a 14 percent increase from the previous year. Of those 39 percent, one third of those women desire to purchase or receive a Right Hand Ring, and another one-third are considering a diamond ring of some kind.
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