Yes, engagement rings are now a symbol of female empowerment and financial independence

Centuries ago, engagement rings were indicators of business contracts between a man and a woman, and in some countries, they were even considered a sign of ownership. But with the rings that women are buying themselves today, the only thing being “owned” is the patriarchy.

Today, engagement rings and similar pieces of “milestone” jewelry are still strong symbols of love, but they’ve evolved to also represent self-love, empowerment and independence. Whether women are celebrating a partnership, a new baby, launching a business, buying a home, writing a book or reaching another important life milestone, jewelry – specifically a ring with a precious stone – is one of the most popular ways to commemorate that commitment or celebration.

Why rings?

For centuries, many cultures believed that the ring finger held a vein that ran directly to the heart, and although modern medical science eventually disproved this theory, the symbolism and tradition of wearing a band on this finger continued.

In 1886, Tiffany & Co. introduced its iconic diamond solitaire ring, and just after WWII, diamond giant De Beers introduced their classic ad slogan: “A Diamond Is Forever.” Over the course of the next three years, they saw their sales in the U.S. increase by 50%.

Since that time, diamonds have been the go-to stone for engagements worldwide, and although colored gemstones are now a popular option for many brides, the diamond still reigns supreme and is the preferred stone of choice for 83% of people who are engagement ring shopping.

Move over, boys: Women are spending more

In its 2019 Diamond Insight report, De Beers acknowledged the “increasing purchasing power among women” as a major area of growth, not only for women seeking traditional engagement rings but also for those making purchases for themselves.

More women are buying their own jewelry, and when women buy their own rings (or even when they contribute to the cost of a jointly purchased engagement ring), they spend more than when their male partners are footing the bill. And when we take a look at women in same-sex relationships, they’re significantly more likely to opt for a diamond for their partner than another, less-expensive gemstone.

Commitments to yourself and other life commemorations

Increasingly, engagements aren’t the only reason women snag a significant piece of jewelry. Women are redefining what a “big day” means for them and are buying diamonds to wear on their right hand to commemorate something special. Sometimes referred to as a “power” ring, these rings have come to be known as symbols of independence and influence.

Increasingly, if a woman is wearing a diamond, it’s no longer a sign of marriage, as society might have dictated decades ago – women aren’t waiting for promises of “eternal love,” and the diamond industry knows this, as indicated by the recent “For Me, From Me” campaign. Women are buying themselves jewelry to commemorate milestones such as graduating college, getting a promotion at work, buying a home, launching a company or gaining financial independence.

New types of stones to celebrate

Although diamonds may still be a “girl’s best friend,” increasingly, colored gemstones are being chosen by both brides-to-be and women marking their life milestones. Many jewelry designers’ engagement rings now feature sapphires, rubies, pearls and “imperfect” or “raw” diamonds, which may be colored, have small specks or flaws or be rough “uncut” stones.

And women who are making different choices with their jewelry have a slew of celebrity influences to back them up – Kate Middleton proudly wears Princess Diana’s iconic blue sapphire, Heidi Klum’s jewelry designer husband gave her a ring featuring a teal sapphire and Anya Taylor-Joy has a ring set with a vintage-cut emerald.

Vintage or antique rings are also a popular choice for many women who are looking for something special, seeking a more sustainable option without an environmental impact or trying to avoid stones that may have come from regions of conflict. Also, lab-grown diamonds (which are chemically identical to the real thing) are growing in market share – they now make up over half (52%) of all center stones.

No matter what kind of ring or other commemorative piece you choose for your celebration, one thing’s for certain: Women are in the driver’s seat when it comes to their jewelry and what it means to celebrate a life milestone with something that sparkles.

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