#7 Ways Technology Is Redefining The Jewellery Industry In India
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The Indian jewellery industry is one of the most ancient, largest and popular ones in the world. From being celebrated for its artistic, delicate artwork and precision of embellishments to supplying the purest metals and gemstones across various continents, the Indian Jewellery industry is constantly evolving with the changing times.
The advent of technology brought with it numerous changes and revolutionary breakthroughs. With the introduction of multiple design and manufacturing techniques, the face of the jewellery industry is slowly changing and evolving. The conventional pen and paper have been conveniently digitized to meet the growing need of every new-age designer. Jewellery design has thus been witness to an upward growth; and with the introduction of technology, jewellery designers are creating more intricate and detailed pieces. And these technological advancements have only served to globalise this industry further. Read on to know how technology is redefining the jewellery industry in India.
Computer Aided Design (CAD)
Computer Aided Design (CAD) software is used to create precision drawings or technical illustrations. CAD software can be used to generate two-dimensional (2-D) drawings or three-dimensional (3-D) models. Recently this method of creation has been adopted to build a virtual prototype of any item and can be easily duplicated in the manufacturing process. While this software has been in use for years and first appeared in the 1960’s, it was not until the late 1980’s that commercial product designs started to develop. Today, consumers can collaborate with a jeweller to watch their designs come to life on a virtual platform before investing the money to purchase it. In addition to this, the software allows the consumer to switch between different types of metal and precious stones to gauge the look of the finished piece.
Many argue that 3D Printing is the future of fine jewellery and with good reason too. This is the latest step in the mass manufacturing and customisation of jewellery. More and more jewellery designers are jumping on the technology bandwagon and are producing even complex designs with the help of 3D printing. With the implementation of 3D printing, the cost of the desired piece of jewellery also falls significantly. In the years to come, the process will be more refined and made available for a commercial use at an affordable rate.
Multi-function jewellery has greater resonance in today’s market where consumers are looking out for items that can give them multiple looks at a fraction of the cost. Apart from saving on cost it is also convenient for the consumer. This trend has now turned into an art form with the help of technology and the versatility of multifunctional jewellery allows women to operate on smaller budgets to detach, dismantle, add to and refresh their jewellery pieces.
Lasers have already transformed the rough diamond manufacturing industry and are slowly gaining prominence in the jewellery manufacturing segment as well. One of the fastest growing technologies is the use of laser systems in jewellery making as an alternative to the existing traditional methods of welding, engraving and cutting of metals. Jewellery designs are constantly changing and evolving owing to the functionality of lasers which allows diverse shapes to be engraved onto the metal. Some well-known diamond brands also use this technology for engraving unique identification numbers and their brand logos on their diamonds.
By extending advertising to the digital space as well, jewellers are now able to target the audience more effectively and efficiently. By using online data and analytics, jewellery brands can now offer consumers jewellery based on their likes. The brands also get an instant response on their collection’s popularity by doing so. The customers also remain updated about various jewellery events organised and discounts on offer, which will help boost their sales significantly. Currently consumers are looking online and researching on the product and checking the reviews before the purchase.
With rapidly evolving technology at our disposal, the way we conduct business has changed drastically. The ecommerce platform played a crucial role in the development of various brands and industries. It has connected sellers and has buyers across the world, and facilitates seamless transactions between the two. Online shopping has been a major factor that allows people from every corner of the globe to search, browse and acquire jewellery of their choice from a host of selections on display. For those consumers that enjoy a fast paced lifestyle, online shopping is the perfect alternative to retail shopping - which can get cumbersome at times. In the jewellery and the luxury space, the look and feel is a very important aspect. Even though the product is bought offline but the research is always first done online.
Due to the recent technological advancements that have surfaced, the time taken to manufacture jewellery has decreased significantly. This has propelled the jewellery industry to increase production to match the increasing demands of consumers’ world over.
Although it is exciting to see the different avenues that technology has opened up, it is also interesting to see what the future holds for the jewellery industry with integrated technological viewpoints.