Before the COVID-19 virus seized the world by storm and changed life, as we note at all levels, it was estimated that the jewelry industry would rise to $480.5 billion by 2025. Jewelry retailers across the globe have taken degrees of losses due to the pandemic. In the United States, alone retail jewelry sales dropped by $3.8billion This article would be discussing the global jewelry retail market as it is.
While the lockdown has impacted this industry as well as others: closure of thousands of jewelry retail stores and cancellations of fairs and exhibition, the Jewelry world particularly jewelry retailers have shown flexibility, resilience, and adaptation in selling and buying their goods. Here is what is taking place in the global jewelry retail market.
Global Jewelry Retail Industry And The Growth Of Jewelry Retail Chains
AI Is Taking Designing AND Jewelry Manufacturing To The Next Level
The use of computer software in designing it is not as new as it has been around now. However, new developments like the inclusion of AI in jewelry have advanced designing.
AI-based designing involves a superior ability of AI tools to recreate and introduce natural elements in jewelry patterns. AI-based tools can create detailed patterns on fine jewelry. While this might pose a challenge to manual designers, AI design tools do so with ease, saving time.
The AI offers analytic skills that can be used to detect designs with a meager plea and can come with various combinations guaranteed to appeal to customers. AI-based designing carries the vast possibility for personal preferences as to designs on jewelry again. Technology presently enables customers to select their jewels, designs and receive distinctive pieces produced according to their specifications. In areas of manufacturing, AI has brought many potentials in jewelry making to live. The integration of AI has improved the 3-D printing-based manufacturing techniques into the process.
The technique, which involves the laying of various metals over each other in accordance with to desired design, makes quality designed jewelry in a day. AI inclusion in this technique has not only boosted speed and precision but given rise to efficiency.
This efficiency that the AI gives no time may require a longer period following the molding process. With the pandemic raging, many pieces of jewelry retail stores have taken to the online platform, and using this 3-D method and the AI can cater to the needs of thousands of customers with ease and flexibility as trends come and go.
Online Selling and Buying Of Jewelry
Even before the pandemic, online platforms like Facebook and social media have been playing an integral role in boosting business sales. However, with the coming of the pandemic, flexible businesses able to adapt to the times have taken to Online platforms to virtually buy and sell. The jewelry world wasn’t left out of this. In Thailand, the world gem hub fair and exhibitions of jewelry were held online.
Jewelry retailers put out their goods online with virtual catalogs that customers can visit. This has decreased the cost spent in inventory. Customers can even dictate their desired designs through apps or websites created for such.
Green Concerns And conscientiousness
The themes of climatic change and environmental concerns have not been far behind those of the pandemic. Jewelry retailers are now making their own contributions to making the world safer by choosing materials that can be recycled. Customers want to know if the gold they are buying is recyclable. It is becoming a trend for jewelry brands to take to making jewelry from recyclables.
For instance, the British brand Lylie’s has taken to give metals salvaged from industrial waste a second chance by making jewelry out of them. Jewelry retailers have been conscientious these days as to the source of their gold or diamonds. Care is taken to ensure that it is not illegal. With the digital monitoring of this age that allows vast amounts of information to be shared in seconds, nothing can be a secret for long. Ethics in the production of jewelry is all-important now.
Customers now put importance on the sources of materials like their diamonds. Customers want to know that what they are buying doesn’t deplete the environment or be harmful to humans. The question for every diamonds piece besides the traditional 4 “c”s of value is where did it come from? Customers are getting suspicious with all this news about African blood diamonds! The introduction of Nanotechnology into the jewelry world, particularly the Diamond industry, means that diamonds can be traced.
Counterfeits and imitations are not so safe anymore. Therefore, ethics and transparency are on the rise among jewelry retailers as gems are now traced every step of the way from source, supply, and production. Buyers can use (patent-pending) applications can inspect the tag of diamonds to know where it has been and how it was made. Jewelry retailers and customers as well say you cannot be too careful.
The COVID-19 Effect Generally.
The Pandemic effect has been diverse and wide-spreading. On the nature of business, we have seen that customers are taking to buying jewelry online. Global jewelry retail stores are fast adapting technological trends do remain at the top. Online banking, online ordering are the face of a new phase in the digital era.
The involvement of the AI in integrating 3-D printing means jewelry can be made faster to follow trends and keep up with the tests of customers. Hygiene and sanitation are at the forefront of precautions to prevent the spread of the pandemic. To this end, materials for jewelry are sanitized by the use of ultraviolet rays.
As it stands, global jewelry retail is leaning more and more towards technology. The growth of jewelry retail stores is becoming dependent on it. The goal, as always, is to keep the customer happy. The future of jewelry retail lies in technology, and enterprising e-jewelry startups are driving the change with an emphasis on customer satisfaction.