2013 has ended and it has been a difficult year for the world of jewelry. It has also been a period that has taught operators 10 things that they must keep in mind before facing the next 12 months.
1 TO EACH HIS OWN DIAMOND
Not all diamonds are the same: the market has opened up and now every diamond has its own target. There are clusters designed to give tiny stones the effect of a large solitaire, there are ethical diamonds, very small but certified ones and somewhere even those with the names of football teams engraved on them have appeared. Don’t shudder: diamonds are a wider heritage, now also the territory of diamond traders without a brand behind them, who know how to create margins even from stones that were once considered marginal. Goldsmiths have let their imagination run wild and it seems that diamond wholesalers have been very happy to contribute their ideas.
2 TAILOR-MADE JEWELRY
Buyers want something that is unique and, above all, that looks good. So the concept of customizable jewelry, like pearls and pendants, has allowed customers to build unique combinations even by drawing on a mass product. Now that the trend is moving forward, buyers are showing the desire to show off custom jewelry. The most equipped retailers have responded with new custom divisions, laboratories and design services. And multiples are back in vogue.
3 ENOUGH WITH GOLD BUYERS
No one doubts that among the operators there are many who act correctly. But a good part of this activity is contaminated, as judicial investigations demonstrate. The shadow of money laundering risks polluting the entire sector of those who work with gold and extending, entering through the doors of goldsmiths, even to the highest levels. In short, it is negative publicity that is not needed. There are countries where, at the initiative of traders, more controls have been introduced to facilitate the traceability of metal and money. Perhaps it is time to think about it.
4 COSTUME JEWELRY IN JEWELRY
The big names in the sector may shudder, but it is the truth: the line between goldsmithing and costume jewelry has become thinner. Look at Kate Middleton with a Zara necklace… Quality is a discriminant that crosses both, but it is not the raw material that makes all the difference. Once upon a time, bronze was heresy at a jeweler’s, today you can find necklaces and rings of this material with a more refined design than many gold rings. Moreover, the high cost of raw materials and gold will only confirm this trend.
5 FIGHT AGAINST FAKES
It is a plague for the entire world of luxury and, therefore, also for the world of jewelry: not only watches, but also designer earrings and rings are in the sights of counterfeiters. And the European Union is doing too little to fight the phenomenon as it should. Here’s another lesson from 2013: the battle continues, but it risks being lost.
6 READY FOR ANYTHING
The sector has certainly not remained immune to the crisis, not only from a commercial point of view, but also from a productive one. Closures and layoffs have not spared what were once the rich gold districts, from Valenza to Arezzo. But those who have been able to resist must now look ahead and can seize the opportunity of a recovery that, hopefully, will arrive in time for next Christmas.
7 EYE ON ASIA
Some good news comes from China. After the slowdown (so to speak) of the economy, the new leader of the country has decided that it is time to provide sufficient liquidity to fuel domestic consumption. Ergo, the Chinese will have more money for shopping, in fact the consumption of gold for jewelry has soared. But Italian designers will have to propose products specifically for oriental tastes and, above all, challenge Beijing’s customs meshes.
8 LUXURY IS NOT STUFFY
Stuffy means boring. This is why luxury brands are trying to shake off the idea that “high” products are necessarily stuffy, a bit old-fashioned. Brands like Fabergé and Van Cleef have aimed to modernize themselves, Chopard even collaborates with Disney for a collection that features famous cartoon princesses. In short, a good coat of paint is good for a brand. But be careful not to overdo it.
9 CHANGE THE STORE
The message must be understood quickly: even in the most august jewelry stores, innovation cannot stay outside the door. From social media to the internet, from customer relationship management techniques (how to make the customer come back and, above all, buy): Italian jewelers must understand that we are no longer in the 19th century: away with the top hat and the monocle, in the shop it is time to adopt hi-tech. Why not show a catalog on an iPad, perhaps with the help of a video before taking out the package with the jewel? A dream sells better than any ring.
10 COST-CUTTING CREATIVITY
An injection of imagination not only sells better, but can also save money. Manufacturers and designers will have to work to make objects even more appealing, but also with an eye to saving gold. For this reason, we have already seen mixes of precious materials with rubber and ropes, the use of ancient techniques such as filigree, which lightens the use of raw materials, and even the combination of precious metals with hardware pieces. As long as someone then buys them…
