COVID-19 Pandemic: A New Ray of Hope for The Jewelry Segment?
Jaipur, Rajasthan [India] : The pandemic is looming over our heads and has left people jobless. People are starving without money and everyone is in the state of fear of insecurity and uncertainty.
This is one of the biggest financial crisis that has happened in the last 91 years. No one was prepared for this massive unrest where the economic crisis would tumble down upon all of us like never before. Not even the smartest investors are able to save themselves in this mess. Economic depression is rolling into our economy like anything.
Amidst all this, there is a hope of improvement in one segment. According to the celebrity jewelry designer, Shilpa Mittal, coming from the Pink City, Jaipur, the pandemic has given us time to think and look upon the current business plan. It gave the jewelers a little time to reflect upon their business projects and create a plan for themselves. The customers will indulge in revenge buying after the lockdown eases. But it is also said that this will be short-lived.
Being in the jewelry segment for quite some time, she has been designing jewelry since her early days and she chose jewelry designing over any other designing because she has a love for details and intricate hard work. Her jewelry designs are sold through various fashion retailers and boutique stores all over the nation. Her award-winning collections, “Aakriti” and “Taraash” have been quite a show, getting her prestigious awards including the National Excellence Award for being the Women Entrepreneur of The Year.
A few renowned people in the industry are very optimistic about the entire outcry and feel that there will be something good coming out of it. This is the time of joy and religious prosperity in our nation. It is the time of festivities. During this time, people of our nation are always overjoyed and are looking for designer and fusion jewelry. This might give the much-needed boost to this segment.
The masses are now going towards simplicity and there has been a shift in trend from big chunky pieces of jewelry to functional luxury jewelry pieces. People are opting for jewelry pieces that can be worn on several occasions and can be styled in many ways. People are also focusing on more sustainable practices. Simplicity is now the way to move forward.
She said, “people should always remember that there is always a bright day after a dark night. This will pass and everyone will get back up and prosper like never before. The pandemic has allowed us to rethink and re-evaluate all of our business plans. During this time, business owners can be more innovative and can look for various strategies that can help them in scaling up and being different. It may look like things are bad, but if we evaluate our options right now, this might be the best thing that has happened so that the Indian business segment can re-evaluate themselves. This is an obligatory pause so we can evaluate our future goals and plan accordingly.”
We are all in the digital era and the time has come when we can make the best use of social media to promote our product range and brand. For the jewelry segment, the designers must experiment and keep working on their designs. Business skills can be upgraded.
The masses must stop paying attention to the outside chaos and look for productive ways to grow their brand. Time doesn’t stop for anyone.