Coronavirus or more commonly known as COVID-19 has halted the world. There has been a shakedown all over the world. From industries to sporting events, to films and fashion, everything has taken a break. There is nothing that can be done about the pause since safety has been the main priority for the industries. When it comes to the fashion industry, the center of which has always been Italy and France, there has been a lock down in both countries due to the pandemic spread. Woth this in picture, the production of silver jewelry in countries like China and India have taken a hit as well. There is a decrease in consumption and purchase of silver jewelry in China which has been the second largest producer and manufacturer of jewelry since the outbreak of coronavirus in Wuhan in January, 2020.
An economic slowdown:
In the silver jewelry world, the progression towards the downfall has been quite evident. With countries like China and India cutting down the reduction due to the virus outbreak, the industry will suffer long term consequences. The shops and stores which are not selling online will be bearing the brunt of the virus the most. In case of London, there has been a complete lockdown on business due to the surge in the virus cases in the past few days. With stores closed, the business is back to zero. There are some stores which might never open again considering the loss that they will be bearing due to the stocks which will never sell to the customers.
Digital platforms making money:
If companies especially the silver jewelry stores have adapted to the digital era or are even connected to Amazon, they might make out of the pandemic alive since amazon has been soaring up with online orders. People have been opting to buy more and more from online stores in the recent days. This will only be helping till the stocks last but the online stores are still serving since they have enough stock left to sale. Only the companies which are online or are supplying groceries are thriving nowadays while the rest of the industrial sector is under a lock down until the virus pandemic is cleared. With a proper digital setup already in pace, many silver jewelry companies can still survive but for the small and medium sized companies, the coming days are going to be tough to survive since they will be bearing the brunt of lack of customers at their door steps.
There has been a solid chance of the major manufacturing companies in the jewelry business sot get out of business for the coming 2 quarters. The reason has been the major shutdowns and closure of facilities for production in almost all countries suffering from major to minor outbreak of COVID-19. The virus will halt production and will cause damage to the overall revenue since people are not buying anything from shopping malls as well. As soon as the virus breaks loose, the manufacturing crisis will rise due to the lack of stock to fulfill the consumer demand.
A shift in trade and habits:
This economic crisis will eventually lead to shift in habits of the consumers who might prefer delivery over face to face encounters in the future. The jewelry stores and brands might suffer the lack of customers at stores since more and more people will opt for products to be delivered to them in the post-COVID19 times as well. This paradigm change will reshape the industry, bringing more and more companies to the digital platforms while hiring a lot more workers for delivery rather than in-store services. This change will allow the companies to start massive productions as well since there will be a surge of demand as soon as the situation will get better.
With less take outs and mire deliveries in the coming future, the silver jewelry businesses will have to remodel itself according tit eh changing perception of the consumers. The companies will need to start their supply chain for delivery as well to meet the consumer demand.
While the pandemic has caused irreversible damage in terms of lives and economy, it certainly has taught people to value their lives. This has made people realize what they value in life and how far they can go to protect it. With this, there will be major shift in the consumer purchasing habits. With more and more online deliveries and purchases, the jewelry industry must have to progress into the digital era. Besides that, the halt in production will be damaging to the manufacturing companies but they can cover up the losses in the times to come. For the medium and small sized companies, now is the time to make amendments and start a contingency plan to survive this tough period.