Jul

17

Jewelry Industry Sees New Opportunity

Filed Under Fashion, Gay Business, Gay Marketing 

Platinum wedding bands from Furrer Jacot. (PRNewsFoto/Platinum Guild International USA)NEW YORK, NY (PRNewswire) — The Legalization of Gay Marriage in California Offers a New Opportunity for the Jewelry Industry.

There are many reasons for the wedding industry to celebrate California state Supreme Court’s recent decision to overturn a ban on gay marriage.

The Williams Institute on Sexual Orientation Law and Public Policy at the UCLA School of Law estimates that same-sex weddings could generate up to $683.6 million in additional revenue for the industry over the next three years.

With the current state of the economy, the ruling is particularly good news for jewelers as same-sex couples look to purchase wedding rings and wedding jewelry. Many traditional jewelers have already started to cater to same-sex couples, including Erica Courtney, Catherine Angiel, Furrer Jacot and Neil Lane, who designed Portia de Rossi’s Platinum engagement ring. Platinum rings are not only the highest quality, but express the importance of a couple’s commitment to each other with the metal that will stand the test of time beyond all other metals.

“As with heterosexual couples, gay couples see their wedding bands as a tangible symbol of their love and commitment to one another,” reports Gay Family Support, a gay-rights organization.

WWD West reports that sales for the gay and lesbian online jewelry resource Love and Pride have increased 600 percent since the ruling.

Though Massachusetts also allows gay marriage, California is the only state where same-sex couples can obtain a marriage license even if they are not state residents. The Williams Institute estimates that half of the state’s 102,639 same-sex couples will marry by 2011, in addition to 67,500 out-of-state couples.

“Shreve & Co has embraced the decision of the legalization of gay and lesbian marriages,” says Richard Horne, President of Shreve & Co, the San Francisco based luxury jewelry store. “We have had an increase in customers, as many gay and lesbian couples are coming in to purchase their wedding bands. Platinum bands have been the most popular, in particular the Furrer Jacot bands. The ring choice has been a matter of individual style but Platinum designer rings have been the most prevalent.”

Jack Kyser, Senior Vice President and Chief Economist of the Los Angeles County Economic Development Corporation, expects the weddings to offer a significant boost to the state’s tourism industry.

According to media and entertainment company Planet Out, gay consumers earn 20 percent more than straight consumers, and spend approximately 10 percent more on their weddings.

“With a projected $641 billion in purchasing power and higher discretionary spending patterns than mainstream consumers,” states Harris Interactive, a market research company, “the gay, lesbian, bisexual and transgender (GLBT) market segment has become an important target for some of the biggest brands.”

Hotels, wedding planners and vendors in California obviously stand to benefit from the ceremonies, but jewelers from around the world have a unique opportunity to target this sought-after demographic through direct ad campaigns and the Internet.

Source: Platinum Guild International USA

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