HOW THE JEWELRY INDUSTRY IS RIDING THE NEW NORMAL

Technology, particularly social media, has also played a crucial role in helping the gems and jewellery industry to regain what it lost in the year since the pandemic. Many companies have taken a leap of faith by continuing to power on with their businesses along with their partners and consumers, using the digital platform to bridge the gap between the real and physical world as seamlessly as they can…

- Sachin Jain

The pandemic has rearranged most sectors and industries across the world. Several businesses have made short-term and long-term changes that fit in with the new normal even as they pave a new way of reaching out to consumers while keeping a close watch on their bottom lines. The jewellery sector in India too has seen its share of ups and downs in the last 12 months and is finally making a great comeback post the lockdown by riding the wave of a new way of life.

After being locked in for months during lockdown, the consumer buying behaviour changed considerably. Buyers were drawn to buying things that are real, valuable, long-lasting and also define a deep meaning or commitment for them. In jewellery too, we now see consumers making informed decisions about the real and natural valuable pieces vis-a-vis jewellery that is artificial and meaningless. They are increasingly investing in fewer but better things than in items that may look fashionable but might not last. There will be a continued demand for classic diamond jewelry pieces with the desire for quality and lasting value expected to continue, a recent survey done by the De Beers group found.

Change in Demands