The future of the jewellery industry

Tomorrow sparkles brighter than ever! 

Significance of Jewellery

The jewellery industry has been a symbol of status and security since traditional times. However, today the expression of jewellery has changed. While precious metals are still used to highlight the wealth and luxury of a person, the market dictates a need for ever-changing styles to keep up with the fashion industry.

Consequences of COVID 19

Research indicated that the jewellery industry would reach USD 480.5 billion by 2025. Alas! COVID 19 burdened the jewellery industry with its share of challenges which hampered the growth of this industry. But this gruesome time has also witnessed the dynamism of the sector and its people. Jewellers came up with new strategies to combat the effects of the virus on the economy and the whole industry at large.
During this time, creativity soared in the way jewellers marketed and sold their products. As a result, the jewellery industry is back on its toes, surviving and thriving!
Moreover, the Indian jewellery industry’s performance has been noteworthy and it stands out as one of the best performing industries in the world.

Economic boon 

The Indian jewellery market has a 29% share in the global gold consumption. Not just that, India is the world’s largest consumer of gold jewellery! Indian jewelry industry trends from 2019 reveal that their gold demand reached 690.4 tonnes. Traditionally, this sector was dominated by female consumers. However today, even men have joined this group of consumers. Brands have added a line of jewellery that caters to men and their preferences. Tiffany & Co just noticed a new collection of men’s engagement rings, the latest entrant foraying into men’s jewellery.
India is the world’s largest centre for cut and polished diamonds. It exports 75% of the world’s polished diamonds.
India is also the home to more than 300,000 gems and jewellery players. This sector offers jobs for 4.46 million people, currently. The market is growing rapidly and it is predicted that it will reach USD 103.06 billion by 2023. The number of employees is expected to almost double and reach above 8.23 million.
In 2020, Indian exports of gems & jewelry reached $24.41 billion, whereas, in FY21, their imports amounted to $4.23 billion.
That being said, diamonds constituted 52.4% of the total gems and jewellery exports. 
Isn’t that amazing?

Scope of the industry

The future’s looking bright, despite the drop caused by the impact of coronavirus. The global jewelry market should be able to recover in the following years.

Due to the pandemic, in March and April 2020, many jewelry stores were closed, which resulted in a drop in sales. However, since September 2020, there has been an increase in sales, primarily due to engagement rings’ sales and bridal jewellery sets. Several jewellers have, in fact, reported numbers stronger than pre-covid era.

Among the metals, jewelry industry statistics confirm that white gold, yellow gold, and rose gold are the most popular metals.

 Scaling the business 

Many jewellery brands have taken their business on the internet, where the audience is currently present and active. Virtual boutiques are a new phenomenon that has been widely adopted as a part of online stores. So consumers can try on products on their devices using augmented reality technology.
Businesses have used the social media space to generate followers which can convert into customers. And jewellers are following trends and patterns of the world to create and promote their jewellery. Today, as awareness and consciousness has been spread among the masses, the jewellery industry has hopped on to create sustainable and environmentally friendly jewellery. While doing so, fashion and designs aren’t compromised. Therefore, brands are now focusing on walking with trends generated by the regular masses and showing the GenZ that they are not alone in the fight for sustainability.

The bottom line is...

Consumers purchase and will purchase jewellery (online/offline), but the key to survive in this situation is to deliver a seamless experience for customers and adapt to the trends.
We hope that these jewelry industry statistics provide you with enough information to help you make a decision to step into the rewarding world of gems and jewellery. If you did decide to go ahead and build a career in the jewellery sector, which profession would you go with?