The COVID-19 pandemic took a toll on dating and relationships, causing engagement ring sales to plummet, CNN Business reports.

Failed romances during the pandemic have broadly hurt the entire wedding industry. Last week, David’s Bridal filed for bankruptcy, wiping out 9,000 jobs.

“We’re still seeing it today,” says Jamie Singleton, president and chief consumer officer of Signet Jewelers, of what the industry dubs the “engagement gap.”

To get to pre-pandemic sales for its Zales, Jared, Kay Jewelers and Diamonds Direct brands, Signet sales would need to increase 25% by 2026.

Engagement rings make up 50% of the company’s revenue, Singleton says.

However, Signet is hopeful profits will rebound, since dating is up 8% above pre-COVID levels.

“We’re confident in the turn that’s coming,” the marketing exec says.

Signet is banking on a revival in relationships to boost business, with a target of a $9 billion to $10 billion annual revenue in the next three to five years, Signet CEO Virginia C. Drosos said on a recent investor call.

“We’ve been anticipating this coming tailwind,” she said. “We expect this to drive significant upside in our business over the coming years.”