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 power their businesses with their partners and consumers, using the digital platform to bridge the gap between the real and physical world in the most seamless way possible…
The pandemic has reorganized most sectors and industries across the world. Several companies have made short-term and long-term changes that fit into the new normal, while opening up a new way to reach consumers while closely monitoring their results. The jewelry sector in India has also seen its share of ups and downs over the past 12 months and is finally making a big comeback post-lockdown riding the wave of a new way of life.
After being locked down for months during lockdown, consumer buying behavior has changed considerably. Buyers were drawn to buying things that were real, valuable, durable, and that also defined deep meaning or commitment to them. In jewelry too, we are now seeing consumers make informed decisions about real and natural valuable pieces versus artificial and meaningless jewelry. They are increasingly investing in fewer but better things than items that may look fashionable but might not last. There will be continued demand for classic diamond jewelery with the desire for quality and lasting value expected to continue, according to a recent survey by De Beers Group.
Change of requests
Although the jewelry industry in India 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 know-how. Organizations are on their toes to meet the changing demands of their consumers by curating millennial-specific or highly personalized pieces that tick all the boxes, whether it’s brand, cost, or emotional fulfillment associated with that particular piece. . They want questions like, “Does my jewelry come with a rare, natural diamond?” », « Is the diamond from responsible sources? “Does my diamond comply with the four Cs? — all answer in the affirmative when they make 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 power their business with their partners and consumers, using the digital platform to bridge the gap between the real and physical world in the most seamless way possible.
As a result of all these innovative changes incorporated into their systems, jewelry companies are seeing new trends emerge that are pacing the entire industry. Here are a few:
* Classic and elegant designs will continue to dominate the diamond jewelry market as millennials find these new designs particularly informal, playful and experimental. Heritage pieces that reflect a connection to past inspirations will continue to be popular even in 2021.
* Women’s jewelry consumption patterns are experiencing an interesting shift, with personal shopping becoming somewhat of a norm. What we see today is a shift in the way Indian women buy jewelry, especially diamonds. Women yearn to own an exquisite and priceless diamond piece of jewelry that was purchased as a personal gift to celebrate a milestone or achievement. Today’s women don’t wait for loved ones to shower them with diamond jewelry to mark a special occasion or relationship milestone. On the contrary, independent women and newlyweds are increasingly rewarding themselves with a fine purchase of diamonds to celebrate and honor their own accomplishments or to forever seal a priceless memory. These buyers are constantly looking for brands and collections that reflect their own values and help them express their unique aspirations.
* Unique concepts that have been put in place 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 customers have a complete one-stop-shop Forevermark sales experience at each of their eight boutique shops. At these stores, a customer can get expert advice on the diamonds they want to buy, learn about the diamond grading system, choose the carat weight, or even find the perfect diamond for their piece of jewelry. 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 for shopping when many were suffering, and so chose to investing in fewer and better things – their indulgent purchases were also stores of value that could appreciate over time.
Fine jewelry is one of those purchases that has taken on new relevance post-pandemic. It’s an emotional purchase, especially in difficult times, reflecting all the unsaid words and deep feelings between loved ones. As a result, there is an increase in purchases of high-priced classics, such as upgraded engagement rings and solitaire studs, and investment-grade watches, especially iconic models from top brands such as Rolex.
(This article is written by Sachin Jain, Managing Director, De Beers India )