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2020: What Is New in the Jewelry Industry?

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Jewelry business is one of those industries that are forever on the rise, no matter what happens in the world. It never goes out of fashion – moreover, the trend continually changes, and consumers always need something new that will ensure their looks stay up to date. Of course, current concerns about the coronavirus have put a dampener on the global economic growth, and consumers are getting more cautious with their spending. However, one can hardly doubt that as soon as the scare passes, the buyers will start spending with a vengeance once again (the market is expected to show a slow but steady growth of 1.9 percent by 2025). Nevertheless,the industry does not stay the same, and to stay successful in it, one has to develop along with it. So what’s new going on in the jewelry industry in 2020? Let us take a closer look.

  1. Further Industry Consolidation

Even in our globalized age, the jewelry industry remains highly fragmented, with only about 12 percent of the worldwide market belonging to the 10 biggest companies, which makes it almost unique among other industries. The rest is comprised of national brands with a strong presence in local markets but virtually unknown abroad,and midsize companies like EraGem, specializing in a particular type of jewelry. With the growing interconnectedness of the world, a number of local brands will likely attempt to get a better representation in global markets – and we will probably see some results in 2020.

  1. Multichannel Approach

The same as most other luxury goods, jewelry is something consumers are mostly used to buy in person, in brick-and-mortar stores. Some high-end brands still believe it to be demeaning to have an online presence at all, as it cheapens their perception in the eye of buyers. However, the industry cannot go against the flow of time, and online and mobile commerce is continuing to become more and more critical. However, the majority of both buyers and sellers still perceive online as primarily an information source rather than a sales point, but it is getting harder and harder to do without it.

  1. Rise of Branded Jewelry

Unlike many other luxury goods, jewelry is much less brand-oriented: only about 20 percent of jewelry are branded items, as opposed to, for example, watches (about 60 percent). However, it is very likely that this situation is about to change – and it is already changing, albeit not very quickly (the share of branded jewelry doubled over the last two decades). The reason is that in the past, branded jewelry was mostly a product of well-known jewelry companies like Tiffany. In the future, we are likely to see players from other fields entering the market with their offers – mostly the manufacturers of other luxury goods pushing their own collections to the jewelry market.

  1. Importance of Transparency

Millennials and Gen Zers tend to be extremely concerned with the provenance of goods they use and wear. What kind of labor was used to produce a product? How were the materials extracted from the ground? Do the workers get fair wages for their labor? Does the production process cause damage tothe environment? Give a wrong answer to any of these questions of failing to be transparent about it, and they will not just forgo buying from you but start an indignant outcry that will spoil your reputation for years to come. As younger generations begin to represent an ever-growing share of jewelry purchasers, manufacturers have to pay more considerable attention to showing that they care about the society, environment, and the world in general.

  1. Personalization and Customization

Personalization is an essential trend in all industries, but it is often hard to put into practice in jewelry. However, it does happen – for example, about half of all sold engagement rings today contain custom elements tailored for a specific couple. A company capable of streamlining this process and expanding it into other types of jewelry is certain to attract favorable attention.

As you can see, most of the changes in the jewelry business are dictated by the overall changes in the world conditions with allowance for the industry specifics. However, only time will show how exactly things will develop in the years to come.



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