Large jewelry pieces, such as chunky and bangle chains, encrusted with colored gemstones or natural white diamonds, have gained popularity among those looking to make a bold style statement. Furthermore, the increase in demand for ostentatious jewelry has also led to a change in preferred materials.
“There is a significant increase in the demand for pieces made of fine materials such as gold and silver,” Azpeitia details in an interview with Expansion.
According to the most recent annual report from the Mining Chamber of Mexico, global silver consumption reached a record 1,242.4 million ounces in 2022, representing an annual increase of 18%. This growth is largely due to the increase in industrial use and the purchase of jewelry and silverware. The demand for ostentatious jewelry, fueled by the post-pandemic moment, has contributed significantly to this increase in silver consumption.
The rise of ostentatious jewelry has led manufacturers to harness technology to create bolder, more voluminous designs without using more raw materials. Contrary to what one might think, these technological advances have allowed the creation of lighter pieces with strategic elements, which also translates into higher prices.
Technology has made it possible to design, for example, wide chains with great shine using techniques such as gravure or certain cuts in areas that are not visible. “This has made it possible to manufacture twines that are up to 50% lighter compared to those produced decades ago, which also implies a decrease in production costs,” Azpeitia details.
The new sales channels
The pandemic also changed the dynamics of buying and selling the pieces. In the midst of the health contingency, when economic uncertainty and family income were a cause for concern, many people saw the sale of jewelry as an opportunity to generate resources, especially within their close circles.
Since mobility was limited, the sales channels moved to the digital realm. According to Álvaro Azpeitia, Jalisco was the entity that most opted for this business model, followed by Mexico City and Nuevo León.
Online stores, social networks and mobile applications have become indispensable tools for displaying and marketing pieces of jewelry. This accelerated digitization of the jewelry market has broadened the reach of manufacturers and jewelers, reaching a broader and more diverse audience.
Azpeitia recognizes that the jewelry sector is in a moment of evolution, adapting to the demands of young consumers and offering designs that reflect their style and personality in the post-pandemic world.