Diamonds – And Summer Weddings – Catch The Coronavirus Blues

Summer is traditionally a time for weddings and other joyous gatherings, but the coronavirus has turned everyone’s celebration plans on their head.

Even Princess Beatrice in the U.K. had to scratch her wedding plans in favor of a private, scaled-down and socially distanced affair last week.

There is no doubt that the wedding industry, which is centered around travel and large gatherings, is “likely to be hit hard by the coronavirus,” observe experts at Business Insider.

More and more couples have found themselves rescheduling, downsizing and outright cancelling their celebrations, due to coronavirus restrictions.

That in turn affects thousands of small to large businesses that support the $300 billion plus global wedding industry.

“Much of that money goes to the people who actually make the weddings happen: planners, day-of coordinators, bands, food vendors, and wait staff. As weddings and wedding-related events are cancelled, those people will lose money,” concludes Business Insider. Many of those vendors are one-person shops, or small businesses now struggling to survive.

Jewelry sales are now taking a hit as well, with The Wall Street Journal reporting that sales are down 40% or more. “With shops closed and weddings postponed, retail sales of diamonds, the bread and butter of any American jewelry store, (don’t) look good.”

The silver lining? If you’re in the market for sparkly stones, now is a good time to buy. Diamonds prices are near multiyear lows, says the Journal.

A not so happy development? The pandemic is giving rise to all kinds of novel and sticky etiquette questions. One popular question trending online? How to disinvite already confirmed invitees from a summer wedding that has suddenly been downsized. Ouch.

About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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