How The Jewellery Sector Is Preparing For The Return Of Normalcy

The fallout from the pandemic was widely felt across almost all industries over the last year, particularly the UK’s high street stores. Some of the most hard-hit industries included the hospitality, fashion and jewellery industries, with many stores forced to close their doors and focus on new strategies to bullet-proof their financial future. Yet, even with such uncertainties, the global jewellery industry is set for a bright future. According to Fortune Business Insights, the global jewellery market is set to hit USD266.53 billion by 2027. Whether it is continuing its focus on building an online presence and customer personalisation, or preparing for the expected surge in wedding activities, here is how the jewellery sector is preparing to return.

During the closures, jewellery stores turned to virtual appointments, and it looks like they intend to keep their online operations a focus in their return to normalcy. Jewellers like Tiffany, Beaverbrooks, and H. Samuel are already advertising their availability for prebooked shopping appointments in store. However, jewellers have also used the increased demand for online and one-to-one consultations to improve another feature – customer personalisation. Couples and grooms trying to decide on the perfect proposal jewellery can now book virtual consultations to help them choose an engagement ring the bride will love, or decide on one to match their tastes. This provides the opportunity for guidance on the appropriate cuts of diamond and metal choice – a feature highly valued by those buying such an important piece of jewellery.Customers have been asking for personalisation for years, like make your own wedding ring, so the shift towards this will is expected to be a welcome one and it will help you to find the perfect proposal jewellery.

One of the other industries hit hard by the closures was the diamond and gold mining industry. As a result of this and logistics delays, jewellers have either found themselves woefully short of stock, or in some cases, left with last season’s stock as they reopen their doors. One way they are looking to turn this around is by focusing more on sustainability in their jewellery ranges and operations. A good example is Pandora’s announcement that it will be switching to recycled metals. Elsewhere, fashion and jewellery websites like the popular ASOS are already offering recycled silver jewellery. Not only is this aimed at addressing the surplus stock flow, but jewellery retailers hope it will increase their appeal to consumers, as they increasingly face calls from customers to be more eco-conscious.

With the lifting of restrictions, wedding vendors have seen a surge in wedding bookings. In fact, a recently published article by The Guardian estimated that event bookings have increased by 250 percent compared to pre-lockdown levels – largely fuelled by rescheduled wedding ceremonies. In the UK, there are approximately 250,000 weddings held each year. However, around 70 percent of them were postponed due to ongoing restrictions. While some couples have opted for virtual ceremonies, elopements and micro weddings, most have opted to wait to have their special day with family and friends.

Now, with the delayed queue and current calendar, experts estimate that there are almost 700,000 weddings slated to occur between now and 2022 – something jewellery vendors are hoping to capitalise on. Adam Jacobs, partner at Jacobs The Jewellers in Reading and Berkshire, estimates that demand will be high, since there will be two years of weddings rolled into one. According to Mr. Jacobs, “In theory, we should have two years weddings rolled into one year with many engagement rings also in the mix as prospective couples will have delayed purchasing to enjoy choosing a ring together.”

While this is just the beginning of a long road to recovery, it seems that the jewellery industry is gearing up for a long fight. By adapting and introducing new strategies, the jewellery sector is hoping to capitalise on the changes the last 12 months have brought and make them their own.