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THE MVEye

2.07 Million Engagement Rings To Be Sold in 2022

Marty Hurwitz
Marty HurwitzPublished on May 26, 2022

Today's Wedding Jewelry Consumer is reporting that 2.07 million engagement rings will be sold in the USA in 2022 with an average cost of $3,670, making the engagement ring market in the US worth approximately $7.6 billion.

In 2022, about 386k complete custom engagement rings will be sold at an average cost of $5,384, making the entire custom engagement ring market worth approximately $2.1 billion. Couples that purchase a complete custom engagement ring spend about 57% more than those that select an existing style.

In 2022, approximately 1 in 4 couples purchasing an engagement ring will purchase a lab-grown engagement ring.

In 2022, about 545k couples will finance their engagement rings through the jeweler with an average cost of $4,512, making the engagement ring finance market worth approximately $2.46 billion. Couples that finance their engagement rings through the jeweler spend about 28% more than those that do not.

In 2022, about 1.13 million couples will purchase a warranty for their engagement ring. Couples that purchase a warranty for their engagement ring spend about 51% more than those that do not. Interestingly, almost 14% of couples, purchasing an engagement ring, said they didn’t know about warranties, no one told them, or they didn’t think about it, as a reason they didn’t buy a warranty. Most believe rings are covered under their homeowners' or renters’ insurance.

In 2022, about 1.07 million couples will purchase insurance for their engagement ring. Couples that purchase insurance for their engagement ring spend about 45% more than those that do not. Interestingly, almost 17% of couples purchasing an engagement ring said they didn’t know about insurance for it, no one told them, or didn’t think about it, as reasons they didn’t buy insurance.

In 2022, 4.5 million wedding rings will be sold at an average cost of $667, making the wedding ring market worth approximately $3 billion. 

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