LUXURY tech has been described as the biggest threat facing the jewellery industry, with some consumers preferring smart phones over gemstones.
The challenge posed by “brrring” versus bling was among issues highlighted during the annual conference of the World Jewellery Confederation (CIBJO), which got underway in Bahrain yesterday.
However, industry experts said they were confident that the lasting allure of precious stones meant they would outshine temporary tech alternatives in the long run.
“The challenges to the industry as a whole, including Bahrain, are many,” Noora Jamsheer, chief executive of the Bahrain Institute for Pearls and Gemstones (Danat). told the GDN.
“Data suggests that the jewellery industry is facing fierce competition from other luxury products, such as technology-driven products including the latest smart phones.
“At the end of the day jewellery is something symbolic and only when the story is well communicated will there be demand for it.
“This is the main challenge that the industry is facing.”
However, she argued the sentimental value of jewellery would continue to drive purchases.
“The story behind these pearls, gemstones and precious metals is why natural is making a comeback,” she said.
“It is not about a big stone, diamond or pearl, it is about the story – which is the reason why it is natural.
“And this is why consumers seek to purchase and pay high prices for these sentimental products.”
Ms Jamsheer said it was important to promote the value of natural stones over man-made alternatives, which while cheaper do not possess the same allure.
“We are in the age of technological innovation, which is being used in the jewellery industry to make or create man-made products,” she explained.
“Man-made products, unfortunately, have no story – unlike natural products – and the demand for such products therefore decreases.
“We are communicating the natural story again because it’s important that we educate consumers on the value of jewellery.”
The conference is underway at the Four Seasons Hotel, Bahrain Bay and concludes tomorrow.
Its various committees are debating amendments to its Blue Books – the federation’s definitive directories of international industry standards for diamonds, coloured stones, pearls, gem labs and precious metals.
It was preceded by pre-congress meetings on Saturday and Sunday, as well as the World Pearl Forum last week.
“By hosting CIBJO, Danat aims to shed light on the role of Bahrain in the natural pearl industry and to talk about the pearl revival initiatives, and thus launch it on an international scale,” added Ms Jamsheer.
Meanwhile CIBJO president Dr Gaetano Cavalieri said that despite competition, rare and real jewellery remained popular – particularly natural stones.
“In the luxury business, especially jewellery, people want to buy what is real and natural, which is able to offer the real sensation and inspiration.” he said.
“It is not only self-satisfaction, but also the personal pleasure which varies with individuals.
“This is not a marketing condition, it is a human condition because all these products produce dreams and it comes attached with a status symbol for each person.”
CIBJO’s chief mission is to protect consumer confidence in the industry and it is the sole jewellery industry organisation to have special consultative status with the United Nation’s Economic and Social Council.
The Italy-based organisation is also a member of the UN Global Compact and it aims to encourage harmonisation, promote international co-operation in the jewellery industry and consider issues concerning the trade worldwide.
raji@gdn.com.bh
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