The gems and jewellery industry continues to adapt and grow
The jewellery industry combines the splendour of precious metals and gemstones, with dazzling artistry and design trends. And with a history going back centuries, it’s no wonder that the global jewellery industry continues to grow. From lab-grown diamonds to pearls, the global gems and jewellery market size was USD 213.31 billion in 2023, and is projected to reach USD 255.33 billion by 2032.
However, there’s no doubt that the lockdowns, supply chain issues, and economic disruption of the COVID-19 epidemic has changed the jewellery industry. With retail closures, forced social distancing for the artisans, and a shift in consumer priorities, many jewellery companies have had to pivot their operations.
Despite a shift in the industry, stepping into a modern digital market has proved to be the next step in an ever-evolving industry. While online shopping was once reserved for fashion jewellery (fine gemstones and precious pieces were more likely to be bought in store), these habits have shifted to digital storefronts.
And as well as heritage jewellery brands, there has been a rise in the demand for artisanal, hand-crafted jewellery pieces. So, while the gems and jewellery industry has become digitally modernised, it has in some ways resorted back to its historical roots of handmade, precious pieces.
