The jewellery industry is facing challenges with the potential for a global recession, the impact of higher interest rates, and the rise of lab-grown gems. While luxury goods have historically been resilient during economic downturns, the COVID-19 pandemic has caused consumers to shift their spending priorities.
Additionally, the Federal Reserve's decision to increase interest rates may cause consumers to limit their spending on non-essential items. Meanwhile, lab-grown diamonds and gemstones, which are produced in a lab setting, have become increasingly popular due to their lower prices and more ethical production methods.
According to the International Diamond Council, sales of lab-grown diamonds are expected to reach $15 billion by 2035, representing up to 30% of the total diamond market. The industry must adapt to these challenges and embrace new technologies to remain competitive in an ever-changing market.
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