The Digital Evolution of Fine Jewelry Market
For the baby boomers, a marriage without a diamond ring was unseekable. Then came generation y which valued fine jewelry as a form of investment. When hit by financial adversities people would resell their precious metal ornaments and get rid of debts. In many countries, jewelry is an inseparable part of heritage especially in India where jewelry is purchased on every auspicious occasion. Not only people bought 925 silver jewelry on festivals but also for celebrating milestones in their life.
The elders gifted jewelry on childbirth, anniversaries, birthdays to the women and girls in the house. However, in the 21st century, everything has changed. The millennials and generation y now prefer to purchase products based on their utility rather than their aesthetic appeal. They prefer to spend money on experiential services and products. A major populace of the people between 18 - 34 limits fine jewelry purchase to one time. The reason is they find buying gadgets more beneficial compared to an accessory. To increase the demand for jewelry, technology was incorporated into jewelry resulting in the creation of smart jewelry. Along with improving your appearance these act as a time tracker, sleep, and heart monitoring device.
Many market research shows that today's women and Millenials want innovation, technology, and quality in their lives, and this applies to the jewellery they wear as well. Gone are the days when jewellery was a part of a status symbol and was worn only on some special occasions. Nowadays, youth prefers jewellery that not offer them some exciting feature, but also look aesthetically well. Many watches these days come with beautiful designs that serve the purpose of a bracelet along with a watch.
In recent times, multifunctional silver jewellery, that is smart, affordable, and yet genuine, offers almost everything the new millennials require. One of the latest trends of multifunctional jewellery has also been quite applauded in the younger generation for its versatility and functionality. Who wouldn't love a pendant that could be worn with your favorite necklace and also as a mang tika for some special occasion! Or a fine chain necklace that can be wrapped around your wrist for a cool, funky multilayered bracelet. Multifunctional jewellery not only attracts attention because of its unique, quirky, and innovative designs but also is quite affordable as it serves many purposes in the price of one.
Previously, fine jewelry was treasured for its longevity. Fashion accessories couldn’t stand the test of time while the precious metals lasted for a lifetime. Therefore, fine jewelry became a prime choice for women. The health benefits of wearing gold, silver, platinum, and copper encouraged people to wear it on an everyday basis. The present-day scenario as opposed to the former. To keep up with the latest trends, most men and women prefer buying new designs day in day out.
Since time immemorial fine jewelry was treasured as an item of luxury. It remained a status symbol for decades. Now, the focus has shifted to travel and usage of the latest technology. People feel pride in shares photos from their foreign vacation, the latest iPhone model, etc. To balance the act financially they choose the luxurious-looking-cheaply-priced custom jewelry. The individuals reaching adulthood in the present times who don’t have the budget to purchase fine jewelry, pick imitation designs. Several millennials opt for their family heirloom instead of buying jewelry for their engagement and wedding. Though, the moms and pops jewelry shops had a decline in sales, the growth of online stores has been phenomenal.
The reasonably priced silver jewellery online India is considered as ideal gifts. Holi, valentine's, Diwali, and Christmas are the days during which the sales reached the peak. The e-commerce portals give sales opportunities to both the retailers and individual contractors. Having an online store cuts the cost of sales staff, buying/ renting a store, surveillance, etc. Retails selling on third party website reduce the work on their end through dropping business. The Blue Nile holds 50% of the online jewelry sales market.
To sum it up, today’s generation doesn’t have a strong desire to wear diamonds and fine jewelry. Gold and silver jewellery online India stores have a greater edge over the brick and mortar stores. However, jewellery that is smart, innovative, and serves the purpose of the fast modern-day world are always in demand in the future. A