The Future of Jewellery Industry in India

Business / Tips

The Future of Jewellery Industry in India

India, one of the oldest and most known country when it comes to jewellery. Be it gold jewellery or diamond export, we have always been the eye to the world. But in the last two years the situation and perspective has been changed a lot.

It is known to all that in India there are lakhs of traditional jewellers who are into jewellery business for more than two-three generation. They have seen all the ups and downs in the industry amidst this, they were doing good with their jewellery business, until the Covid-19 happened. It changed the market scenario, B2B and B2C buying habits. Unlike other industries, it took a little longer time for the jewellery industry to cope up in the new normal. It involves a lot of karigars from different states who suffered during the covid period shifting from one city to another, from one state to another. Jewellers with cross city clients whom they could not visit during the pandemic and caused a huge loss in their business. supply chain and demand issues all across the nation also went extremely high during this period.

But there is a bright future for the Indian jewellery industry as per the forecasting report published by Gem & Jewellery Export Promotion Council in recent time. According to them the industry is now set to grow 3-4% per year till the year 2025. 3%-4% is a significant growth for an industry that worth almost 6 trillion Indian rupees.

But in this scenario, we shall always think of what prevented it to grow during and post covid era? It was the technological advancement. We are well aware that it took time till 2020 for the industry to come out of its traditional business approach and adapt the changing technology. From 2020 we have seen the front lines of B2B jewellery industry and even the B2B jewellers are shifting to digital approach. And that was the ultimate game changer.

There were several ways that helps jewellers to back on track and we are going to tell you about every possible way:

Social Media (Instagram) :

Post TikTok, Instagram has become the backbone for creators, influencers and local businesses. But here is a catch. Instagram reels assures you high reach, live videos can increase your brand engagements but none of these assures B2B sales. Instagram itself has 1.25% conversion rate. It means even if you have 10K followers you hardly can make conversions but that too for B2C. And moreover the growth is not assured for all, it depends on many parameters and luck too.

Ads on Newspaper (Online) :

Advertising on traditional news paper was a conventional way to reach out to the potential clients for jewellers for more than a decade. But here the problem was, you can not determine how many of the readers are actually your potential clients. Now with the digital media you can target and show your ad to your potential clients based on their interest. Although converting them is still difficult and people tend to either ignore the ads or mistakenly tap on them.

Messaging apps for Business usage (WhatsApp Business) :

WhatsApp has an alternative app for business purposes; WhatsApp Business. It has a very innovative way of cataloguing, where you can showcase your products across different categories. But there are some limitations and issues with WhatsApp. You can catalogue your products but there is a limitation. Similarly there is no privacy for shared images on WhatsApp Business. Anyone can steal your ideas and designs without your knowledge. Also, the image quality of the images shared with your clients get deteriorated on WhatsApp business.

Personalised Jewellery App (JewelFlow by Triologic) :

There are some leading app developers in India who makes world class jewellery app. JewelFlow by Triologic is the main leaders in this Jewellery technology industry. There are few other developers are working with the Artificial Intelligence and Augmented reality to bring in new innovations in the jewellery tech industry. With the rising evolution of the technology, AR is going to be a game changer. On the other hand, JewelFlow by Triologic is a 360 degree solution for the jewellers. Unlike the dedicated Augmented Reality feature, JewelFlow gives you every possible feature you can think of. Here is what makes it different from all the other existing application solutions. JewelFlow by Triologic is not just the only app solution by Triologic, they have a complete app eco system. Using them you can take and manage unlimited custom orders, can schedule and attend unlimited video calling with your B2B jewellery clients, keep your store digitally secured with visitor logbook, can catalogue unlimited jewellery products on the go.

As we discussed the possible ways to keep the growth in jewellery industry, we suggest the only beneficial way for you. Personalised app solution is the only way to take the business forward. You can contact us here to consult more in detail, we will be more than happy to help you and increase your business growth.

Or, you can get in touch with us on call or WhatsApp here: 9920227788