Jewellery Industry in 2023: Updates & Predictions
At S Weissbart, we’re back and ready for the New Year! We’re hoping that 2023 brings a year of connecting with customers, both long-standing and new. With a new year, there are always updates in the jewellery industry and predictions for what the future may bring.
2023 Jewellery Industry Updates
- The GIA (Gemological Institute of America) officially launched their Digital-Only GIA Diamond Dossier! Their first digital-only diamond report was issued earlier this week in Ramat Gan, Israel. There are now three ways to access GIA’s new reports: through the new GIA app, their Report Check feature, and Report Results API. Going digital will allow easier access to diamond reports through the click of the button, while simultaneously supporting environmental management and sustainability.
- Provenance Proof Marketplace have launched a subscription model to their services to continue sustaining their website’s growth. This platform allows jewellers to access fully transparently traded gems and diamonds from traders across the globe. Their aim is to ‘unveil the journey of of every gemstone from rough to finished to the industry’. While their website is still relatively new (2017), their participant base is extensive, notably including names like Fabergé!
2023 Jewellery Industry Predictions
- Beginning with predictions from others in the jewellery industry, Rapaport released an article earlier this week on the forecast for 2023! Predictions seem quite mixed- ranging from feelings of uncertainty due to economic slowdown to feelings of hopefulness in the market stabilizing. The senior VP of consumer insights at Signet Jewelers, Pamela Whiteside, shared some interesting insight about the focus on value. Pamela explained their new approach on explaining cost-to-wear to customers, in order to ensure customers are comfortable with their return on investment for high-end jewellery. As explained in the article, “if a consumer spends $5,000 on a tennis necklace as a milestone gift, and the recipient ends up wearing it on average three days a week for one year, then the cost per wear is about $32”. As times are tough for many financially at the moment, it’s very important that customers are feeling secure in their jewellery purchasing decisions.
- Our predictions for 2023: in line with the updates discussed above, we’re seeing an increasingly digital and sustainable future ahead. As a business, we have been taking steps to digitalize our processes as much as possible. And in terms of sustainability, we recently became certified members of the Responsible Jewellery Council, committing to a high level of ethical and diligent practices. This isn’t just true for our business, we’re seeing an increase of interest in sustainability throughout our supplier and customer base as well!
We look forward to seeing you all in the new year, both in person and online! To stay connected with us throughout the year, make sure to follow us on Instagram, where we provide regular updates. Wishing all of our customers a healthy and prosperous 2023.