In the post-pandemic world, nature, sustainability, and design with meaning and purpose are all set to form the crux of contemporary consumer behaviour.
While the crisis having modified every business under the sun, the jewellery industry too has witnessed a new era that is more customer-centric and user-friendly. Gold as a commodity has re-affirmed its faith in long term investment criteria and a safe bet for turbulent times as what we are facing right now. With a percentage increase in gold valuations, the industry is retooling itself to bring about a change in all the walks of jewellery retail.
With every aspect right from jewellery design trends to after-sales services, being restructured, the industry is hopeful of steadily bouncing back in the upcoming times. The Indian jewellery retail sector is undergoing through a colossal shift from unorganized to organized, and the one responding to this change will play a big role in directing the future of the jewellery business.
With the wedding season having kicked in, the industry players are hoping to countersign the market trend coming back with a new wave of fashion. While heavy jewellery pieces are here to stay, the pandemic-driven low-key weddings will also throw the spotlight on light-weight, sleek and smart options.
The trend of minimalism which has been doing its rounds in the industry will witness an increase in the demand for solitaires and diamonds along with dainty gold pieces. Combining or layering standout jewellery pieces with the abundance of options on offer lends more possibilities for mixing and matching.
The below-mentioned market dynamics and retail jewellery industry inclinations will see the emergence of a new wave of fashion in the industry:
Indian e-commerce has impacted jewellery retail: Digital no longer remains a straight line but has become a significant element in creating an omnichannel experience. Brands must be responsive in merging how consumers shop to convert consumer engagement into purchase in a socially distanced world.
The growth of Indian e-commerce has unquestionably facilitated manifold industries, with jewellery retail benefitting likewise and its market size has been estimated to cross $3.2 billion in the upcoming quarters. It has been researched that about 18 percent of sales of Asia’s online jewellery market is expected to be made online by 2025 taking the industries worth to about $79 billion annually.
The industry is thus dynamically growing and is a testament to several changes that are underway – both with respect to consumer behaviour and the industry as a whole. With business-as-usual no longer being the norm in the new normal, agility to new trends and developments are new buzzwords that the sphere of retail jewellery has been embracing.
Post-pandemic consumer behaviour: With the turn of events unfolded by the pandemic, the urban woman no longer prefers investing in jewellery only to keep it in the locker. She demands wearability and has been carrying the will to express herself.
Improved purchasing power and the fact that women are becoming more confident and experimental with their fashion statements, implies that jewellery is no longer confined to being an accessory only for special occasions. The preferences evidently indicate a shift to more frequent purchases of lightweight options.
The minimalist makeover of jewellery: The gem and jewellery industry is also taking to clean shapes with intricate designs and soft tones. Dainty and lightweight accessories like diamond stud earrings are topping the jewellery charts.
Unusual designs with sophisticated detailing are what sets apart these delicate studs. The trend of rings embedded with diamonds and stackable dainty rings has been picking up organically. Diamond studded bangles and bracelets have been quite the rage lending a fuss-free look. Layered diamond necklaces and subtle chains with statement pendants also help in emphasizing the bride’s overall features.
The drift towards one-piece multiple functions: There is nothing better than fashion and function coming together to create pieces that we want to wear and use correspondingly. This is exactly what multi-functional jewellery pieces do.
These multi-usable pieces double up to do more than just sprucing your outfit and persona. Accessories with multiple purposes like a diamond emerald choker can be used in many ways for various occasions. This stellar piece outperforms itself from just being tied around the neck to being a pendant, chain, Bajubandh, and a necklace at the same time.
Layered jewellery offering a whole new perspective to the jewellery industry: Welcoming diversity in jewellery pieces like a shorter necklace paired with a longer one or the Maharani of Jaipur necklace layered with a Rajsi choker and a Moti Shaan Kada and SonmargHaathphool can help diversify the bridal look. Classy designs like the maharani of Bikarner when matched with band Meenakari earrings and Sona moti cuff will lend brides an impactful look.
Traditional pieces a perfect adornment: Jewels that are intricately constructed in traditional Bikaneri Meenakari work with turquoise and GulabiMeena and offbeat paring of jewelleries like layering contrasting enamel choker with pearls are currently ruling the jewellery domain.
As more retailers in the jewellery segment comprehend the massive opportunity in the industry, the market is all set to become increasingly competitive. For brands, it becomes indispensable that they shift from merely being a space provider to creating experience and community among their customers offering an atmosphere that fosters creativity.
Mr. Ankit Gala- Co-founder, Antara Jewellery
