The strength of our industry has been proven by the way we stuck together as a community in the midst of a global pandemic. Let’s build on that.
I was going through some old emails the other day and came across a report that was produced back in 2014 outlining the growth of the jewellery industry up until 2020. The article boasted a glittering future for the jewellery industry with all-time highs. The reality is that this was very much the case up until the outbreak of COVID.
This got me thinking, what are the pundits now making of the industry now that a world forced to operate within a pandemic has been realised?
Well, it didn’t take long for me to come across a new report now produced by Business Insights.
The report stated that the global jewellery market size was USD $330 billion back in 2019 and fell to USD $230 billion in 2020. It went on to say that the value of the jewellery market is expected to increase to about USD $292 billion. (Shahbandeh, 2021)
Interestingly the men’s jewellery segment is anticipated to experience a growth due to the emergence of digital media platforms. This has also been observed in the leading companies profiled in the global jewellery market utilising digital media platforms to play a pivotal role in propelling their sales of luxury jewellery.
So, what does this mean for us? It may still be early to start celebrating, but things are looking positive again. Retail sales volume rose 2.5% in the December quarter, seasonally adjusted according to the Australian Bureau of Statistics (ABS), following a 6.5% rise in the September quarter of 2020. The figures although small are pointing in the right direction. (ABS, 2021)
Which brings me to my last point. I am very proud of this industry and the way it kept together throughout this crisis. In the height of lockdowns, our facilities and that of other suppliers stayed open. When supply of precious metals became scarce due to foreign supply chain being severed, our sister company ABC Refinery stepped up and ensured that the industry could keep the doors open.
Hopefully 2021 shifts more towards social normalcy, so we can all see each other again at upcoming trade fairs and social events.