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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 21th century everything has changed. The millennials and generation y zero in on the utility of products rather than the aesthetic appeal. They prefer on 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 a 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.
Previously, the 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 of 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 the 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. A number of 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, Diwali, and Christmas are the days during which the sales reached to 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, smart multi-functioning designs are increasing the demand for hi-tech jewelry.