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The jewelry industry is facing challenging times as more women choose designer handbags over diamond jewelry. Now, even brides-to-be are dreaming of receiving a Hermès bag instead of a traditional engagement ring.

Recently, a customer at LoveLuxury's London boutique told the store's owner, Emily Abraham, that she had recently got engaged but had asked her fiancé for a Hermès bag rather than a ring. Just two days later, a similar story unfolded at the boutique's Dubai location. Both incidents attracted hundreds of thousands of views on social media, reflecting what appears to be an emerging trend.

“It seems that handbags, particularly at the high end of the market, have replaced jewelry,” says Emily Blumenthal, an accessories expert and professor at the Fashion Institute of Technology. She points to the Fendi Baguette and Chloé Paddington as examples of styles that younger consumers increasingly view as investments, the New York Post reports.

The shift is not simply about fashion. Industry data shows that natural diamond prices on the secondary market have fallen by more than 50% since 2021. De Beers, the diamond giant, has seen its valuation plunge from $13 billion in 2011 to $2.3 billion, and according to the Financial Times, the company could be sold for as little as $1 billion.

Meanwhile, high-end handbags continue to hold their appeal, even as resale prices have weakened. New York-based influencer Richie Jolivette says designer accessories are easier to resell than jewelry.

Practicality is another factor: a handbag can be used every day, while diamonds often remain reserved for special occasions. Fashion influencer Bryan Grey Yambao notes that precious stones are traditionally associated with engagements, anniversaries and heirlooms, whereas buying a new Chanel bag offers instant gratification.

The trend is also extending to post-baby gifts. Instead of traditional rings and bracelets, new mothers are increasingly opting for designer accessories. Marie Claire editor Courtney Bonilla-Oliva, for example, received a Bottega Veneta Hop bag worth $5,800 after the birth of her first child.

“I already have four rings. I didn't need another one,” she explained.

A new generation of women is replacing traditional luxury shoppers: those who choose and buy their own indulgences. In the United States, unmarried women account for 52% of the population, a record high, while the birth rate has fallen by 7.8% over the past decade. For the diamond industry, this means fewer potential buyers of engagement jewelry and gifts celebrating the arrival of a child.

“For nearly a century, the diamond industry convinced women that diamonds were the ultimate expression of love — and that someone else should be the one to buy them. Today, women are perfectly capable of purchasing luxury items for themselves,” says expert Carson Griffith.

The resale market illustrates the shift. Fendi Baguette bags in excellent condition sell for around 80% of their original retail price on The RealReal, while diamonds in today's market lose approximately 30% of their value.

The changing preferences are also reflected in the collections of jewelry houses. In Tiffany & Co.'s 2025 holiday gift guide, diamond jewelry accounted for seven of the first 12 featured items. In this year's list, that number has fallen to just two, with yellow gold and pearl pieces taking up most of the remaining spots.

Still, it is too early to declare the end of the diamond era. Tiffany & Co. owner Bernard Arnault told investors that revenue from watches and jewelry had increased by 9%, while affluent customers continue to buy precious stones and gold pieces. Tiffany, however, appears to be responding to changing tastes by expanding its range of designer handbags.

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