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Wedding Ring Market: Global Geographical Expansion by Means of Mergers, Acquisitions and Strategic Partnerships

07-11-2018 09:04 AM CET | Fashion, Lifestyle, Trends

Press release from: Transparency Market Reasearch

Wedding Ring Market: Global Geographical Expansion by Means

A wedding band or wedding ring is a finger ring which indicates that the person who is wearing the ring is married. It is typically made of metals such as gold, silver, or platinum, and traditionally is consisting of diamonds. Depending on the culture or tradition, a wedding ring is usually worn on the base of the right or left ring finger. Another indication of the cultural importance of wedding rings is that these are among the few items which visitors and prison inmates are permitted to wear. The double-ring ceremony defines the exchange of wedding rings for both spouses. In some of the European nations, it is common to exchange plain engagement rings of the similar form for both spouses, and usually, an additional and sometimes more precious wedding ring is given to the bride. Wedding rings are normally chosen together and the engagement is a matter of agreement between the two spouses. Both wedding and engagement rings are worn on the left or right hand depending on the tradition. In Austria and Germany, both spouses wear engagement rings on the left hand. In Germany, it is a tradition to wear a wedding ring for both the groom and the bride since long.

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The wedding ring market is expected to show sustainable growth in the coming years. The demand for wedding rings is anticipated to rise owing to improved lifestyle in emerging economies, increasing urban population, and rising number of middle class individuals in countries such as China and India, compelled companies to focus more on designing innovative and unique wedding rings which are made of gold, silver, platinum, or combination of these metals. Many individuals wear their wedding rings night and day, leading to an indentation in the skin which is visible even when the ring is removed. The difference in cultures and traditions in various regions such as North America, Asia Pacific, Europe, and Middle East, and Africa could hinder the growth of the wedding ring market. This is because in countries such as China, and India, there is no compulsion of wearing a wedding ring after marriage. Furthermore, the cost of the wedding or engagement ring might act as a restraint to the market. In addition, varying prices of gold, silver, and platinum might retard the growth of the wedding ring market in Asia Pacific region.

The wedding ring market is segmented by application, type, region, and end-user. On the basis of type, wedding rings are classified into gold wedding ring, platinum wedding ring, diamond wedding ring, and others. Platinum rings have significant share in the North America and Europe wedding ring market. Gold wedding rings hold a substantial share in the global wedding ring market. Based on application, the wedding rings market is segmented into engagement ring and wedding ring. On the basis of end-user, the market is segmented into men and women. In terms of region, the wedding ring market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Furthermore, these regions are subdivided into various countries such as the U.S., Canada, U.K., Germany, France, Italy, China, India, Japan, Australia, Saudi Arabia, South Africa, and Brazil.

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Some of the key players in the wedding ring market include Cartier, Tiffany, Chow Tai Fook, Chow Sang Sang, Lukfook, I DO, Mingr, Chow Tai Seng, Lao Fen Xiang, Harry Winston, LVMH, CHJ, CHJD, Yuyuan, TSL, David Yurman, Van Cleef & Arpels, Charles & Colvard and so on. Key players in the market regularly launch new designs in wedding rings to remain competitive. Furthermore, companies launch exciting offers to promote their products and adopt innovative marketing strategies to attract customers.

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