The Future of the Jewelry Industry: Trends & Insights

Here are the changes that one can see that are redefining the future of the jewelry industry for all good reasons.
The Future of the Jewelry Industry: Trends & Insights

The change is in the air, the pandemic has changed the face of every industry. If we talk about the jewelry industry, a new era is beginning, which is more customer-centric and user-friendly. Gold has re-affirmed its faith in long term investment criteria and safe haven for bad times as what we are facing right now in post-COVID 19.

Here are the changes that one can see that are redefining the future of the jewelry industry for all good reasons.

Future Forecast

Looking at the trend in the post-COVID era, the phenomenal percentage increase in gold prices will eventually turn into an increment in sales in the coming future. While lockdown has given negative sentiment to every trade and business right now, its time to bring the change in all walks of the industry. From designs to after-sales services, everything is being redefined and it is being believed that in upcoming times when things will start moving in a positive direction, the jewelry sector will shine like a star. The jewelry sector is going through a big shift from unorganized to organized, and the one responding to this change will play a very big role in directing the future of the jewelry business. The present is full of problems but soon the industry hopes it will bounce back in upcoming times.

Marriage Market

As the wedding season expected to kick in, every industry player is hoping to see the market trend coming back with a new wave of fashion. This time heavy jewelry will be replaced with light-weight smart options and that is what everyone is gearing up for this wedding season. This will also increase the demand for solitaires and diamond along with sleek gold pieces. In total, the trend will see a new wave of fashion among brides-to-be and it will also give us a new scope to design for the new-age women.

Sleek and Simple

Typically, when it will come to sleek and simple designs, people will prefer the range between 5k-25k and that is what maximum companies are also focusing on nowadays. If you will go by the market trend since June 2020, there is steady demand in this particular price budget and it is expected that the same range will continue along with minimum demand for heavy pieces.

Digital Era

Another reason that has led to rise in demand for lightweight jewelry is digital shopping. Heavy pieces call for physical visits and trails to understand the comfort of expensive pieces, but with sleek and simple ones, there is no such rule, people take chances and buy it online. At present, more than 80 percent of customers are keen on buying lightweight products and every manufacturer and retailer and wholesaler is focusing on the same.

Changing experiences

Apart from all this, the internal jewelry industry is seeing a lot of changes in terms of customer handling and experiences keeping online shopping in view. Teams are being trained on how to demonstrate the jewelry to persuade the customer and at the same time, they are also being trained on how to communicate and channelize smooth experience for customers. It is necessary to make the customer feel important and the overall quality of the environment and shopping experience should be at utmost comfort and unique to let them build the trust in the brand is the new normal. In technical terms of the industry, it is not just about selling jewelry but selling experience, where one should concentrate not only on selling products but something which is beyond the product.

After-sales Affection

New standards will be set for the product services and after-sales services in the digital era. From home-pick to home delivery of the repaired products, there will be a lot of new changes in the industry. Even at home, the shopping experience will be the new normal, where the brand’s representative will come home, showcase the product range decided at the time of booking the service and you will shop your favorite design without visiting the studio/store.

Export Extension

Last but not the least part of the jewelry industry that is shaping slowly is the export business. Exports have been already started in many countries and interestingly, many more have responded very well in the post-COVID time. This will increase the rate of foreign currency flow and make the jewellery industry way more viable in the 3rd and 4th quarter of 2020. It is expected that this area of the industry will start shaping in a better way post-Diwali when Christmas bells start ringing in.

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