The fallout from the current pandemic has been significant in almost every industry and facet of day to day life worldwide, yet some sectors have managed to tread water more successfully than others.
Here is a look at the impact that the jewelry industry has felt as a result of COVID-19, the changes that have been made to cope and what the future might hold.
A shift to online selling has been inevitable
Many countries enforced lockdown conditions on residents during the worst period of the pandemic, meaning that bricks and mortar jewelry stores had little choice but to close their doors.
This led to a significant spike in interest for online outlets, along with a major push by established brands to boost their online presence through a number of platforms. Sites such as diamondere.com, who design women’s sapphire rings amongst other precious stones, were able to make the most of this trend, catering to customers who were eager to keep investing in high quality pieces even when physical outlets were unavailable.
Likewise the rising profile of major jewelry retailers on social media has been spurred on by COVID-19. Companies which were previously only partly focused on the digital marketing opportunities afforded to them in the past quickly upped their efforts to grow follower counts, create compelling campaigns and win over would-be buyers who were stuck at home with little to do but scroll on their smartphones.
Sales have been volatile
The spring of 2020 was a bad period for the jewelry industry, with sales plummeting by as much as four fifths in certain regions. This was not just because of temporary store closures, but also because many people were forced to postpone their weddings and a whole host of other plans were pushed back.
Thankfully as with other industries, sales have since recovered somewhat, in part because the initial economic panic caused by the pandemic has eased, and also because plenty of people are still snapping up jewelry to help them get through this tough time, rewarding themselves with little purchases to keep their spirits up.
Sustainability is now key
Experts agree that if the jewelry industry is to thrive in the future, it needs to take seriously the need to make itself more sustainable as well as accessible, appealing not only to a generation of consumers who will have less disposable income to spare, but who also have their ear closer to the ground when it comes to issues of environmental-friendliness and ethics.
For example, within the next half-decade major brand Pandora plans to switch to using only recycled precious metals to make its pieces. This is a step which others will no doubt follow, allowing customers to make the best choices that are in line with their personal values.
The industry is not out of the woods yet, and there are certain to be further challenges ahead as the true scale of the COVID-19 crisis unfolds, but jewelry brands have proven themselves to be adaptable and resilient, which is reassuring.