Post Covid Trends in the Fine Jewelery Industry

What Will Be The Greatest Impact Of COVID 19 On The Jewelry Industry?

Jewelry Industry has existed for a few millennia now. It has faced much greater pandemics/ wars and catastrophes but never has ceased to exist or grow.

This pandemic will definitely impact the jewellery trade financially but it should be a temporary one.

The larger impact I feel will come to the marketing strategies of jewellers and jewellery brands all around the world where It will lead this tangible industry to explore the intangible digital and online world.

The jewellery industry is very adept with modern-day technology and digitalisation and keeps itself current with ongoing technological trends any way but now more and more jewellers will increase online content. Work more on an online client experience than the physical one.

We as a business are an Atelier that focuses on one of a kind pieces so it becomes difficult for us to explore and display our pieces online.

For that, we have launched ‘Atelier à la Maison’, an exclusive service where we bring our collection of exquisite, one of a kind pieces to client’s homes.

This service allows clients an immersive experience wherein they can perouse our fine jewelry as if they were at our atelier, in the comfort of their homes. Personalized, one on one services such as  ‘Atelier à la Maison’ has become a thing of our present-day reality and will be an integral part of our future in a post-COVID 19 world.

Jewellery and wedding go hand in hand. Will the spending on jewellery decrease as a lot of weddings are being delayed or being held simplistically.

Well, an Indian wedding is always about jewellery and clothes. Clothes may be simpler but jewellery of gold or diamonds is always a part of the bridal trousseau across all castes/creeds or strata of society.

Logically if the grandness of the wedding is reduced due to COVID the luxury client will definitely spend more on jewellery. Today in India Jewellery is considered as “Stree Dhan” wealth of a woman.

Furthermore, jewellery has always been an investment and has gone up in value.

Gold Prices of 24KT in the last two decades from 2001 to 2020 have increased from 4400 INR/ 10 grams to 47000 INR/ 10 grams that’s more than  a 1000% growth in 20 years.

Thus I know that the jewellery industry will have a temporary impact in numbers but will not be affected for a long time.

What Do You Think If Non- Occasional Buying Of Jewellery? Will It Take A Hit?

In this time of COVID – incomes have reduced but expenses have reduced too. The occasional buying of studded jewellery might take a hit for a certain stratas of the society.

There is still speculation and hope that the HNWI and UHNWI will spend on luxuries
available to them locally as spending on holidays/F&B/hospitality/grooming etc have reduced, the luxury client might splurge on jewellery!

Any Trend Shifts In Product Level That You Would See?

Very difficult to analyze but I do feel people will opt for viable / investment-worthy pieces of jewelry at this point. Functional jewelry – multiple wearability is definitely on the cards. Clients will want more functionality for what they spend.

Also, there will be a large shift that I see with clients that will redesign existing jewellery they own.

What Do You Think Is A Good Investment Today In Jewellery Post COVID?

A one of a kind design from a designer house always becomes a good investment. I also urge clients to look at jewellery the same way they look at art.

Jewellery is a Fine Art and owning statement pieces with a rare selection of stones – especially color stones always makes a great investment!

Above is a necklace inspired out of the Royal Patiala Necklace worn by Maharaja Bhupinder singh strung in pearls with an encrusted broach studded with 30ct Emerald, and diamonds.