GJEPC holds international webinar on the jewellery industry’s future post-Covid-19
International fine jewellery industry players agreed at a recent Gem and Jewellery Export Promotion Council webinar that, although the lockdown is not the time to advertise jewellery, the industry will recover from the coronavirus crisis.
The GJEPC hosted a webinar with global diamond industry experts to discuss the future of the sector in the wake of the ongoing coronavirus pandemic, the organisation reported on its website. The webinar, titled ‘The Way Forward for the Industry Post Covid-19’, was moderated by GJEPC vice chairman Colin Shah and featured inputs from the Diamond Producers Association’s managing director David Kellie; the World Gold Council’s CEO David Tait; and Tanishq’s CEO Ajoy Chawla among others with a virtual audience of close to 2,000 members of the industry.
“In a world of frozenness, no one can predict the recovery timetable, but we know that the lockdown will end gradually,” Stephen Lussier, executive vice-president, consumer and brands at De Beers, said during the webinar, the GJEPC reported.
Despite the far reaching economic effects of the pandemic, speakers remained positive for the future of the fine jewellery industry. “We are a pivotal point where the global economies either fall into depression or gradually start to recover,” said Tait. “And gold will do well in both scenarios, which makes a strong case for its presence in investor portfolios.”
Chawla said that gold and jewellery are intrinsic to Indian culture and an integral part of wedding ceremonies and festivals thus customers will return to jewellery shops. Speakers agreed that the jewellery industry will bounce back in time but that it is hard to predict the pace of recovery as the situation is in constant flux. They also agreed that it would be tone deaf to advertise fine jewellery during the lockdown as many are struggling financially.
Lussier opined that the end of lockdown will reignite the focus on family and friends which will create an opportunity for jewellery products that are associated with these emotions. Lussier also remained optimistic that the natural diamond industry will be able to recover from the unprecedented global crisis.
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