The breakthrough development of technology such as digital and live-stream shopping, combined with the rise of social concepts like sustainability and experiential retail, is redefining the modern design, marketing, and purchasing of jewelry.
The business environment is evolving at an increasingly rapid pace, with each new transformation bringing untapped growth potential for jewelers and offering consumers fresh ways to experience the charm of jewelry.
Muriel Piaser, a global fashion and business developer, and founder of Muriel Piaser Consulting and the Paris fashion trend event Precious Room by Muriel Piaser, refers to this phenomenon as the "democratization of the high jewelry market."
Piaser cited trend analysis conducted by her consulting firm before and after the pandemic, revealing that luxury jewelry brands are placing greater emphasis on experiences, giving rise to the "phygital" business concept.
Just as the fashion industry has shifted its business model, the jewelry industry is also experiencing large-scale changes, largely driven by advances in technology and their effects on consumer behavior.
For instance, jewelry companies can now use big data and analytics to tailor interactive online and offline experiences for consumers.
Other factors influencing purchasing decisions include the involvement of key opinion leaders (KOLs) and celebrity endorsements, as well as the relevance of social media. The more "approachable and fun" social media content is, the more appealing the products become to consumers, particularly Millennials and Gen Z, who are adept at using new technology.
Piaser noted, "Given the evolution of technology and the younger generation's desire for inspiration and emotion from fashion, high jewelry brands are having to reach new audiences."
The Rise of Branded Jewelry
Branded jewelry has long since become more than just a symbol of wealth. As modern buyers seek authentic and trustworthy products, branded jewelry has gained considerable popularity. Piaser emphasized that this trend is particularly evident in the Asia-Pacific region and other emerging economies.
Valentin Andres, Industrial and Supply Chain Director at jewelry brand FRED, pointed out that demand for branded jewelry increased exponentially after the pandemic, resulting in record-breaking revenue for the company in 2023, surpassing 2022, 2021, and 2020.
FRED is a brand under the luxury conglomerate LVMH (Moët Hennessy Louis Vuitton).
Andres explained, "Scarcity is the key to our success and a major trend in the jewelry industry—scarcity creates demand. People eagerly anticipate new jewelry pieces. In addition, limited production also drives demand."
He added that the branded jewelry business is thriving mainly because the market is still dominated by unbranded products.
Even long-established luxury brands such as Louis Vuitton and Dior, which have traditionally focused on fashion, recognize the importance of branding and are now venturing into high jewelry.
Andres said, "Consumers crave high jewelry. From our perspective, we have also seen a strong demand for products at two specific price points—high jewelry and the core collection, the latter being more affordable."
The Evolving Role of Jewelry
Jewelry is also rapidly becoming a symbol of emerging social trends. Both Piaser and Andres mentioned that increasing awareness of sustainability initiatives could significantly influence consumer purchasing decisions.
Consumers are becoming more discerning, paying attention to whether products are worth the price and whether the company's sustainability practices and vision align with their values.
Andres noted that consumer expectations for sustainable jewelry are rising—they want products that can be reused, whether it be restored pieces, remounted gemstones, or recycled gold.
Julien-Loïc Garin, based in Hong Kong and founder of jewelry brand The Collection by JLG, also highlighted the evolving role of jewelry in society. In the past, there were strict rules governing who could wear jewelry, when to wear it, and how to wear it. Today, jewelry has become more versatile and widely accessible.
He said, "Pop culture has almost redefined the rules. For example, we see young people, even men, wearing pearl necklaces. You can also mix and match accessories to make them more interesting and stylish. Jewelry can also be a symbol of belonging to a particular group or community."