Smaller, more intimate weddings in light of social-distancing and virus-containment measures are taking the place of grand celebrations and alongside this change is a shift in preference for bridal jewellery pieces.
With weddings scaled back and downsized, and people reluctant to travel due to the continued threat of the Covid-19 pandemic, jewellery buyers seem to be gravitating towards quality over quantity.
Gold prices – currently at US$1,930.30 – are affecting demand for gold jewellery, which is a crucial part of Indian and Chinese weddings.
Gold consumption is forecast to hit a 30-year low in 2020 as a result of massive store closures during a time of the year that features key festivals and wedding seasons, according to the Hong Kong Trade Development Council.
As such, the jewellery trade is seeing higher demand for lightweight and functional jewellery as well as versatile items that can be worn daily as opposed to statement pieces that can only be used during the ceremony.
Diamond companies meanwhile are incessantly promoting "milestone" jewellery pieces to mark engagements or weddings, among other special occasions. The pieces feature designs that focus on the raw splendour of the diamond – perhaps in allusion to a virus-stricken world where people have a newfound appreciation for life, relationships and the human experience.