The Future of the Jewelry Industry: Trends and Insight

Mid-market jewelry brands and retailers are suffering from declining footfall and consumer uncertainty and at the same time suffering competition from niche independent brands.
The Future of the Jewelry Industry: Trends and Insight

While the past year has given the jewelry industry its fair share of challenges - with lockdowns impacting global jewelry trends, thousands of store closures, and the cancellation of trade shows and events - creativity soared in terms of how jewelers market, show and sell their collections. Mid-market jewelry brands and retailers are suffering from declining footfall and consumer uncertainty and at the same time suffering competition from niche independent brands.

That said there are challenges in the form of declining rough-diamond mine inventories, commerce fraud, and indeed delayed marriages, although there are factors contributing to the global growth of the market such as growing number of digital buyers, and adding female population, an increasing middle-class population, and growing tourism. And despite the fragility of the high-street, purchasing of jewelry has gone up, and based on its eventuality for growth and value addition, the Government has declared the gems and jewelry sector as a focus area for export creation.

-    Accentuate Your Brand Values Through Storytelling: With jewelry being such a personal and emblematic purchase, the experience should be as thorough, and multidimensional, as possible and storytelling helps consumers connect with individual pieces within the absence of physical proximity. Today, numerous businesses are using the power of storytelling to transfigure their brand values into stories that captivate their customers promoting customer loyalty.

-    Bespoke Content to Connect Brands with Culture: It is no doubt that the Internet and social media are powerful instruments for mobilization of people. And due to the convergence of new media and globalization, social media has shrunk the world into a much smaller interactive field. One can say bespoke social media content is one way to go about it. Culturally relevant content helps increase relevance, drives brand love, and, ultimately, revenue. To tap into the conversation of the season is a great way to measure how people are feeling and what’s on their minds.

READ MORE: Impact of E-commerce Boom on Local Indian Jewelry Segment

-    Using ‘Real People’ in Campaigns: Models are real people and so are influencers, although when it comes to advertising, believability makes all the difference. Now, brands are using real people or real customers in various campaigns which are helping them in varying degrees of success. Using real-life customers in ad campaigns brings with it a host of benefits and creates familiarity, encouraging engagement as a result. This is a great way of generating talk ability as it’s human nature to be interested in other people, their stories, and their experiences.

-    Everyday Luxury-Creating a Line of Minimalist Jewelry: Just like clothes, the gem and jewelry industry has leaned towards intricate designs and soft tones and the rise of minimalist trends has taught us the beauty of, 'less is more'. Fine jewelers are also considering introducing new product lines at affordable prices to allure youngish or middle-class consumers, giving them an entry point into the brand.

Although, we believe the share of portmanteau for wedding jewelry purchases will remain largely unaffected despite the new normal; with marriage ceremonies being a closed-knit affair.
 

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