3 Reasons Why the Jewelry Industry is Moving Toward Customized Shopping
With 38 million Americans estimated to buy fine jewelry in 2019, as well as in any given year, the jewelry industry seemingly never stops growing. But, this multi-million dollar field originated from more humble beginnings in 1477, when Maximilian of Austria gave his soon-to-be wife Mary of Burgundy an engagement ring, introducing the tradition to the world.
As the industry has grown since, so has the demand for new products, styles, and trends. People’s tastes in everything from engagement rings to beautiful jewelry, in general, have changed. Today, 52% of brides said they would wear a colored stone in their engagement ring and 75 percent of American brides said they had received rings made of gold and diamonds in the past. This variety opens the door for custom jewelry designers who can offer distinctive styles to interested customers. Here is how custom jewelers are carving out their niche in the industry.
The Transition to Customized Shopping
From colored stones to gold and diamonds, custom jewelers are able to offer the customer personalized shopping that provides more variety. This is important as the different types of people wearing and buying jewelry continues to grow. For example, 29% of men said they would consider wearing an engagement ring according to recent research.
Men and women are also changing how certain jewelry is purchased. While traditionally a man might have bought an engagement ring for his girlfriend that he planned on proposing to, nowadays collaboration is key as 61% of men reported discussing engagement rings with their girlfriends before buying one, showing the influence that both partners have. As new shoppers and couples add to the variety of jewelry being bought, custom jewelers can offer personalized styles.
There is also something to be said about environmental sustainability, as 80% of millennials value purchasing responsibly sourced jewelry, which is more than 10% above the national average. Diamond and gold mining can have negative effects on the environment, but jewelry stores can now offer lab-created diamonds, which according to The New York Times are better for the environment. The majority of millennials have also been shown to support these diamonds, demonstrating a responsible alternative for sourcing jewelry that is customized to what buyers want.
Getting Your Money’s Worth
Whether you are buying an engagement ring or just a fashionable gift, fine jewelry can get expensive. Research shows that approximately one-third of people buying diamond jewelry are willing to spend more than $1,000. No one wants to settle when spending that much money. Luckily, custom jewelers can offer top bridal styles, personalized bridal jewelry, lab-created diamonds for unique orders, custom rings and jewelry repair that provides shoppers with the variety and insurance they need to make such significant purchasing decisions.