Gem & Jewelry Articles

As the world is inclined to face different crises regarding society, environment and morality, which will inflict economy and people’s living in general, there has been demand for more transparency and social and environmental responsibility in business operation. Business corporates in different industries including gem and jewelry have to readjust to meet the demand of consumers by operating with ethics and being responsible to society and environment. The alteration will build brands and companies’ good images in consumers’ mind. This will eventually lead to a well-balanced progress for economy, society and environment, which can be called a sustainable development.

There is no question that the COVID-19 pandemic has brought about the new normal in way of living, for instance, working from home has become a usual thing and more activities have been carried out through digital domains. Since consumers’ behaviors have changed, adjustments are necessary for business sectors. Many businesses have shifted to online trading or e-commerce. Gem and jewelry businesses have also held virtual events instead of physical events and/or sold products through live streaming. It has been expected that such changes will remain despite the end of the pandemic.

Since the beginning of 2020, the world has faced many circumstances jarring its dynamic in different matters, including natural disasters, environmental issues, the trade war and political tensions. Also, the one that has turned the whole world upside down is the COVID-19 pandemic, which started in December 2019 and has spread to every continent.

Today consumers are bombarded by an endless variety of trends like countless waves consistently breaking upon the shore. Many industries, including gem and jewelry, are obliged to adapt and transform not only adapting to emerging “sciences” but also applying “the arts” to their products.

Under this changing situation, businesses must adapt and cope with the threat of being disrupted. Marketers around the world are now focusing on the consumption pattern of consumers in each generation, especially the Millennials and Generation Z.

Nowadays, gem and jewelry traders face many challenges from economic instability, swift changes of consumer behaviors, rapid technological advancements and global trends resulted from consumers, traders, manufacturers and environments. Those succeed in adjusting will survive. Thus, in order to move ahead of the changes, gem and jewelry entrepreneurs must constantly adjust and be prepared. Different adjustment alternatives for entrepreneurs are features in this article.

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