Engagement rings have long been the go-to symbol of a couple’s commitment to marry, but as preferences evolve and wedding proposals become more elaborate, some couples are opting for a different type of jewellery to mark their union.
Engagement watches have been flying quietly under the radar for a while, but they seem to be gaining traction.
“We’ve seen timepieces used to commemorate a couple’s relationship in Asian culture for some time now, but the trend is certainly becoming more visible in other markets, including the UAE,” CEO of luxury watch brand Parmigiani Fleurier, Guido Terreni told Arabian Business.
Referred to as “Couples Watches,” these timepieces are being exchanged instead of, or alongside, traditional rings.
“As [wedding] traditions evolve and times change, people are understanding the real value of timepieces, not only in terms of investment, heritage, and creative and technical artistry, but as a more personalised symbol of eternity,” Terreni added.
Sales figures from Parmigiani Fleurier show timepieces such as the Tonda PF Micro-Rotor 40mm and Tonda PF Automatic 36mm are often purchased together to mark a proposal or celebrate a special milestone. This trend is not only unique to Parmigiani Fleurier as industry experts report similar trends.
According to Pratiek Kapoor, Head of Operations & Communication at Kapoor Watch Company, “there’s a shift in the consumer spending from jewellery to watchmaking. Watches are more frequently wearable and increasingly valued as an investment.”
Why couples are ditching engagement rings
While diamonds are unlikely to lose their appeal, demand for traditional engagement rings have faded. Zimnisky’s rough diamond index indicates a 5.7 percent decrease in diamond prices this year, with a more than 30 percent drop from their 2022 peak. Mined gemstones are also losing market share to lab-grown alternatives.
“Today, collecting watches is easier than buying diamonds, where you really need to know your way around…. it could be a diamond with flaws to the trained eye or even synthetic,” explained Giovanni Prigigallo, Co-Founder of EveryWatch, the world’s largest watch market database.
Moreover, the role of social media in modern proposals further accelerates this shift. Couples are increasingly using these platforms to propose in louder, grander and more unconventional ways. Modern wedding proposals place greater emphasis on creativity and personal touches, where a traditional engagement ring does not always fit the bill.
This was the case for Karl Huggenberger. When proposing to his now-fiancée, he chose a Cartier Tank Française CRWSTA0065, a watch launched in the same year he met his future fiancée. Not only did this feel more personal but according to Huggenberger “she felt that a watch is more classy and added more to her look than an engagement ring,” he explained.
Why watches are becoming the alternative trend
The tradition of proposing with a diamond engagement rings dates back to De Beer’s influential 1948 advertising campaign that popularised the slogan ‘a diamond lasts forever’.
However, as Giovanni Prigigallo points out, the watch market is becoming increasingly commoditised, attracting a wider audience, including more women who previously leaned towards jewellery.
“I think if you’re interested in watches, it becomes more special and something you would value a lot more,” Prigigallo observed. He also highlighted the watch industry’s robust growth and diversification, factors that enhance their appeal as a viable alternative to traditional diamond rings.
Engagement watches extend beyond their practical use to their potential for personalisation and rarity. Just like engagement rings, inscriptions and engravings are becoming popular on watches.
“You can actually get a watch really personalised. You can pick your dial, which colour you want and make unusual requests. It’s become similar to the car industry, where you can get something super customisable. I also believe that’s where the watch industry is heading,” Prigigallo explained.
This trend towards rarity can be seen in watches such as the customised models of the Cartier Crash. “Cartier are making strict rules and limiting availability [in the Middle East] because they don’t want everyone to have the [customised] Cartier Crash,” Prigigallo said, or risk that it becomes ubiquitous.
As for engagement watches, classic and timeless designs with dial sizes ranging from 34mm to 41mm often make for popular choices “it’s the sweet spot where collectors and buyers are spending most money,” Prigigallo noted. These options may include various variants and limited editions. However, Prigigallo emphasised that ultimately, the selection should align with the couple’s personal preferences.
Watches extend influence beyond proposals
While proposing with a luxury watch may not yet be mainstream, timepieces are playing a more significant role in wedding ceremonies and celebrations.
Deloitte’s Swiss Watch Industry Insights 2024 report found that up to 40 percent of respondents frequently purchased Swiss watches as gifts for special occasions such as weddings. These timepieces are becoming appropriate gifts from families to the bride and groom.
Moreover, in high-net-worth circles, the trend of gifting timepieces extends beyond the couple themselves. For instance, during the recent high-profile wedding of Anant Ambani and Radhika Merchant, the Indian billionaire reportedly surprised his groomsmen with customised Audemars Piguet watches, each valued at approximately $250,000 each.
The integration of luxury watches into wedding celebrations speaks to the growing trend of more grandiose wedding elements, such as champagne towers, personalised fireworks, and performances by top artists. Watches contribute to creating these unique and memorable occasions, from proposals to weddings and anniversaries.
Prigigallo also highlighted the enjoyment found in the shared experience of watches. “Have fun and buy different watches that you both share and wear. That’s the fun part about watches,” he concluded.
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