Jewelry industry

How bright is the future of India’s jewelry industry

The pandemic has transformed our lives and changed the way we look at things. It has impacted every nook and cranny of our way of life. The deterioration of the country’s economic situation also led to the jewelry industry to slow down. But, at the end of every tunnel, there is always a silver lining.

Natural calamities, recession and many other factors could not affect this particular industry as there has always been a demand for jewelry in the Indian market. As a result, artisans have gone to great lengths to allow a larger supply to meet demand. The gemstone and jewelry industry has also been affected as a result of this pandemic, but industry experts predict it is a temporary phase that will end soon.

Indian society is more emotional and rational towards jewelry, especially gold. It is not only seen as a simple investment, but also a status symbol at weddings and festivals. The frequency of purchase is expected to increase soon after the pandemic effect wears off. The industry adapts to different market trends, which indicates a desire for more, as these trends could continue forever. With the decrease in travel costs and other miscellaneous expenses, people are likely to invest silver in gold as the prices rise. Gold is viewed as a safe haven and a trustworthy commodity that continues to be increasingly relevant.

Investments in gold stocks such as the Gold Exchange Traded Fund (ETF) and gold sovereign bonds are experiencing demand in this current scenario. Traders are fully informed of developments and immediately seize opportunities as they arise. This has redefined the value of jewelry in the market. Those who wish to become traders should seize this opportunity at the earliest, as the industry seems to be shining in the near future.

There are a lot of trends and ideas in the gemstone and jewelry industry. Retailers are optimistic as the wedding season approaches, as there could be an upsurge in weddings that will boost business. Small-scale weddings are planned by the post-pandemic market specialist. There is navigation to buy light jewelry such as diamonds and solitaires with elegant gold coins. Market specialists predict the buying habits of customers with simpler designs. Retailers are working around this trend with specific price budgets. The buying model has shifted to digital platforms as straightforward designs do not require physical visits and can be easily purchased online with close scrutiny from online merchants. Here, storytelling would help customers connect with the stylish pieces in the absence of physical proximity.

Another important aspect is the sale of jewelry abroad. With the slow reopening of the import-export market, it is likely that there will be an influx of foreign exchange making the industry more feasible in the post-pandemic period. But overseas sales will not be business as usual as the industry has to abide by the rules of the new normal. Again, the demand for lightweight products will help manufacturers structure it accordingly and define distributions by wholesalers and retailers.

With the second wave setting in, consumer demand is expected to increase in the next quarter as people are unlikely to make huge investments. Building brand awareness with an exponential online presence and cutting expenses is the key factor to adapt at the present time. As soon as the foreclosure ends, sales are expected to increase with gold still the best choice.

History has seen kings and politicians wage wars, natural disasters and many more. These problems were solved on the basis of the cash made up of jewelry. Initially, the barter system was based solely on precious metals, indicating that unprecedented times would not last specifically in the jewelry industry.

The gemstone and jewelry industry strives to stand by the manufacturers. Experts believe that the switch to digitalization can open up the prospects for the industry. With merchant sites, the Indian population is more active and comfortable with digital purchases. Home delivery of products with a good demonstration can work wonders with a few additional services that are offered. All of these factors can boost the industry which has been at its lowest for months.

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