Gone are the times when gemstones and jewelry were associated with just adornments and symbolized social status. With its existence since the time of civilization, jewelry has undoubtedly undergone a massive transformation in terms of its design, and the actual usage. Now the jewelry manufacturers amend its design patterns according to the changing consumer fashion and lifestyle. Expressed in multiple forms, gemstones like ruby, pearl, diamond, emerald, amethyst and many others play a dynamic role in crafting eye- pleasing ornaments.
What’s driving the gems and jewelry market?
The diverse classes of precious metals including gold, silver, and platinum are not just used as ornaments to furnish the looks, but people also purchase these products as protection against inflation. Thus, such inflationary pressures are likely to drive massive demand for jewelry. In addition to that, the upsurge in the income levels of consumers across the world is sure to increase the demand for jewelry and gemstones.
In a fragmented market like that of gems and jewelry, the innovations in design and technology are the prime facet that differentiates the companies from their competition. The unique designs of a company along with the purity of the precious metal and authenticity of the precious stones are significant factors that help a jeweler gain the competitive advantage. From the computer-aided design (CAD) to laser solutions, the adoption of advanced technologies is sure to drive the growth in the global gems and jewelry market.
While adjustments are not limited to designs, another ground which has revolutionized the industry is the route through which the products are retailed to the consumers. The ever-evolving e-commerce platform is now adopted in the gems and jewelry market as a distribution channel which positively aids brands in boosting revenue. These e-commerce portals offer the twin benefits of easy accessibility and a massive range of offerings that is most appealing to the modern day shopper.
Roll with the changes thanks to market research from Technavio
As the adage goes, change is the only true constant. Moreover, in the global gems and jewelry market, this is especially true. In order to remain successful, companies need to anticipate and react to changes immediately whilst changing strategies on a dime.
Technavio’s market solutions offer an expert option to understand and adapt to the changes in the gems and jewelry industry which can aid in gaining an edge over the competition. Our research report can aid in weighing and quantifying opportunities to prioritize those with the highest revenue potential for your company.