Some brides are choosing designer handbags over traditional diamond engagement rings, reflecting changing luxury spending habits as the natural diamond industry faces declining prices and weaker demand. London's LoveLuxury boutique has highlighted the trend, with owner Emily Abraham saying customers are requesting luxury handbags instead of engagement rings. One customer, Saniya, reportedly told Abraham she wanted an Hermès bag to celebrate her engagement.
Abraham presented her with several options, including a blue Kelly, a black Birkin and an orange crocodile-embossed design. A similar request was made by another customer at the boutique's Dubai location shortly afterwards. The encounters gained attention on social media, bringing further visibility to the growing interest in designer handbags as milestone purchases.
Hermès Bags Become Engagement Alternatives
Fashion expert Emily Blumenthal, a professor at the Fashion Institute of Technology, said luxury handbags had increasingly become alternatives to traditional jewellery for some shoppers. Popular designs from brands such as Hermès, Fendi and Chloé have attracted buyers looking for recognisable luxury accessories. Certain sought-after models also have established resale markets, although their value depends on the style, condition and demand.
The trend extends beyond engagements, with some women choosing designer bags to celebrate childbirth, career achievements and other personal milestones. Fashion shopping editor Cortne Bonilla-Oliva, for example, selected a Bottega Veneta Hop bag worth $5,800 (approximately £4,400) as a push present following the birth of her first child in December 2025. She said she already owned several rings and preferred another type of luxury purchase.
De Beers' Valuation Falls Amid Diamond Market Pressure
The shift comes as De Beers faces mounting challenges in the natural diamond market. The company, which was valued at approximately $13 billion (£9.9 billion) in 2011, has seen its valuation fall to around $2.3 billion (£1.7 billion), according to a Financial Times report published in November 2026.
Its parent company, Anglo American, has been pursuing a sale of the diamond business as part of its wider strategy to focus on other commodities. Reports suggest De Beers could attract a sale price of about $1 billion (£760 million), well below its estimated 2011 valuation.
The decline reflects several industry pressures, including weaker demand in China, competition from laboratory-grown diamonds, and falling prices for natural stones. Benchmark prices for standard one-carat natural diamonds have fallen by approximately 51% since September 2021, according to figures attributed to Rapaport Group.
Lab-Grown Diamonds Add to Industry Challenges
The availability of lab-grown diamonds has given consumers more affordable alternatives to mined stones, adding pressure to traditional diamond retailers. De Beers launched its Lightbox laboratory-grown diamond jewellery brand in 2018 but announced plans to close the business in May 2025, citing falling laboratory-grown diamond prices and a renewed focus on natural diamonds.
Despite the challenges, natural diamonds continue to attract buyers. De Beers' 2026 Diamond Report found that average spending on natural diamond jewellery in the United States increased by 25% in 2025, reaching $4,063 (approximately £3,080) per item, compared with $3,242 (£2,460) in 2023.
The report also found that non-bridal purchases, including gifts and self-purchases, accounted for 75% of natural diamond jewellery demand by value in the US. The figures suggest that while traditional engagement jewellery remains part of the luxury market, consumers are also spending on diamonds outside weddings and engagements.
