Jewelry trends during and post-covid-19 🔮
What is going to change for the jewelry industry post-Covid-19?
Hello leader of tomorrow’s jewelry business !
The Covid-19 crisis put the trade of jewelry and precious stones on hold: transactions froze, some precious metal prices dropped, diamond prices fluctuated, jewelry production all but shut down, and jewelry stock depreciated in value. The global disease is testing our sector’s ability to continue to add value in society and made us rethink the industry all together.
With everything happening lately, many still wonder: what is the future of the jewelry industry? So the ExJewel team decided to ask professionals and individuals their opinion. So here is what ExJewel and 350 other professionals think about what is going to change post-covid-19.
Jewelry trends post-covid-19 🔮
Top 3 jewelry trends post-Covid-19
Ditch old fashion, go digital all the way!
Tons of billion jewelry dollars were lost during the covid19 due to the lack of digitalisation of the industry:
- Place Vendome’s vintage stores are still selling their goods overpriced. Seventy of a hundred websites of ExJewel’s user pool were not mobile friendly and this number continues to decrease if we take a broader group of prospects. So, the lack of responsive content jeopardized one’s brand image during the pandemic (65% of all browsing are done through our mobiles, with 55% increase of mobile purchasing)
- Concept stores showcasing emerging designers were empty for some, closed for others. I guess we all need to think like Farfetch for this! Design the store of the future to welcome digital visitors to try, feel the product before their purchase decision.
- Worldwide fairs ended up cancelled one after the other. I guess it’s a good time to rethink how we want to buy precious materials. Perhaps online?
- Rough precious materials were hard to cross borders, from Africa to the world. Alrosa has launched a digital tender for special size rough diamonds. It allows customers purchasing precious stones despite current travelling restrictions imposed between countries due to the COVID-19 pandemic.
At ExJewel, we developed the first-ever digital appraisal tool for jewelry, gemstone and diamond. No need for any application download, a simple log in on your mobile and desktop is sufficient to appraise your jewelry at the comfort of your store.
The Tutti Frutti bracelet by Cartier hit a new online jewelry sale record of $1.3M
Pursued by 5 bidders, the Art Deco masterpiece far-surpassed its estimate of $600/800,000.
Ditch opacity, go full on transparency!
Today, there are thousands of websites selling jewelry online. The ones that make the most impact are the ones that value transparent information to both sellers and buyers. Informations such as where this specific diamond was mined and what kind of gold was this or that ring was manufacture are very important questions. Holding so much information on jewelry collection can be beneficial for many businesses as millenials seek informative solutions for their valuables.
For example, we witnessed the creation of a few blockchains fighting diamond transparency through traceability of the goods, from mine to finger. ExJewel and 350 other professionals think that it is finally time for new innovative solutions that fights corrupted and opaque gemstone businesses. Artificial intelligence was the most voted tech that we should develop further in the future years.
Another example that we recently witnessed is Bostwana and the diamond industry. Transparency has proven to work for an entire country. According to the Economist, Botswana has risen to be the first! Anybody know why? Botswana’s risen economy has been backed up by the honesty diamond industry with a massive GDP rise (GDP PER CAPITA PPP 1966-2014 = 5.9) Other emerging countries advancing in jewelry technology are Israel, Peru, Brazil and Taiwan.
During Covid-19, diamond prices fluctuated. Do we need someone like Rapaport to fix the diamond prices for us?
“Well, simple as it may seem, the jewelry industry got rid of mining and supplier leaders for this specific reason. Remember the DeBeers and Rapaport story? The fear of not controlling the industry’s price is a problem but releasing a weekly guideline for the sole benefit of being a leader is not ideal.”
– Stephane Boghossian, CEO of ExJewel
Go for circular economies and reduce precious materials waste
ExJewel just released its 2020 conscious jewelry trend report. Our research shows that, for some customers, we are starting to see a shift towards searching and shopping in a more conscious way. This certainly means that shoppers are looking for smart and ethical products that were sourced carefully, manufactured with recycled precious materials and sold for greater purpose. With the recent Loop release at the ChangeNow conference, jewelry leaders need to rethink the way they purchase their precious goods, trying to reduce the waste and carbon footprint. A pair of heart-shaped gold studs equals about 31kgs of CO2 emissions – that is about 200km ride with a compact-class car!
At ExJewel, we are keen to save energy in jewelry production and cut the cycle into redesigning the lives of jewelry instead of creating a sustainable jewelry line.
Webinars: the new norm of jewelry education
ExJewel is no trend forecaster or trend predicting tool, we are an innovative solution that uses millions of data to back-up our theories. Well, it’s time to change the industry now! It’s an opportunity of a lifetime for a reboot button! Grab it and start innovating!