Shining Future for Indian Jewellery Industry

The COVID-19 pandemic has transformed our lives in unexpected ways. Every avenue has taken a blow, from work to schooling to shopping. While the world weathers an economic crisis, the jewellery industry has also slowed down.

However, the gems and jewellery industry has been historically fluid enough to tackle any business downturn. It has survived all crises like floods, famines, and other natural disasters. The demand for jewellery has never slowed down. Gold Jewellery Manufacturers in India have managed to rise from all sorts of nadirs and bounced back; the same is expected in the post-COVID-19 era.

The future of the Indian jewellery industry looks promising even as it has come a long way. From holding gold as an investment to splurging on jewellery for festivals like Diwali, there is only more and more demand for jewellery. There are signs of recovery in the current times, and industry experts expect an upsurge in the near future.

The following trends are expected:

Surge in business

The market is opening up on an unprecedented scale, and this is a positive trend. The industry is witnessing a surge in business (sales) that may be attributed to pent-up demand and revenge purchasing. Demand is also rising from returning customers having a celebratory mindset seeking to revel about personal milestones.

The majority of weddings planned in Q1/ Q2 have been postponed to Q3/ Q4, and this demand will rise further. Weddings may become a close-knit affair due to social distancing norms, but the budgets will remain the same. The money saved will be typically invested in more jewellery for the bride. Gold jewellery will still remain a symbol of auspicious beginnings.

Unspent income

The industry is treading cautiously with a wait-and-watch policy. At the same time, the demands of customers are expected to proceed from heavy jewellery buying during festivals to more minimalistic items like daily wear. Since people have been spending less on lifestyle and travel expenses, jewellery sales will benefit from the use of unspent income.

Simple and sleek

People typically seek simple and sleek designs in jewellery in an expenditure range from 5k to 25,000 k. Most jewellery companies are focusing on this segment. Market trends from 2020 indicate steady demand in this specific price budget, and it is expected that the same range will still remain with less demand for heavy items.

Digital era

Digital shopping has become the new normal, and this has escalated in the COVID-19 era. There is much demand for light jewellery from e-commerce wings of jewellery shops. Buying heavy pieces of jewellery demands a physical visit to the jewellery shop and trying on the jewellery in person before purchasing expensive jewellery. But shopping online for light and inexpensive jewellery is preferred by most customers. Around 80% of customers are keen on purchasing lightweight products, and every wholesaler and retailer is keeping this in mind.

Changes in customer experience

Besides all this, the jewellery industry is witnessing lots of changes in terms of customer experience and handling with regard to online shopping. Sales and marketing teams are being trained on how to persuade customers and ensure for them a smooth online shopping experience. It is good to make the customer feel important and to help build up their trust in the brand. As per technical terms, this involves not just selling a product but selling an experience.

After-sales services

In the digital era, new standards will be set for after-sales and product services. Repairable products may be picked up and delivered back to the homes of customers. Even at-home shopping maybe transformed where the representative of the brand will arrive at the home of the customer, display product range booked online so that you can shop for your favourite jewellery pieces without visiting the store.

In sum, some experts expect the market to witness an unprecedented surge in sales. Though gold rates will boom, more customers will buy jewellery in anticipation of the wedding season. Customers will spend less on large-scale wedding celebrations and more on long-term investments in jewellery.