The jewelry industry operates under constant pressure to innovate and adapt. People have been wearing jewelry for thousands of years, but how they wear it has changed significantly.
For jewelry producers and distributors, it’s essential to stay in tune with what users want and update their offers accordingly. Otherwise, you run the risk of being overwhelmed by the competition.
So what are the latest trends in the jewelry industry? What can jewelry companies do to stay ahead of the curve?
Non-Fungible Tokens (NFTs)
NFTs are highly relevant to the jewelry industry today, with opportunities for investors, speculators, and jewelry enthusiasts alike. In case you aren't familiar, NFTs work similar to cryptocurrency.
Utilizing the blockchain, a technology that enables multiple users to connect to the same network and update a shared ledger, participants may create, trade, and exchange “tokens” of currency with one another, sometimes for physical or digital goods.
In the case of jewelry, an NFT represents a fractional share of ownership in a single piece of jewelry or a collection of jewelry. An investor may purchase as many tokens as necessary to gain full ownership of a particular piece, but it’s more common for investors to purchase fractional shares of ownership collectively.
For jewelers and collectors, this represents monetization potential and the ability to raise visibility. It gives you the option to raise money from investors without having to sell your jewelry directly.
Since NFTs are such a popular topic these days, they present an easy method of gaining name recognition in public. For investors, NFTs represent an opportunity to diversify your portfolio by investing in noteworthy jewelry assets.
Secondhand and Vintage Jewelry
We’re also seeing an explosion of interest in secondhand and vintage jewelry, for a variety of reasons. Rather than flocking to all the latest designs and modern trends, people are picking through more diverse and wider selections of pieces from eras past.
One explanation is the desire for more unique articles of jewelry. Rather than pick something off the assembly line, or choosing a handmade piece that conforms to the latest trends, the current population of buyers is more interested in pieces that are unusual or that deviate from the norm.
Another explanation is that supply issues have made new jewelry somewhat less accessible; it’s both more expensive than ever and more difficult to find. For most jewelry hunters, it's more convenient and more accessible to look for older, used forms of jewelry.
Also, certain people enjoy the thrill of the hunt. When shopping for vintage and secondhand jewelry, you’ll encounter many pieces that simply don’t fit your style or offer you what you want. When you finally locate the perfect piece, this can give you an adrenaline rush.
Environmentalism and Sustainability
Consumers are growing more concerned about environmental issues and sustainability, as well as the ethical practices of the brands they buy from. Many jewelers and jewelry-related companies are putting a heavier emphasis on environmentalism and sustainability, both in their core practices and in their marketing and advertising campaigns.
- Ethical sourcing. Many brands have begun to focus on ethical sourcing: mining gemstones and other materials with fair labor practices and environmental sustainability in mind.
- Sustainable production. Supply chains and distribution are also getting reshaped to favor more sustainability, reduced travel times, and fewer carbon emissions in the process.
- Consumer transparency. Perhaps most important, brands are shifting to practices that entail greater consumer transparency. They’re making a more concentrated effort to explain exactly how they create and distribute jewelry pieces, so consumers know exactly what they're getting into.
Hyper-Personalization
In an era of mass production and marketing, personalized materials often have more positive appeal. People desire products and content that are customized specifically for them; which is why more brands are shifting to a hyper-personalized approach in the jewelry industry.
Increasingly, organizations are offering fully customized jewelry: designed and built from scratch. They’re also making a concentrated effort to develop marketing materials that have a direct and individual quality, such as personalized videos embedded in emails.
If you have sufficient customer data to work with, you can create a video specifically for the individual who will receive it and connect with him or her better in the process. Viewed makes it easy for you, thanks to our technology you can embed videos in your email template and have them play as soon as your customer opens the email, also, with a .CSV file you can customize the voiceover, text and even the image of your video, to create a unique experience for your customer.
Minimalism and Timelessness
Thanks in part to the pandemic having shifted consumer tastes, we’ve seen a transformation in the types of jewelry that most people prefer. Notably, consumers are increasingly prioritizing minimalistic and timeless styles.
People are looking for pieces of jewelry with less fluff and fewer unnecessary adornments, and they want their pieces to be relevant for many years to come.
Storytelling and Social Media
It’s no secret that social media is a powerful marketing and advertising platform. Jewelry industry firms are leveraging this platform for increased emphasis on storytelling. Rather than pushing hollow products or repeating generic messaging, these firms insert character and story elements into their marketing materials.
Subscription Models
Brands like Switch, MintGoose, and Pura Vida are offering more innovative subscription models for jewelry. Rather than buying your jewelry one piece at a time and limiting yourself to the pieces in your possession, you can pay for a subscription that gives you access to a much wider selection of jewelry to rent.
It’s a great way to try out new things, keep your collection fresh, and avoid the hassle of acquiring new pieces.
Staying Ahead of the Competition
If you're in the jewelry industry, it’s your duty to stay ahead of the competition. Subscribe to a variety of jewelry industry publications and influencers so you can get early warnings on emerging trends and changing consumer landscapes – and stay adaptable so you can always incorporate new changes accordingly.
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