Quite a tough ask innit? Like you would know, jewelry is a luxury good and luxury goods are the foremost thing that is effected, and it’s the last thing that comes back to normal when we are out of a recession.
So let’s come to the point here. Jewelry consists of many stages. Firstly, there is the mining sector, or the ‘raw’ sector. Here, all the mining takes place and the raw rough and minerals are extracted out of the earth! This sector has to be affected since most people have reduced their consumption on jewelry, especially gold. But however, it depends on the type of rough you extract. Let me explain!
There are two types of gemstones: Semi-precious and Precious stones. Precious are usually the more ‘higher end’ of jewelry making, or in simple words; more expensive and these are ‘mostly’ used in Gold Jewelry because of the cost factor analysis. However Semi-Precious stones are a little cheaper, not cheaper in ‘general terms’ but when you look at jewelry as a whole, then yes semi-precious stones reduce costs! Thus, these are mostly used in silver jewelry. Now that was the second stage of the whole process; the shaping and polishing of the ‘rough’ stones into ‘readymade’ gemstones. This means they are ready to be used in jewelry without any alterations or changes!
Now comes the last stage, the manufacturing of jewelry. Here jewelry is shaped according to the designers requests and the desired gemstone is used for it respectively.
Now that you know the basics of the three stages in our ‘jewelry industry’, lets move to the ‘technical’ bit here of our ‘jewelry sector’ and which things succeed amid a recession.
Jewelry doesn’t fail when in a recession. Its just changes perceptions. During the global downturn that we are facing now, everyone starts cutting down. In jewelry, consumers usually cut down and look for alternatives to cheaper jewelry. Two things are increasingly have a “move on” in such a downturn; firstly silver jewelry which require semi-precious gemstones. Secondly, Synthetic stones, things like crystals, or hydro which are basically made out of glass; however of a great quality! Let me give you an example, if a silver manufacturer makes jewelry and usually uses ‘Diamonds’ which are quite expensive, in such times it would prefer CZ which is just the same thing, but a little cheaper; perhaps! And again if they usually use London Blue Topaz which is a bit costly, then they would prefer using Swiss Blue Topaz which is a little cheaper but of similar quality. And guess what all the things we mentioned above, we have it all in our stocks. Keeping in mind the recession; we have all the different priced stones you ever wanted to have! Check our product lists for more information or contact us asap!
So the next time you buy jewelry make sure it’s not fake, or glass, or simply crystal. If you want to invest some money get a hand on some of the gold bars they offer in banks or at those financial institutions. Or simply buy some jewelry from us! 😉