"It's easy to find a job. Jobs are plentiful, and it's one of the reasons why you're seeing an increase in 8household formations." 

So what's behind the 9plummeting prices? Industry analysts are linking the slump to 10declining sales at the jewelry counter, saying many post-pandemic 11consumers 12shy away from luxury and 13discretionary goods and spend on more traveling, eating out, and other experiences. 

"Households actually had quite a lot of savings. They could14 insulate themselves."

It comes as the largest jewelry company in the U.S. predicts a marriage proposal boom. According to Signet Jewelers engagements will15 soar as high as 2.5 million in 2024. 

"I think that's a very good sign. That gives you just a really strong sense of just how robust portions of the consumer market are and just how solid the U.S. economy." 

For those looking to propose this year, don't expect cheaper diamonds. Analysts say 16retailers don't typically adjust in-store prices based on price 17fluctuations to products on the short term. For example, a one-carat round diamond at the store is on average 3% more expensive right now than it was in January of 2020.