It may seem unusual to be urging people to buy wedding rings with Covid-19 lockdown restrictions casting doubt over if your wedding will go ahead. But there is good reasons why now is the best time to buy wedding rings. Firstly November sees Black Friday, and secondly, wedding ring metals are on the increase.
Black Friday Wedding Rings
Online retailers are known for slashing prices in late November as part of the Black Friday weekend, the biggest sales period of the year. Wedding Rings companies rarely go on sale, and this is the unique opportunity to capitalise on this. There has never been a better time to shop around for great deals on wedding rings.
What is Black Friday?
Black Friday is Friday 27th November and the black label sales event will last until Monday 30th November (Cyber Monday). An American Thanksgiving tradition, it’s grown in popularity in the UK thanks to Amazon.
Where can you buy a wedding ring in the Black Friday sale?
We contacted some of the biggest jewellers in the UK to ask if they were running Black Friday sales, and it seems there is no better time to get a discount on your wedding ring. We urge you to shop around as the amount of the discount percentage does not mean the best possible price. Plain wedding rings are easy to price compare, but before buying any diamonds you will need to understand what you are buying.
Wedding Rings Direct
The online retailer is known for the largest selection of wedding rings in the UK, and with no high-street presence is already able to offer the best prices.
Wedding Rings Direct has confirmed a Black Friday Wedding Ring sale with 10% off every order over £100 with the code BLACK10 until Midnight Cyber Monday.
Part of the Signet Group, the diamond and watch specialist Ernest Jones have a Black Friday page set up from 2019 that has yet to be updated.
The retailer had not responded at the time of publishing, but they are advertising 25% off all Diamond Rings with 25OFF.
Also part of the Signet Group, the retailer has confirmed a Black Friday sale for 2020, but was unable to provide any details or any early bird discounts.
Part of The Watches of Switzerland Group with Mappin & Webb, Goldsmiths have already started their Black Friday event with no dedicated page, but with some items marked as being on a Black Friday sale
Beaverbrooks, F. Hinds, Fraser Hart have not provided any information on Black Friday Sales at this stage.
Metal prices change twice a day, and you can see the current price here. While this only impacts the price the jeweller making the ring pays for the ring metal from wholesalers, it is inevitable that rising metal prices results in the ring price increasing. This means that when you are researching your perfect wedding ring, this could be a different price when you decide to buy.
Monitoring fluctuating metal markets is not simple, of course, there could be an unexpected drop in prices. What you can be sure of, is that retailers might be inclined to not drop their prices until a sustained period of low metal cost.
Depending on your stage of researching your purchase, you have likely deliberated which wedding ring metal is best. And the debate between platinum and palladium is a great example. At one point in time Palladium was a cost-effective alternative for those looking for cheap alternatives. Now the Palladium metal price is triple the cost of Platinum and no longer the best choice of budget ring metal.
Are wedding ring metal prices increasing?
Yes they are, which is why now is a good time to buy wedding rings as prices will increase. This is down to international stock markets. There is a correlation between the global equity markets and gold prices. The trend is that when currency struggles, people put their money in metals instead. A major international event like elections and Brexit devalue the currency, meaning there is more value for investors in metal.
Will wedding ring prices increase in 2021?
2020 has seen record gold prices, and it’s likely to increase in 2021 which if it happens will increase wedding ring prices.
And then there is the supply/demand factor. Weddings have limited or cancelled in 2020 which means when things return to normal there will be a surge in weddings. A lot of people in the wedding industry have had limited to no income for the best part of the year. The inevitably leads to claw-back attempts to make more money. While it’s certain that midweek weddings will happen to accommodate the extra demand, there could be price increases here too.