JNA July/August 2022 | 55 市场情报 New directions Massimiliano Brustia, CEO of online jewellery marketplace Doralia, said the challenges brought about by Covid-19 had essentially altered many facets of the jewellery industry, including product positioning and consumers’ purchasing habits, to name a few. “Online luxury shopping is not the future; it is the present,” noted Brustia, adding that even the most traditionalist of jewellery manufacturers had to adapt to this new and disruptive way of doing business. Doralia benefited from digital initiatives such as social media campaigns on platinum jewellery for men, engagement rings and themed jewellery, among others. Jewellery brands and manufacturers faced several challenges during the so-called digital revolution, including some companies’ unwillingness to post or share their designs online and their reluctance to shift to new sales methods. Some consumers meanwhile were not too accepting of buying luxury jewellery online. Massimo Gismondi, CEO of Italian jeweller Gismondi 1754, meanwhile underscored the importance of keeping in contact with clients and getting a glimpse of their life experiences and desires through online interactions. This endeavour has resulted in increased sales of unique jewellery pieces and a deeper connection with customers, according to Massimo. The need to sustain communications and build relationships became clearer at the height of Covid-19. Piero Marangon, CEO of Italian jeweller Nanis, said the world is coming out of the pandemic – a very challenging period – with renewed sensitivity to the concept of community. People are constantly looking for a more human dimension to the way decisions are made or business is conducted. “After this crisis, we no longer merely desire to buy jewellery. It is something that we need to do because jewellery symbolises an experience or a memory,” noted Marangon. “While jewellery has always had this connotation, its symbolism became crystal-clear to us during the pandemic.” Caroline Gaspard, CEO of French jeweller Akillis, also attested to the resilient nature of the jewellery business, which she described as one of the most dynamic luxury sectors. “The jewellery industry has been growing extensively, with the market moving from unbranded to branded jewellery. Demand is strong and there is opportunity for brands like Akillis to grow even more,” shared Gaspard. Global views According to Brustia of Doralia, the international jewellery sector is expected to perform strongly amid ongoing macroeconomic and geopolitical challenges, specifically Russia’s prolonged war in Ukraine and high inflation rates. Inflation in the US – one of the biggest jewellery markets globally – rose to a 40-year high of 8.6 per cent in May. In an interview with American Broadcasting Co in June, US Secretary of the Treasury Janet Yellen said “unacceptably high” prices are likely to stick with consumers throughout 2022 and that the US economy is likely to slow down. “We have had high inflation so far this year, and that locks in higher inflation for the rest of the year,” Yellen was quoted as saying. But prospects appear brighter for Italian jewellers. Global buyers expressed interest in Italy-made jewellery for its quality and innovative designs at this year's JCK Las Vegas fair, revealed Brustia. Italy exports 87.6 per cent of its locally produced jewellery to major markets globally. Brustia expects the US, in particular, to drive growth in Italy’s jewellery manufacturing business if innovative jewellery production becomes more sustainable, efficient and digitalised. Rose gold bracelet with diamonds by Gismondi1754 Gismondi 1754的玫瑰金镶钻手链 ‘Automne’ ring by Mathon Mathon的Automne戒指
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