Jewelry industry

The future of the jewelry industry: trends and perspectives

Change is in the air, the pandemic has changed the face of every industry. If we talk about the jewelry industry, a new era begins, more customer-centric and more user-friendly. Gold has reaffirmed its faith in the criteria for long-term investment and a haven for bad times like what we are facing right now in the post-COVID 19 era.

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

Future forecasts

Looking at the trend in the post-COVID era, the phenomenal percentage increase in gold prices will eventually turn into an increase in sales in the near future. While the foreclosure has left all trades and businesses feeling negative right now, it is time to bring about change in all areas of the industry. From designs to after-sales services everything is being redefined and it is believed that in the times to come when things start to move in a positive direction the jewelry industry will shine like a star. The jewelry industry is moving from an unorganized to an organized industry, and whoever reacts to this change will play a very big role in shaping the future of the jewelry industry. The present is full of problems, but soon the industry hopes that it will rebound in times to come.

Wedding market

As the wedding season is expected to kick off, every player in the industry is hoping to see the market trend return with a new wave of fashion. This time around, heavy jewelry will be replaced with smart, lightweight options and that’s what everyone is getting ready for this wedding season. It will also increase the demand for solitaires and diamonds as well as elegant gold coins. Altogether the trend will see a new wave of fashion among brides-to-be and this will also give us a new possibility to conceive for women of the new age.

Elegant and simple

Typically, when it comes to sleek and simple designs, people will prefer the range between 5,000 and 25,000 and that’s what most businesses are focusing on these days as well. If you’ve been following the market trend since June 2020, there is constant demand in this particular price budget and the same range is expected to continue with minimal demand for heavy parts.

The digital age

Another reason that has led to an increase in the demand for lightweight jewelry is digital shopping. Heavy rooms require physical visits and trails to understand the comfort of expensive rooms, but with elegant and simple pieces there is no such rule, people take a risk and buy it online. At present, more than 80% of customers want to buy light products and every manufacturer, retailer and wholesaler is focusing on the same.

Changing experiences

Apart from all this, the internal jewelry industry is going through many changes in terms of the management and experience of customers with online shopping in mind. The teams are trained on how to demonstrate the jewelry to persuade the customer and at the same time they are also trained on how to communicate and channel a smooth experience for the customers. It is necessary to make the customer feel important and the overall quality of the environment and the shopping experience must be of the utmost comfort and unique to enable them to build confidence in the brand is the new standard. In technical industry terms, it’s not just about selling jewelry but selling experience, where one has to focus not only on selling products but on something that goes beyond that. of the product.

After-sales affection

New standards will be set for product and after-sales services in the digital age. From door-to-door pick-up to door-to-door delivery of repaired products, there will be many new changes in the industry. Even at home, the shopping experience will be the new normal, where the brand representative will come home, present the product line decided upon at the time of booking the service and you will buy your favorite design without visiting the studio / store. .

Export extension

The last but not the least part of the slowly emerging jewelry industry is the export business. Exports have already started in many countries and, interestingly, many more have responded very well in the post-COVID era. This will increase the rate of foreign exchange flow and make the jewelry industry much more viable in the 3rd and 4th quarters of 2020. This area of ​​the industry is expected to begin to form better after Diwali when the Christmas bells start ringing. in.

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