With people becoming more and more conscious about how much they spend, even items such as diamond engagement rings are coming under analysis. People want to know how much they and others spend, if only to see if they spend too much compared to average.
Six months ago, Rare Carat started up, an e-commerce platform designed to help make the experience easier and more convenient for those who buy the precious stones for their rings instead of buying a pre-designed ring with a marked-up price. The site streamlines the experience of buying precious stones.
The site was founded by Ajay Anand, who got the idea when he got engaged back in 2015, when he noticed that an exorbitant amount of money on his engagement ring. He set up the site in order to bring transparency and element of choice to the experience of buying precious stones, because the normal process remained antiquated, at least according to him. He states then when buying precious stones the old-fashioned way, via actually visiting shops, like travelling through NYC’s Diamond District, a customer would be heckled by companies to go and look at their other products.
He also points out that the notable e-commerce platform for buying precious stones, Blue Nile, is outdatedand happened over 2 decades in the past.
Anand, whose day job is running SystMapp, with some help from his co-workers, founded rare Carat. The site now is closing the one-million-search mark.
The site has data on buying trends regarding precious stones, with round-cut diamonds compromising the majority of the site’s search queries, but less traditional shapes have become more popular. For the year of 2017, Ovals are becoming more and more popular, having risen 40% for six months.
Rare Carat also has data on how much each state on average people spend on precious stones for their engagement rings, which, usually tend towards the traditional diamond engagement rings. The data from Rare Carat shows the following states as the highest spenders on average.
- New York: $11,692
- Rhode Island: $11,365
- California: $10,747
- New Jersey: $10,269
- Massachusetts: $10,154
The lowest spenders on average are as follows:
- Utah: $6,171
- Nebraska: $6,059
- New Mexico: $6,051
- South Dakota: $5,611
- Montana $5,568