The Pandemic should have been a dull season for the fine jewellery industry, but this couldn’t be further from the truth. Jewellers believe consumers are compensating for the holidays they lost or simply treating themselves to brilliant baubles. The jewellery world is divided on the exact explanation that can address this welcome growth, but with the market in flux, accepted industry trends have disappeared.
According to most, this upward surge can be attributed to a series of reasons. For most luxury clients, gold, precious metals and gemstones are proving to be rock-solid investments in these turbulent times. At the same time, the online world became a whole new and interesting platform for designers and consumers to connect.
The post-lockdown holiday season also provided a tremendous boost for the industry. Jewellers have been relishing a festive season unburdened by rivalry from their No. 1 enemy, travel. This is another way to explain the unexpected resilience of fine jewellery during a year of mayhem.
Another psychological link to the trend is the ephemeral nature of life. The wedding jewellery industry too felt the pangs as couples realized the fragility of life and got married during the pandemic. With the easing of lockdown, jewellery sales in the United States grew by a staggering $1 billion for the period of June, July and August, year over year. Engagement rings led the charge.
Couples tying knots in 2020 cut down on guests, flowers, party venues, and food. The only area they chose not to compromise on is their jewellery. Unlike all else, the jewels are long-lasting as well as sentimental value.
There has also been a remarkable pickup in custom-made commissions. Most orders for such bespoke creations are priced at the higher end of the spectrum. Even in fine jewellery, the ‘waist-up dressing’ phenomenon led to a rise in sales of earrings and necklaces that can be flaunted and admired on Zoom.
The crisis of 2020 only underlined the importance of digital technology. Companies that had e-commerce or distance selling in the pipeline, made it a priority during the pandemic. The crisis only reconfirmed the truth that consumers are happily buying jewellery, even fine jewellery online. All over the world, during the peak lockdown period between March and May, fine jewellery sales grew by leaps and bounds.
Exclusive online jewellers have a few theories to support this increase in sales. With the world locked within four walls, clients preferred to reallocate their budgets to fine jewellery from ready-to-wear fashion or partying. It was also the season when buyers sought out personalised jewels and talismans to mark the special occasions.
Though retail jewellery stores opened their doors in June 2020, the palpable shift to buying jewellery online has sustained through the second half of 2020. Jewellery, even more specifically fine jewellery, sales have been witnessing a surge through the lockdown stricken 2020. And it will be sustained even in 2021.
To enjoy The Jewel Box bespoke fine jewellery experience, make an appointment to visit our atelier at the International Building on Orchard Road, just call +65 6733 4100 or email firstname.lastname@example.org.
Read more about investing in fine jewellery, Gold prices sparkle as a safe-haven investment during Covid19.