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Impact of COVID-19 on jewelry industry

2021-05-02 11:34:48

It seems that the jewelry industry is the field that should have suffered the least from the Coronavirus․ Jewelry are not essential items, therefore, during the crisis, they are not in the focus of purchasing activity. Nevertheless, jewelry industry like many other industries in the world has suffered a lot due to the outbreak of Coronavirus (COVID – 19). 

The spring of 2020 was the worst period in the jewelry market. The number of sales changed very suddenly and unexpectedly. The sales in this period plummeted by as much as four fifths in different parts of the world. Despite the warm season, which is considered to be the peak period for weddings, we could witness a standstill in the jewelry market. The reason was not only the temporary store closures, but also the fact that many people were forced to either cancel or postpone some big events, weddings, birthday parties, etc. All this has led to the fall in the economy of many countries, and severely damaged the quality of people’s life. 

However, despite all the negative impact that COVID -19 has had on the world and all the spheres of life, it is important to accept that it has taught us a lot. The most significant change that the jewelry industry has undergone is the fact that many jewelry brands, which used to sell only in stores, started to think about going online. During a pandemic, when all physical points of sale are closed, going online is the only way of commercial existence The jewelry industry is not an exception. 

A lot of jewelry manufacturers had to accept that the only way to continue existing is working online. Online sales of jewelry companies grew, but they could not radically change the situation with the general decline in sales and also more or less suffered from the situation. Online stores could have losses in the sense that their photo and video rendering process was stopped because people had to stay at home and did not have an opportunity to work from offices. Although not all, because nowadays there are online automated platforms that provide their services regardless of everything, even the epidemic.

In spite of all difficulties, many jewelry companies are now working around the world, and their presence is acquiring more and more sophisticated forms. Virtual connections will make the online shopping process almost as easy and attractive as in the real world. Due to the pandemic, private jewelry shows in stores have stopped, but we can observe a rise in the amount of virtual ones. An event in a real store can attract dozens of people, maybe hundreds. A virtual event can attract thousands of people. This style of working will not disappear when the pandemic is defeated, but quite the opposite, it will spread more and more, faster and faster, because the scope of what can be achieved is increasing significantly. Moreover, no one will ever think of giving up the result that new technologies can provide. 

Тhe jewelry business will continue to grow as it remains a wonderful expression of devotion and love. This is not going anywhere and even the Coronavirus can never become an impediment to this. Although there are a number of challenges that the jewelry industry will face in the future, it will never be out of the woods, because jewelry brands have proven themselves to be adaptable and resilient, which is the most significant feature for a business to survive.

According to a Grand View Research report, the jewelry market may grow at a compound annual growth rate (CAGR) of 8.1%, reaching $480.5 billion in value by 2025. This is a very optimistic view about the industry’s ability to recover from COVID-19, and each of us sincerely hopes to witness such a rise in 4 years.

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