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Double opportunities

6 August 2018

By Christie Dang   


 

Just a fresh and seemingly new look is not enough to woo customers nowadays, as the younger generation has become more knowledgeable about products and more confident about their needs. Jewellery brands and designers have to work closely with developers of new technology and inject more new functionalities into their collections, some of which could be directly or indirectly linked with artificial intelligence.

Smart jewellery is among the latest trends in the global jewellery industry, reinforced by smart sourcing, smart manufacturing, smart inventory and all the way down to smart retailing. We have been reminded repeatedly that we have to do all things smartly throughout the whole pipeline because with technology, competition is getting fiercer than ever. As our recent feature about blockchain published in the June 2018 issue revealed, even for the traditional diamond industry, which has a strong claim to intrinsic emotional value, digitalisation is indeed inevitable.

Technology is, without a doubt, an irreversible trend in the world’s jewellery sector. One must effectively tap the millennial generation in order to be successful in the long run. Non-millennials however are too important to be overlooked, for they have been and will continue to be a strong foundation for the precious gem industry, especially for high-priced items. It is crucial to have focused and distinctive marketing strategies, and one must embrace and act smart in response to these double opportunities.

 

Publisher & Editor-in-Chief

Christie Dang