Post-Covid Implications on Jewellery Industry and Challenges

 The COVID-19 pandemic has shaken the whole world’s economy and so the industries like gems and jewellery. The lockdown period was disastrous and shattering for the businesses and they passed with huge losses. Most start-ups went failed due to unpredictable periods of social-distancing norms. Many events like weddings, exhibitions, shows etc got postponed and hence jewellery industry also moved to a major setback. Top jewellers near me have faced the historical setback in their business.

How has COVID-19 impacted the Gems and Jewellery Business?

The lockdown period has created a lot of uncertainties in the business world. As a result, the export rate in gems and jewellery declined by 11.32% during Dec 2019-March 2020. From April 2020 to February 2021, a decline of 34.58% was noticed in the net gross exports of Gems and Jewellery in comparison to the previous year. This huge deficit has to be covered in the upcoming year by making the right business strategy as per the current market scenario.

Digitalization helped a lot in saving various small manufacturers and jewellers. This happened as purchases and exports shifted to online mode. Digital purchase and online export orders have prevented many jewellers from dipping, still, there was a major downfall in the sale was recorded due to the stoppage of offline jewellery sales. Most Jewellery shops in Greater Noida have moved to online platform to improve their sales.

 Challenges in Jewellery Industry after a Pandemic

There were two major challenges for the gems and jewellery industry after the pandemic that shattered their sales majorly. The first reason was the cessation of offline jewellery shops all around the world. The second reason was that the jewellery industry is highly reliant on labourers and skilled workers. Because of the pandemic, labourers moved back to their hometowns. It created a huge downfall in the exports. The traditional jewellery businesses that still operated only through offline mode were facing immense difficulties. It created a need for every business to digitalize and shift to the online platform.

Final Words

In the post-Covid world, there is a great need to move steps in an online platform for every business and so the jewellery industry. As the digital world is at global level, thus with sound business strategy, jewellery business can sell their products worldwide and raise their sales to very high.