The industry is adapting to the different trends in the market which indicates a desire for more as these trends might continue forever.
The pandemic has transformed our lives and changed the way we look at things. It has impacted every nook and corner of our lifestyle. The weathering of the economic condition of the country has also led the jewelry industry to slow down. But, at the end of every tunnel, there is always a light of hope.
Natural calamities, recession, and many other factors haven’t been able to affect this particular industry, as there has always been a demand for jewelry in the Indian market. As a result, artisans have pushed themselves hard to enable a greater supply to meet the demand. The gems and jewelry industry has also got hit due to this pandemic, but industry specialists predict that this is a temporary phase that will end soon.
Indian society is more emotional and rational towards jewelry especially gold. It is not only considered just a mere investment but also a status symbol at weddings and festivals. The purchasing frequency is likely to increase soon after the effect of the pandemic wears off. The industry is adapting to the different trends in the market which indicates a desire for more as these trends might continue forever. With the decrease in traveling and other miscellaneous expenses, people are likely to invest money in gold as prices are increasing. Gold is considered to be a safe haven and a trustworthy commodity that continues to be more and more relevant.
Gold security investments such a Gold Exchange Traded Fund (ETF) and sovereign gold bonds are experiencing demand in this current scenario. Traders are fully updated with the developments and immediately seize the opportunities as and when they emerge. This has redefined the value of jewelry in the market. Those who are willing to be a trader should take this opportunity at the earliest as the industry looks to shine in the near future.
There are a lot of trends and insights in the gems and jewelry industry. Retailers are hopeful as the wedding season arrives, as there might be an upsurge of marriages that will boost business. Small scale weddings are being forecasted by the market specialist post-pandemic. There is navigation to buying light-weighted jewelry such as diamonds and solitaires with sleek gold pieces. Market specialists predict customer buying habits to more simple designs. Retailers are working around this trend with specific price budgets. The pattern of buying has shifted to digital platforms as simple designs do not require physical visits and can be easily bought online with plenty of scrutiny from online merchants. Here story-telling would help customers connect with the elegant pieces in the absence of physical proximity.
Another important aspect is the overseas sales of jewelry. With the export-import market slowly re-opening, it is likely to have a gush of foreign currency making the industry more feasible in the post-pandemic period. But overseas sales will not be as usual because the industry has to abide by the rules of the new normal. Again demand for light-weighted products will help manufacturers to structure it accordingly and define distributions by wholesalers and retailers.
With the second wave currently settling down, consumer demand is expected to increase in the next quarter as now people are not likely to make huge investments. Creating awareness with an exponential online presence along with lowering expenses is the vital factor to be adapted at present. As soon as the lockdown comes to an end, sales are likely to rise with gold being always the best choice.
History witnessed kings and politicians fight wars, natural disasters, and many more. Those issues were addressed based on treasury which comprised of jewelry. Initially, the barter system was based on precious metals only, which indicates unprecedented times would not last specifically in the jewelry industry.
The gems and jewelry industry is trying hard to stand beside the manufacturers. Experts believe that the shift to digitization can lead to the prospects of the industry. With shopping websites, the Indian population is more active and comfortable with digital purchases. Home delivery of products with good demonstration can work wonders with a few extra services that are being offered. All these factors can boost the industry which has been running low for months.