Vicenzaoro has restarted under the sign of optimism. But also by recording the signs of the changes that inevitably involve the world of jewelry. These are the conclusions of the inaugural Talk The State of the Art, organized by Ieg (Italian Exhibition Group, the company that owns the format) and the Club degli Orafi Italia.
Opinions based on concrete data: Stefania Trenti, head of the Industry Department of Studies and Research Intesa Sanpaolo (the largest Italian bank), presented an update of the sector’s macroeconomic data. Conclusions: after the shock of the lockdowns, with the consequent stop in sales, the world of jewelry records a surge in prices, after a depression in demand. But the sector “quickly recovered: between January and June 2021, turnover grew by about 80% compared to the lows of the first half of last year,” explained the manager. The real measure of growth results from the comparison with 2019 which, as Trenti pointed out, “is already 8% higher than the same period in 2019, a better result than the manufacturing average”. And the forecasted global demand scenario is still growing in the coming years.
In detail, the Intesa Sanpaolo report records a leap for e-commerce and digitalization, including in the production process. Bottom line: online sales of jewelry in 2025 will be between 18% and 21%, compared to 13% in 2019. Furthermore, the commitment of companies is increasing with 12% of companies planning investments in e-commerce and digital marketing and 7% planning investments in digital manufacturing solutions.
Furthermore, according to the analysis presented in the talk, the value of the brand is increasingly affirming itself as a driver of product enhancement with an average growth expected between 8% and 12% in the period 2019-2025 for the component of branded products. , more than double the industry average. To date, 13% of Italian companies with at least one registered trademark.
At the same time, attention to sustainable issues is increasing: 20-30% of those who buy (by 2025) will be affected by this aspect. No less fundamental is training, which is essential to ensure continuity of the craftsmanship of the productions: in 2020, 61% of the planned revenues were deemed difficult to find and, of these, 72% due to inadequate preparation. But the impact of the pandemic period should not be underestimated in particular for the initial stages of the diamond supply chain such as extraction which led to moments of supply crisis.
We faced a future full of uncertainties, but I couldn’t have been more proud of how we responded. We immediately started supporting all the people – countries, communities and customers – who depend on diamonds. We at De Beers and our JV partners have put in place a covid-19 relief program worth approximately $ 17 million, working to ensure that the diamond industry and all those who depend on it can bounce back and rebuild as quickly as possible. possible. We are seeing the demand for diamonds in our key markets surpass that pre-pandemic, because these miracles of nature have something vital to say: they are symbols of a meaningful connection, of the connection to the world of nature and a source of joy after a period of darkness. .
Stephen Lussier Executive Vice-President Consumer and Brands of De Beers
For a sector where the possibilities of smartworking are limited, a relevant aspect has been the management of people. “The initial impact was hard. We were close to those who were at home without being able to work, we learned to read the little big signs of stress and then offer the most appropriate support ”, said Nicolò Rapone, operations senior director of Jewelry Business Unit, Bulgari. During the months of the pandemic, the brand’s attention was focused on innovation and dialogue, not only with customers: “We focused on implementing tools dedicated to the after-sales phases and collaboration platforms with partners and suppliers”.
For us, the crisis has been a catalyst for transformation. The end customer is increasingly attentive and searches for the brand with all its heritage of values, contents and authenticity. We believe that the game is played on the terrain of omnichannel and multiple touchpoints. It is the complete path that counts in the customer experience.
Jérôme Favier, vice president and CEO of Damiani International
“There is an acceleration in the digitization of all the players in the process, from the brand to the consumer,” said Massimo Fasoli, CEO and jewelery designer, of the company of the same name. There are many facets, first of all by geography: “Whoever is closest to the digital backbone accelerates much faster, whoever is more in the periphery experiences a slow curve. This will generate differences in consumer habits”.