During our recent visit to the Hong Kong Jewelry Tradeshow 2024, we engaged in insightful conversations with numerous sellers, manufacturers, and industry professionals. The experience provided a comprehensive view into the current dynamics shaping the jewelry industry and the emerging technological trends.
Business Insights
- The jewelry industry is undergoing a slowdown, with a noticeable shift from fine to fashion jewelry indicating changing consumer preferences.
- India’s growing interest in diamonds marks a significant opportunity for market expansion.
- The decline in popularity of offline events, particularly for loose diamonds, reflects a broader move towards online platforms. “Everything is no Rapnet”
- Focus markets have narrowed down to the USA and India, highlighting the need for targeted business strategies.
- The trend of US manufacturing leaning towards Asian suppliers continues, signaling a shift in the global supply chain dynamics.
Technology Insights
- Indian manufacturers are making substantial investments in technology, aiming to leverage it as a catalyst for growth. This is often focused on localized solutions with in-house tech teams, indicating a commitment to innovation.
- The industry shows interest in technology for CRM, accounting, and inventory management, underscoring the importance of operational efficiency.
- There’s a noticeable gap in technology adoption and awareness outside of India, with many lacking strategies for industry changes.
- Smaller, niche marketplaces are gaining attention, pointing towards a shift in online platform preferences.
- High-end and exclusive jewelry sectors show hesitancy in adopting technology due to their focus on personalized sales.
- The effectiveness of the digital catalogs for B2B sellers is questioned, reflecting uncertainty in online tool utilization.
- A general struggle exists in integrating technology with omnichannel marketing strategies, though some recognize the potential for online presence to boost physical store traffic.
Our thoughts
- The industry’s slow embrace of a unified omnichannel approach suggests a reluctance to fully integrate online and offline business elements. In today’s digital age, this strategy seems outdated.
- The persistent “high-secrecy” approach within the industry is becoming increasingly impractical. Given the ease of accessing technological and analytical tools, adaptability and speed are emerging as essential qualities for staying competitive.
- Observing these trends, it becomes clear that the jewelry industry stands at a pivotal moment. Embracing change, particularly in technology and market strategy, will be vital for those looking to succeed in this evolving landscape.
