What’s Really Happening in the Jewelry Industry?
What’s Really Happening in the Jewelry Industry?
With Hollie Harding, Rosh Mahtani, Marla Aaron and Anna Jewsbury
By HURS Team
People have been adorning their bodies for centuries, but the way we consume jewelry has changed enormously. Firstly, the $280 billion jewelry industry used to be difficult to navigate. Its lingo around materials, weights and karats was difficult to understand for most consumers. You would lean on experts for their opinions and support. But that’s changed. Mirroring the developments in many other industries, the increase in consumer knowledge has been key to opening the market up and making consumers feel more comfortable with buying jewelry on- and offline. From 2012 to 2021, online jewelry sales increased by an average of 3.9 percent every year, with the market expected to reach $25 billion in 2022. In addition to buying new products, there’s a growing interest in vintage, archival and pre-owned pieces. In a world of plenty, some consumers enjoy the hustle of finding that one-of-a-kind gem. The market for secondhand hard luxury, which primarily consists of jewelry and watches, was worth $21 billion globally in 2020 and is growing at 8 percent a year. Platforms like 1stDibs and Sotheby’s have been quick to recognize the opportunity in a market that’s still in its early stages. Lastly, it’s not just about how and what consumers buy, there’s been a change in who buys. More women are buying jewelry for themselves, moving away from the conventional idea that you have to wait for a man to buy you a ring. And when women purchase jewelry they spend more than men do. With all these developments, an industry that was steeped in tradition has become a place of rapid change.
To understand what’s happening inside the jewelry industry, we asked four industry experts about the jewelry industry at large, jewelry and trends, and how the meaning we attach to jewelry has changed.