Why Technology May Have Killed Jewelry
January 8, 2015 in Daily Bulletin
The jewelry industry isn’t doing so hot these days and Beejoli Shah thinks she knows why:
- Dating couples used to express their affection through gifts of jewelry. Now they do it through gifts of technology such as the latest smartphone.
- Technology, they reason, is just as pricey as jewelry, but is also functional.
- While diamonds are forever, millennials aren’t ready to make that kind of commitment. They would rather buy a tablet knowing that they will upgrade to a different one in a couple years.
- At the same time the quality of costume jewelry is increasing, and because it’s cheap, buyers can purchase baubles as fashions come and go.
See some eye opening statistics, find out the role that the internet played, and read more details about why the jewelry business is struggling over here.
Source: Pacific Standard
I’m a big fan of this trend, jewelry (particularly diamonds) are the biggest scam outside of Nigerian princes on the internet. I’m not sure if you guys have done one in the past, but maybe you would want to do an article on the diamond industry and how they artificially limit their supply to maintain extremely high profit margins? My favorite thing is how much value diamond engagement rings lose the second they are purchased.