Jewellery is often an industry that suffers during a recession, as it is something people can cut back on in a pinch. However, things are looking up for the sector as a whole as May saw growth of 1.4% overall. It is a small win, but something which many jewellers are taking as a sign that the outlook is positive for the following few months.
Experts such as Helen Dickinson OBE, the Chief Executive of the British Retail consortium states that jewellers will still need to focus on improving efficiency and cutting costs if they want to continue to experience such results, with plenty of competition having the possible impact of dampening sales.
The Diamond Producers Association have unveiled a new campaign to try and boost these sales, specifically targeting millennials. The campaign titled Real is Rare was based on research that suggests today’s young people think of diamonds as an authentic and long-lasting product in a not so steadfast world. As the generation with future disposable income, the association feel it is important to begin the dialog around jewellery with the demographic now. It will also focus on new digital and social media channels which are particularly pertinent for this demographic.
Stephen Lussier, chairman of the DPA, explains: “This is an important milestone for the diamond industry. The DPA members coming together to launch this campaign will create a new cultural movement around diamonds that we are confident will benefit the entire industry.”
Additionally, some initiatives are searching for improvement from within, such as Professional Jeweller’s Shop Floor Star campaign. This recognises and celebrates the best customer service professionals from within the industry. This competition has been running since last year, and received hundreds of nominations from store owners, eventually being whittled down to 21 finalists, six special award winners and one overall winner. This promotes a culture of constant excellence, and helps keep the industry in line with other in the retail sector.