The jewelry sector was greatly impacted during the pandemic, due to the lack of face-to-face events, resulting in the loss of purchasing power among consumers. A survey carried out by the IBGM (Brazilian Institute of Gems and Precious Metals) points out that in 2021 the sector raised US$ 4.5 billion, 20% more than the previous year. The Brazil Jewelry Market Industry report, published by Mordror Intelligence, indicates that the expectation for the coming years is for the segment to grow 1.79% annually until 2027.
According to the Ministry of Economy, still in 2021, imports rose 5%, reaching US$ 64.5 million. In addition, almost 21% of 2021 year-end sales were made through e-commerce, as reported by Brasil Gemas. Another study carried out by the IBGM, coDCFFm 261 industries linked to the jewelry market, points out that Brazil is in the ranking of the 15 largest producers of gold pieces, with a total of 22 tons of jewelry created and sold.
Jewelry designer Telma Costa Fanuchi, from Escola de Joias, assesses the forecast for the segment’s annual growth made by the institute. “I believe that the great motivation of entrepreneurs in the jewelry sector is the creation and sale of products that are more suited to their audiences”, she says.
“The advent of the internet brought the possibility for each brand to be more sure of who its audience is, as digital tools help a lot to carry out this investigation”, he adds, emphasizing that, in this way, each brand manages to be more assertive in its launches and the public becomes more loyal to the brand.
For Telma Costa, another positive point is the advancement of technology in the jewelry sector, which enables the production of lighter jewelry, with easier production, which directly affects the price, making jewelry more accessible to new consumers.
“Another positive point is the growth of silver jewelry, which, being a top-priced product in jewelry stores, brings a new consumer to the luxury consumption experience and later starts to consume gold jewelry”, he reveals.
The jewelry designer points out which trends may gain strength for the coming years, highlighting the growth of jewelry made with direct casting technology, enabling new models, mainly with 3D effects. “These effects allow for more organic and original shapes,” she said.
According to the expert, another highlight is the appeal to classic, slow fashion, which seeks pieces with more DNA and a longer life cycle. “I see jewelry with great optimism, the vast majority of industries underwent restructuring after the pandemic and became aware of the importance of marketing and development during this phase”, emphasizes Telma Costa.
Still according to the jewelry designer, the new generations that are taking over these industries also help to make this scenario more optimistic, as they are more prepared for the new consumption model.