Technology, especially social media, has also played a crucial role in helping the gemstone and jewelry industry regain what it has lost in the year since the pandemic. Many companies have taken a leap of faith by continuing to fuel their businesses with their partners and consumers, using the digital platform to bridge the gap between the real and the physical world in the smoothest possible way …
The pandemic has reorganized most sectors and industries across the world. Several companies have made short- and long-term changes that fit into the new normal while opening up a new way to reach consumers while closely monitoring their bottom line. India’s jewelry industry has also seen its share of ups and downs over the past 12 months and is finally making a big comeback after the lockdown riding the wave of a new lifestyle.
After being locked up for months during the lockdown, consumer buying behavior has changed considerably. Buyers have been drawn to buying things that are real, valuable, lasting, and also define deep meaning or commitment to them. In jewelry too, we are now seeing consumers making informed decisions about real and natural valuable pieces versus artificial and meaningless jewelry. They are investing more and more in fewer but better things than in items that may seem trendy but may not last. There will be a continued demand for classic diamond jewelry with the desire for quality and lasting value that is expected to continue, a recent survey by the De Beers Group revealed.
Change in requests
Although India’s jewelry industry is still predominantly local, the new generation of urban and informed buyers are changing the game and pushing jewelry companies to think outside the box – in terms of design, sourcing, collections. inspired and crafted. Organizations are on their toes to meet the changing demands of their consumers by curating millennium-specific or hugely personalized pieces that tick all the boxes, whether it’s brand, cost, or the emotional fulfillment associated with it. this particular room. They want questions like “Does my jewelry come with a rare, natural diamond?” “,” Are diamonds of responsible origin? », Does my diamond conform to the four Cs? – all said yes when making a purchase.
Technology to the rescue
Technology, especially social media, has also played a crucial role in helping the gemstone and jewelry industry regain what it has lost in the year since the pandemic. Many companies have taken a leap of faith by continuing to fuel their businesses with their partners and consumers, using the digital platform to bridge the gap between the real and the physical world in the smoothest way possible.
As a result of all these innovative changes incorporated into their systems, jewelry companies are seeing the emergence of new trends that set the tone for the entire industry. Here are just a few:
* Classic and elegant designs will continue to dominate the diamond jewelry market as millennials particularly find these new designs informal, playful and experimental. Heritage pieces that reflect a connection to past inspirations will continue to be popular even into 2021.
* The patterns of jewelry consumption by women are undergoing an interesting change, with personal shopping becoming somewhat of a norm. What we are seeing today is an evolution in the way Indian women buy jewelry, especially diamonds. Women aspire to own an exquisite and priceless diamond jewelry that has been purchased as a gift to celebrate a milestone or achievement. Women today don’t wait for loved ones to shower them with diamond jewelry to mark a special occasion or a relationship milestone. On the contrary, independent women and newlyweds are increasingly rewarding themselves with a beautiful diamond purchase to celebrate and honor their own achievements or to seal a priceless memory forever. These buyers are constantly on the lookout for brands and collections that reflect their own values and help them express their unique aspirations.
* Unique concepts that have been put together after extensive market research and consumer feedback are also becoming popular in the industry. For example, Forevermark Diamonds came up with an interesting idea to ensure that their clients have a full one-stop Forevermark retail experience in each of their eight store-shops. In these stores, a customer can get expert advice on which diamonds they want to buy, they can learn about the diamond grading system, they can choose the carat weight or even find the perfect diamond size for them. her jewel. Bangalore, Kolkata, Hyderabad, Chandigarh, Ludhiana, Delhi and Gurugram each have a Forevermark store.
Throughout the pandemic so far, customers with disposable income who lived in the volatility and uncertainty of the global economy felt guilty about shopping when many were in pain and therefore chose to invest in fewer things and better things – their indulgent purchases were also stores of value that could appreciate over time.
Fine jewelry is one of those purchases that took on new importance after the pandemic. It’s an emotional purchase, especially in difficult times, that reflects all the unspoken and the deep feelings between loved ones. As a result, there is an increase in purchases of expensive classics, such as upgrades to engagement rings and solitaire studs and premium watches, especially iconic models from big brands such as Rolex.
(This article is written by By Sachin Jain, Managing Director, De Beers India )