The fine jewelry industry is unlike any other. It's filled with diamond dealers, gem stone promoters, raw gold sellers, and uncanny designers. It's filled with some of the most talented, eccentric people I've had the pleasure to meet. It's perpetually changing, sweeping, and morphing.
It's also dying.
Unlike fashion, where brands consistently rise and fall, the industry of fine jewelry may be facing extinction. It's easy to bluff and say that everything within the industry is peachy, but if everything is so great, then why are small fine jewelry stores struggling? Some might say that it is simple the lack of consumer interest in fine jewelry that is causing such hurt for the jewelry industry. Other might say that it's just a phase or sign of the American recession. So, what is the truth?
The truth is, there is no truth. Whether you can or cannot admit it, the jewelry industry either needs to expand it's client base or make fine jewelry more demand worthy. Like fashion, fine jewelry is all about the lifestyle of the brand. It's about the look and confidence that comes along with purchasing the product. Why else would someone spend $600 on a Michael Kors bag or $260 for a simple Tiffany & Co. pendant? Your paying for the right to wear the brand and all the marketing genius that comes along with it. There's nothing wrong with that; it's just good business.
So, what's next for the jewelry industry, or even for my father's business itself? Will it ever be what it used to? Or have consumers permanently overlooked the craftsmanship of fine jewelry? There is something to be said about the power of a gorgeous cocktail ring. I'm not talking about that costume stuff you can get at Forever 21. I'm talking about real metals, handcrafted with coloured gemstones and microscopic diamonds. Something flashy without looking obnoxious. There is beauty in craftsmanship. I think that's the one thing that is to be missed when wearing mass produced jewelry.
xx Ella-Kol