You will agree that COVID-19 has set the world far down an uncharted territory, particularly in the way we look at things. The pandemic did not only impact our lives in ways we didn’t imagine, but it also affected our habits – from the way we conducted our work, shopping, school, sports, basically every aspect of our lives took a blow from the pandemic. Meanwhile, as the world is devising means to stay afloat and keep moving despite the pandemic, several industries have found it difficult to move on quickly or bounce back. However, one sector has remained fluid for several decades and seems even to have waxed stronger during the pandemic, and that’s the jewellery industry. Jewellers and traders in gemstones have consistently pushed themselves harder in a quest to meet the demands of their teeming customers; however, with the pandemic, there is a little bit of difference in how business is done in the jewellery business, as confirmed by foremost Indian jeweller in Australia, Jewellery by Alirah. Here we would look at the current trends in the jewellery industry and what lies ahead post-covid.
Surge in sales
Jewellery by Alirah, a bigwig in the industry, noted that there had been an unprecedented surge in sales in a manner that has never been recorded in the industry’s history, and this can be attributed to the celebratory mindset of customers who now have lots of personal milestones to celebrate, celebrations that have been repressed and kept on hold because of the pandemic. For example, there have been many demands in the wedding industry because most of the weddings slated for Q1/Q2 were postponed to Q3/Q4, and the needs will rise even further in subsequent months.
Unspent income means more jewellery shopping
There has been a period spanning up to six months when working from home became the new normal. The continuous flow of income despite the lockdown means very little avenue for going out and spending unnecessarily. With the gradual removal of the lockdown, there is the need to spend all the income accumulated over time, and Jewellery by Alirah noted that most of the returning customers are in the working class.
History provides hope to the jewellery industry
History suggests a surge in demand for jewellery because of the need to keep them for the future or as an investment because currency might fail as it has in the past. Nevertheless, while history suggests hope, the industry’s digitization has shown a lot of potentials and prospects for the future.
Small scale weddings may imply a bigger investment in jewellery
There has been a shift in the grandeur of weddings as people have small scale weddings nowadays. This shift means that people are investing in bridal jewellery more than the actual wedding itself. Jewellery by Alirah noted that most brides are joining the trend of investing heavily in jewellery because it represents a haven.
With the pandemic came new trends and a new way of doing things; however, many of these trends will remain and become the new normal after the pandemic.