We know it’s a cliche to say the COVID-19 pandemic turned things around for the market. But the fact remains that each and every industry, no matter how set in its ways, developed and innovated multifold to cope with the pandemic. Some things returned to normal as life returned to normal, while some ended up becoming norms and trends. But the pandemic isn’t the only factor causing industries to evolve. Some facets have been determining trends for decades: customer preferences, technological advancements, social and environmental concerns, research and development, and so on. All these factors get together to determine what the future of any industry looks like.
Now, if you are anyone involved in the jewelry business, you are already aware that JCK Las Vegas 2024 is going to be held between 31st May 2024 and 3rd June 2024 at The Venetian Expo in Las Vegas. With one of the most important global gatherings for the jewelry industry just around the corner, we know you must be wondering about the trends in the jewelry industry. Whether you are planning to be an exhibitor or an attendee, you need to be aware of the jewelry industry trends. In the ever-evolving world of fashion and luxury, the jewelry industry stands as a timeless beacon of elegance, craftsmanship, and innovation. As we look ahead, the landscape of the industry will undergo a fascinating transformation brought about by a myriad of factors. Let’s break down the latest jewelry industry trends.
Learn More: JCK Las Vegas 2024: Ideas for Drawing Attention to Your Booth
One of the greatest trends in the jewelry industry is hyper-personalization. More and more, jewelry is being viewed as a means of reflecting one’s individuality and self-expression. Buyers want to make a statement with what they wear – daily wear or fine jewelry. From engraving initials and important dates to being able to visualize and customize their own jewelry designs, buyers are definitely desiring and demanding a personalized touch.
Consider this example: A couple wants an 18-karat rose gold necklace to commemorate the birth of their daughter. They want it to be bejeweled with diamonds in the pattern of the stars at the time of her birth. Using computerized tools on a brand's website, they could visualize this particular design, view realistic photos of the necklace before ordering it, and have it created and dispatched within five days, if not sooner. Now, that is something that is novel in all aspects of the transaction: From having the desire to create meaningful, timeless jewelry that serves a purpose and is not just for possession but for memories and personal milestones to the ability to make it come true, and so fast!
And it doesn’t stop here! Tanmay Shah, head of innovation at Imaginarium, a fast prototyping and manufacturing hub with a jewelry division based in Mumbai, India, added, “Not just that, but the piece could be embedded with an NFT tag, which, when read by a smartphone, could trigger memories and digital memorabilia of the family, almost like a time capsule.”
But we’re getting ahead. We’ll break down how technology is transforming the landscape of trends in jewelry later in the article.
The demand for sustainable jewelry has been on the rise for a while now. By 2025, we expect sustainable purchases will account for 20-30% of all fine jewelry sales. According to a study by the Capgemini Research Institute, 79% of all consumers are changing their product preferences based on social and environmental impacts, and Nielsen's Sustainability Report found that 73% of millennials are willing to spend more on a product if it comes from a brand that stands for sustainability.
In light of this shift in preference and behavior, we can safely say that ethically sourced and sustainably produced products will continue to be a trend in the future, only with incremental demand. Although, it is to be noted that ethical and sustainable jewelry isn’t easy. A piece of jewelry must meet many requirements to be labeled as "ethically sourced," including fair labor standards, working conditions, and mining methods. And this only covers the sourcing phase.
Another significant jewelry market trend in this theme is the rise of lab-grown diamonds and gemstones, which offer a sustainable alternative to mined diamonds and gemstones by eliminating the environmental impact and ethical concerns associated with traditional mining. While not easy, we can expect the supply aspect to continue to meet the demand, which, it’s safe to say, is not going anywhere.
Here’s a brand that is a champion in the sustainable jewelry industry.
Technology is the greatest factor for a major overhaul in every industry. The jewelry industry is no different. While for the longest time, traditional craftsmanship and ways of jewelry production have been held in high regard, technology is making its way into the jewelry industry faster than ever. Let’s look at different types of innovations that will be trends in the jewelry industry in the near future.
Computer-Aided Design (CAD) and Computer-Aided Manufacturing (CAM) software have revolutionized the jewelry design process. Designers can create intricate and precise designs digitally, allowing for rapid prototyping and customization. This tech goes a long way in streamlining design workflows and reducing time-to-market for new jewelry collections. While not universally accepted yet, we see using CAD/CAM software becoming a norm, all because of its capability to increase efficiency multifold.
Additive manufacturing technologies, such as 3D printing, have gained prominence in jewelry production. This technology enables jewelers to create complex geometries and intricate designs with high precision and efficiency, opening up new creative possibilities.
There’s a truly amazing and innovative jewelry trend we found. The Irish design team Love & Robots created jewelry that uses 3D printing to retain the flow of air in every city on any given day.
The Windswept jewelry resembles fabric folds disturbed by the wind and then caught in a moment in time.
An emerging trend in jewelry is the rise of virtual try-on experiences that allow customers to visualize how jewelry pieces would look on them before making a purchase. Virtual reality (VR) and augmented reality (AR) technologies will be increasingly integrated into the jewelry buying experience.
Another part of this experience is using 3D view tech to let your customers experience your products from all angles.
Immersive experiences like these help your prospective customers truly visualize the look and feel of your products and positively affect their buying decisions.
Immersive exhibitions are a trend in the jewelry industry still testing the waters, but being done by a few visionaries. For instance, check out the London chapter of the traveling immersive Gucci exhibition called Gucci Cosmos.
Artificial intelligence (AI) is being employed to assist jewelry designers in generating design concepts and predicting consumer preferences. These tools enable designers to create jewelry pieces that resonate with target demographics and optimize product development strategies.
A Paris-based jeweler called Boucheron set out to create jewelry that captured the intricate beauty of flowers. During the procedure, the designers scanned flower petals with 3D technology. The final product was floral rings that looked like delicate flowers in all their beauty and glory.
Another exquisite example comes from the same designer who used diamonds, glass beads, and fine wires to simulate the flow and movement of a cloud:
With millennials and GenZ becoming a substantial part of the jewelry-buying demographic, we predict a rise in inclusive designs in the jewelry industry. These designs embody a commitment to diversity, catering to various cultural backgrounds, body types, and gender identities. They celebrate representation, body positivity, and gender fluidity, offering accessible and versatile pieces that resonate with a wide audience.
In addition to the jewelry design, inclusive jewelry brands prioritize inclusive marketing strategies, featuring diverse models and promoting acceptance and belonging. We will see a rise in diverse models in jewelry campaigns, gender-fluid/gender-neutral jewelry, size inclusivity, and so on.
The jewelry industry has embraced e-commerce and social media sales as channels for reaching customers and driving revenue growth. Online jewelry sales amounted to almost $7.6 billion in 2021 in the U.S. Traditionally, there has been hesitation among buyers while buying jewelry online because they want to examine jewelry-related items in person and try them on.
But on the other hand, e-commerce platforms offer convenience and accessibility in shopping. And now, with virtual try-on experiences and personalized recommendations enhancing the online shopping experience, we will see a shift from jewelry being an in-person shopping experience to a virtual one. This will be exacerbated by the fact that millennials, GenZ, and Alpha live on the internet. The latter two are poised to disrupt the jewelry industry in the coming decade.
Similarly, Social media sales and marketing, and user-generated content will affect the jewelry industry. Overall, the integration of digital platforms will continue to transform how jewelry is bought and sold, enabling brands to adapt to evolving consumer behaviors and preferences.
Although the pandemic is behind us to a large extent, we cannot deny the way it has overhauled our lives. It is not an exaggeration to say that it may have permanently changed our preferences, behaviors, and priorities. Jewelry focused on health and wellness themes has been around for decades, but we see an upward trend, inspired by the increased consciousness as a result of the pandemic.
These pieces often incorporate healing gemstones, aromatherapy elements, and symbolic motifs associated with mindfulness and balance. Functional design elements ensure wearers can experience the full therapeutic benefits, while the jewelry serves as a reminder to prioritize self-care and mindful living.
We have already seen how jewelry is becoming a means of self-expression and individuality, brands will have to adjust their messaging to suit the inclinations of their buyers. As jewelry becomes more meaningful and less a tangible possession, stories that appeal to customers will shine through.
Look at this description from Alighieri:
Or this one from MJJBrilliant about their movement towards lab-grown gemstones:
As a brand, you can communicate your core values through your jewelry: whether it’s your personal connection with a collection, your sustainable practices, or your mission to facilitate health and wellness.
One thing that jumps out glancing at jewelry industry trends is that technology is going to be a major differentiator. The pandemic continues to shape trends in the jewelry industry. If we take a deeper look, all the advanced technology innovations were also propelled by the pandemic.
Then we have our demographics shaping the jewelry market trends: With GenZ about to occupy a major chunk of the jewelry buying audience, we can expect a wave of hyper-personalization, inclusivity, and diverse representation, genderless jewelry collections, increase in e-commerce and social media sales, and more use of interactive and immersive technologies.
Now, if you are wondering what the way forward for you is, it’s what it has always been: adaptability. Understand the latest trends in the jewelry industry, and your customers' inclinations, and don’t be scared to experiment!
So, there you go. A lot of things to wrap your head around, but don’t be frazzled. Pick an idea suited to your brand identity, interests, and goals, and go crazy with it.
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