Post the pandemic, the world has seen many changes. From financial, to health and even industrial; all industries were affected and the jewelry industry, which is one of the most glamorous and expensive one, took a hit as well. Today we are going to look at 5 most important updates and trends in the jewelry industry all over the world this year.
- Rings in high demand
Finger rings have been in high demand for the last one year. The reason behind this could be that the pandemic and subsequent lockdown ruined wedding and engagement plans for all those who wanted a grand ceremony. Once the news about the lockdown being lifted was out, people pounced on dates to plan these events, resulting in a high demand for wedding and engagement rings. Hatton Garden in London was seen swarming with unusually large crowds preparing for the wedding season
- Shift from natural to synthetic diamonds worldwide
The jewelry industry is seeing s steady shift from catering to a higher demand in synthetic diamonds as compared to naturally mined diamonds. Wedding and engagement rings London are also preferred with synthetic diamonds. As people are becoming aware of the natural hazards of diamond mining and are keener on protecting and preserving the environment, they are shifting from natural to synthetic diamond jewelry. Estimates suggest that this could affect the global market considerably in the next few decades as synthetic diamonds are priced significantly lesser then naturally mined diamonds.
- Fastest growth rate for gold in the last few years, with increased demand
Gold jewelry has seen the fastest growth rate in the last one year as compared to the whole decade. There is a constant rise in demand for gold jewelry. As the pandemic resulted in major financial losses to the global market, people started investing in gold to make up for their losses in the market. As gold rates tend to keep rising over time, it makes a good investment as compared to diamonds or any other gemstones that do not have an equal appraisal rate resale valuation. The increased demand has had the gold jewelry industry working harder than usual for the past one year trying to keep up with the demand of customers.
- Frequent new collections launched everywhere
During the lockdown, the financial downfall and physical constraint, people were not buying anything expensive. Naturally the jewelry industry faced losses. To cover those losses, in the last one year, brands have been launching new collections frequently. They are relaunching their previous, unsold stock to attract customers and make more profit. This is a phenomenon seen worldwide. Customers are excited to see and buy new collections frequently too. We have been seeing various gold/diamond festivals, bridal collections, seasonal collections, etc. that have launched latest and trending jewelry items such as the three stone engagement ring worldwide.
- Higher demand for discount coupons and codes by customers
As customers are out of their homes now, post the lockdown, they want to splurge. However, since there were considerable financial losses during the pandemic, their purchasing power isn’t very high yet. There is an increased demand for discount coupons and codes in the market. People are waiting for prices to drop so they can buy jewelry. Businesses have also started offering discounts and holding sales to attract more customers and increase their buying power.
The Bottom Line
The jewelry industry is a never falling one. Always in demand, this industry also stood right back on its feet in no time after the pandemic. With increased productivity, quality and new marketing strategies, the jewelry businesses are back to their usual sparkle for the customers to enjoy.