Why I’m Embracing the Power of the Statement Ring

My mother’s jewelry has always announced her entrance into a room. The clacking together of bangles, sonorous chimes of chandelier earrings, and light refracting off of a statement ring let you know, without a doubt, that she has arrived. As a woman in finance, and often the only woman in this space, she wears jewelry as a type of armor. More than just a pretty accessory, those showstopping earrings and major statement rings offer her a sense of protection and comfort in an otherwise male-dominated and somewhat unpredictable environment. While I have always echoed my mother’s inclination towards over the top jewelry, it has only been in the last few months that I have come to appreciate the power of the statement ring.

After months of staring at myself on Zoom, I realized I am a big hand-talker. From gesticulating to fixing my hair, my hands make an appearance in all my meetings. Enter the aforementioned statement ring. From vintage-inspired cameo rings to enamel rings in every color of the rainbow, I have come to relish festooning my fingers. Looking at my hands now gives me a little burst of energy.

As I have started to embrace statement rings, I’ve noticed celebrities who do as well. While everyone focused on Amanda Gorman’s bright red headband at the inauguration, my eyes were affixed to her whimsical Of Rare Origin ring. Bella Hadid has also been known to put her own spin on the trend, and often stacks multiple chunky acrylic La Manso rings. With this star power I think it’s safe to say that eye-catching rings are here to stay. Below, shop a handful of statement ring picks that will both make for the perfect eye-catching Zoom accessory and provide some much needed extra courage.

A Conscious Diamond Ring for the Modern Couple

With conventional weddings on pause for the pandemic, it’s a good time to reexamine the traditions behind them and wonder which ones will make it into the future. Diamond rings probably aren’t going anywhere, but as consumers become more environmentally conscious and interested in ethical production, the demand for sustainably produced jewels is just going to rise.

That’s part of the ethos behind the Ten/Ten program, which asked ten independent jewelry designers to reimagine the classic engagement ring in a way that resonates with a new generation of couples. Each designer created a commitment band that honors the symbolic unity of love but from a modern perspective and with an accessible price point. Each ring contains an ethically sourced diamond from Botswana that comes in at just under one carat. The mining process of the natural diamond is integral to the ring, and the designers worked to honor the journey of the precious stone from the ground to its place on your finger.

“If we are taking these precious materials out of the earth, it had better be for a good reason, and we had better do well by the people extracting them for us,” said Pamela Love, one of the featured designers.

The jewelry-makers participating in the project come from a variety of backgrounds and design styles but are unified in their commitment to responsible sourcing practices. Ten/Ten’s emphasis on the origin of the diamond was a driving force for many of the designers involved in the program.

“As a person of African heritage, I love the idea of helping people from a country where diamonds have contributed to a culture and set up its people,” explained designer Lauren Harwell Godfrey.

The collection of 100 rings was made with the support of the De Beers Group and is available for purchase exclusively from Blue Nile.

Pandemic, soaring prices hit gold jewellery sales

Upper-middle and middle income groups found it difficult to even think about giving gold sets to their daughters due to ‘unaffordable prices’, forcing them to buy artificial jewellery, they added.

“A three-tola gold set comprising a necklace, earrings and ring costs Rs350,000 minimum while two-tola sets are priced at Rs200,000-225,000 in view of the current gold rate,” said chairman of the All Pakistan Jewellers Manufacturers Association (APJMA) Mohammad Arshad. Currently per tola 24-karat gold price is set at Rs113,200.

“Sales are depressed by 70 per cent in January amid the ongoing wedding season,” Mr Arshad added.

“Many people who were unable to buy gold ornaments due to rising cost of living are switching to artificial jewellery sets. Besides, security issues also haunt buyers who do not want to take the risk of using gold sets on the wedding day,” said the APJMA chairman.

The 10-gram and one-tola gold prices jumped by Rs21,947 and Rs25,600, respectively, in 2020. On Dec 31, 2020, the 10-gram and one tola gold prices were Rs114,000 and Rs97,737 as compared to Rs75,790 and Rs88,400 on Dec 31, 2019 based on the massive jump in international price of the precious metal by $372 per ounce to $1,894 from $1,522.

Sindh Sarafa Jewellers Association (SSJA) chairman Haji Haroon Rasheed Chand said small to medium-sized jewellers are working on only 40pc business as gold prices have gone up drastically.

“People are already perturbed by skyrocketing food prices and utility bills. Due to increasing gold prices, many clients come with old jewellery sets to get new ones made by compromising on the weight,” Mr Chand explained.

Disagreeing with other stakeholders and referring to the lockdowns and subsequent suspension of large gathering and wedding functions prior to Sept 15, 2020, Pakistan Gem and Jewellery Exporters and Traders Association Export Committee chairman Habib ur Rahman said: “Something is better than nothing.”

“Gold jewellery sales have fallen by 30-40pc but the wedding season has revived hopes of jewellers from September onwards,” he said.

Pakistan’s gold imports in July-Dec 2020 fell by 68pc in quantity to 72kgs and by 52pc in value to $4.385 million, data by the Pakistan Bureau of Statistics (PBS) showed.

“Official gold imports remained suspended from May to August 2020 due to rising prices in world markets. Jewellery exports also lost pace in the above period,” said Mr Rahman. He went on to add that jewellery exporters usually import gold for making sets and ornaments under a scheme.

“Jewellery exports remained subdued in April to May due to the Covid-19 pandemic as many international markets were either shut or partially opened. Also there was a drastic reduction in air traffic. However, things started recovering from July 2020. Jewellery exports in July-Dec 2020 rose by 123pc to $5.764m as compared to the same period last fiscal,” he explained.

Mr Rahman noted that the UK is facing a lockdown which had hit gold jewellery exports badly in January. Gold jewellery is also being exported to Canada, US and Dubai.