Engagement rings increasingly bought online

A web-based jewellers that specialises in the sale of diamond engagement rings has revealed that its revenues increased by over 50 per cent in a 12 month period.

Between February 2006 and February 2007, US firm Novori experienced a 53 per cent growth in revenue, with 90 per cent of the people who visit its site now purchasing a ring. The company has attributed the growth in sales to increasing consumer awareness of its brand, and to its site's high ranking in search engines.

Harold Schaffrick, president and chief executive officer of Novori, said: "We are pleased with the growth in sales. It is interesting to note that this increase has come about without any significant extra marketing expenditure. I am confident that with planned marketing initiatives, we will grow revenues at an even greater pace. It's also nice to know we're growing sales at a faster rate than our competitors."

The company's fellow online retailers have also seen their revenues increase, with Blue Nile's growing by 34 per cent and Abazias' by 48 per cent. Novori asserts that the "no-pressure online shopping experience" makes customers more relaxed and more willing to purchase a piece of quality jewellery.

A study conducted by Jupiter Research revealed that between 2003 and 2004, online jewellery sales in the US increased by 19.3 per cent to reach $1.7 billion.