• The price of natural diamonds has fallen 50% since 2022, and is currently at its lowest level on record²
• The average cost of a wedding in the UK was £21,990 in 2025⁶
• The overall cost of a wedding has doubled since COVID¹¹

With wedding season just around the corner, and with two of our investment managers tying the knot this year, we thought it a fitting moment to step away from the steady stream of heavy macroeconomic headlines and offer a light-hearted look into innovation and cost pressures most associated with weddings.

In the UK, the average cost of a wedding is £21,990 with about half typically going towards the venue and catering⁷. Only c.15% of all weddings in the UK were religious ceremonies, of which 70% of them were held in Anglican churches⁸.

Diamonds  

Approximately 133 million carats of diamonds are traded annually³, with stones mined in Namibia achieving some of the highest prices globally (c.$417 per carat) ⁴. However, natural diamond prices have been in sustained decline since 2022, as an industry long-accustomed to strong margins faces disruption from the rapid adoption of lab-grown alternatives.

Source: Apollo Asset Management

Lab-grown diamonds are chemically identical to natural diamonds (pure carbon in a crystal lattice), but rather than being formed deep within the Earth, they are made via two methods; high pressure and high temperature, or via chemical vapour deposition (CVD). Most common is the CVD method, where a diamond seed and carbon-rich gas are heated in a chamber until the gas breaks apart and carbon atoms settle onto the seed layer by layer.

According to the latest BriteCo report, around 42% of all jewellery sold now features lab-grown diamonds, rising to 48% in the engagement ring segment⁵. The price differential is significant: in 2025, a natural one-carat diamond averages c.£3,100, compared to approximately £1,000 for a lab-grown equivalent.

This widening gap has shifted consumer preferences toward larger stones, with the average lab-grown diamond increasing in size from 1.31 to 2.24 carats⁵.

Food & Flowers  

The Consumer Price Index indicates that food prices have risen by approximately 38% since 2020¹, significantly outpacing headline inflation and reflecting a prolonged period of cost pressure. This has contributed to a sharp increase in the average cost of weddings since the pandemic, with catering in particular absorbing much of the impact. Notably, price rises have been driven less by discretionary items and more by everyday staples such as dairy and protein, which are highly sensitive to energy, feed, and global commodity costs.

Wedding catering trends have adapted accordingly. A growing emphasis on so-called “low–high pairings” has emerged, combining familiar staples with premium elements to elevate perceived value. At the same time, there has been a shift towards plant-based and foraged menus, alongside a move away from formal plated service towards more informal, family-style dining. Rising costs have also contributed to smaller guest lists, as couples look to manage overall spend.

More broadly, inflationary pressures remain persistent. The UK’s latest CPI reading increased from 3.0% to 3.3%⁹, highlighting the ongoing sensitivity of prices to external shocks, including geopolitical tensions in Iran. As expected, goods and services with higher energy intensity, such as food production and floristry, have been among the most responsive, with energy accounting for an estimated 4.4% of flower production costs¹⁰.

Bowmore portfolios

Weddings may not constitute an investable theme in themselves, but their persistence underpins a key driver of macroeconomic activity: GDP growth. With forecasts for 2026 remaining subdued, and ongoing conflict in Iran adding further downside risk to global growth expectations, consumer confidence has weakened.

Against this backdrop, we have focussed on increasing the defensive positioning of our portfolios. Most recently, this led to the introduction of the Schroder Global Recovery fund, which replaced a mostly growth-orientated global equity index tracker. This contrarian strategy targets undervalued global companies with strong balance sheets, resilient business models, and the ability to generate sustainable cash flows.

The fund is currently positioned with significant exposure to consumer cyclicals and communications and has delivered a return of 7.15% since its inclusion in core portfolios at the end of January.

The value of your investments can go down as well as up, so you could get back less than you invested. Past performance is not a guide to future performance.

Sources:

¹ Savills, 2025

² Apollo Asset Management, 2025

³ Bel Diamond, 2025

⁴ The Global Economy, 2025

⁵ Rapaport, 2026

⁶ Hitched, 2026

⁷ Pepper Money, 2025

⁸ Church Times, 2026

⁹ ONS, 2026

¹⁰ Capital Economics, 2026

¹¹ Statistica, 2025