MARKET WATCH 市场观察 JNA January/February 2025 | 37 Scarab pendant by Robert Clerc Robert Clerc的圣甲虫吊坠 offer has changed over the past decade. “Where our main function used to be securing the largest trade discounts for members, the emphasis is now on supporting members in the management and marketing of their businesses,” Pocklington disclosed. Independents are mainly owned and operated by individuals or families whose expertise is jewellery. “Our expert teams support them in other areas of their business, particularly in marketing, human resource and business management. For example, our exclusive Retail Management Business Course for jewellers has been completed by over 200 individual members within NJ group,” Pocklington said. The second largest group with 150 members is Showcase Jewellers. Nicola Adams, its chief operations officer, reiterated the importance of buying groups within the current jewellery retail scene. “Buying groups are becoming more and more important as the industry grows and it becomes harder to navigate time pressures across all elements of the business including digital, stock and service,” she explained. The group provides expert services including support in marketing, merchandise, finance, administration and training, tailored to the requirements of independent jewellers, Adams said. Market shifts The most significant trend in the Australian jewellery market in recent years is the growth in consumer demand for higher value with a preference for custom-designed items, from bespoke creations to limited-edition and oneof-a-kind pieces. Pocklington confirmed that the average sale is trending up but the quantity of sales has decreased. “These changes are reflective of customers seeking more bespoke jewellery and fewer straight-retail purchases,” he noted. For engagement and bridal jewellery creations, the sweet spot for NJ members is now in the AUD2,000 (around US$1,300) to AUD5,000 (around US$3,260) range, he disclosed. Another change is that demand for diamond jewellery, a strong performer in the two years after the Covid-19 pandemic, has decreased in the financial year ending June 2024, and there is a market shift to lab-grown diamond purchases, Pocklington continued. For Showcase members too, the value of the average sale has risen, except in the category of lab-grown diamonds. Adams remarked, “Members are experiencing the challenge of keeping the average sales price high due to the lower prices of lab-grown diamond jewellery, which is certainly a big element of the business that continues to expand for our members.” According to Adams, the market for Showcase members is currently yellow gold, with most of the general jewellery selling in 9-karat while the engagement market is 18-karat. Much of the jewellery sold by Showcase members is imported, while local manufacturers are important sources for gold chains and bracelets as well as custom-made jewellery, she added. Personal touch Consumers’ penchant for custom-designed and handmade jewels is visible in the main jewellery buildings in Sydney and Melbourne. The Strand Arcade in Sydney is a popular destination and customers are willing to pay top dollar for their purchases. The jewellery market is dominated by Australia’s upwardly mobile: The 30- and 40-somethings who are well educated and with high disposable incomes. They are well travelled, well informed and want something that others cannot have. Designer and jewellery maker Robert Clerc who works at his bench in his eponymous atelier said demand is good for special creations with fine sapphires, or rubies or fine Australian opal. These sell for over AUD10,000 (around US$6,520). Design collectives are on the rise too. An example is Rox Gems and Jewellery, a collective of four designers with creations centred around fine, unusual gemstones sourced by Rox initiator and gemstone specialist Bruce Kaldor. Prices of jewels start at around AUD5,000 (around US$3,260). “Customers usually fall in love with the gemstone and then go on the journey to a final piece,” a Rox designer said. Chain reaction The move to higher value is happening across the retail landscape. Michael Hill, one of the largest and most successful chains in Australia, has shifted to higher-priced inventory to elevate the brand and keep pace with consumer demand, a sales manager at the flagship store in Sydney confirmed. Group sales are doing well. MH International recorded a 10 per cent increase in revenue in Australia at the end of financial year June 2024. In addition to over 170 Michael Hill stores, the company owns the Bevilles chain, which was added to its portfolio in 2023. The expanded Bevilles network now has 36 stores. Established in 1979 as an independent in New Zealand by Michael and Christine Hill, with a dream to make fine jewellery accessible to all, Michael Hill expanded to Australia in the 1980s and set up headquarters there. It now has over 200 stores in Australia, New Zealand and Canada. International jewellery brands are expanding their presence as well, with monobrand boutiques mushrooming
RkJQdWJsaXNoZXIy NjAxOTU=