As UK jewellers navigate the digital age, one AI tool stands out for its potential to revolutionise the industry: ChatGPT.

Developed by OpenAI, this AI language model presents a multitude of opportunities to enhance customer service, personalise marketing efforts, optimise supply chains, and more, all tailored specifically to the unique demands of the jewellery sector.

In this article, we’ll take a look at some practical applications of ChatGPT for UK jewellers and explore how this cutting-edge technology can be integrated seamlessly into existing workflows to maximise business efficiency and customer satisfaction.

Firstly, what is ChatGPT?

ChatGPT is a highly advanced artificial intelligence (AI) tool developed by OpenAI. It’s primarily a chatbot, which means it can converse with users in a way that feels very human-like. However, it’s also much more than that.

At its core, ChatGPT is based on a model called GPT (Generative Pretrained Transformer), which essentially means it was pre-trained on a vast amount of text data, including textbooks, websites, published papers, and various articles. This pre-training allows the AI to generate human-like text based on the input it receives.

One of the key features of ChatGPT is its natural language processing ability. This means it can “understand” or process human language inputs in a conversational manner. For example, if you ask it a question or give it a prompt, it can respond in a way that is both relevant and coherent. It can generate an essay on a given topic, write a business plan, answer questions, and much more.

ChatGPT by the numbers:

Since its public release in November 2022, ChatGPT has taken the world by storm, setting a record for the fastest user adoption for a software when it garnered 1 million users in 5 days and 100 million active users just two months post-launch.

While the uptake of the technology is impressive, businesses are still in the early stages of understanding how it can practically be integrated.

Business cases of Generative AI in retail

According to a new report by Insider Intelligence, the most viable and valuable use cases are believed to be chatbots, product descriptions, personalised product recommendations, content creation, automatic translation, data analysis, and product development.

But what could this actually look like for jewellers?

How can ChatGPT be used by jewellers?

1. Shopping assistants: E-commerce platform providers like Shopify and Instacart are currently working on incorporating ChatGPT into chatbots for shopping assistance. By integrating ChatGPT with customer data, a jewellery retailer could provide personalised recommendations to their customers e.g. if a customer has been browsing diamond engagement rings, the AI could send them an email or pop up a chat suggesting various options, answering questions about diamond clarity or offering advice on ring sizing.
2. Customer Service: ChatGPT could be programmed to answer common customer service inquiries, such as store hours, return policies, or information about specific pieces of jewellery. This could save human customer service representatives time and allow them to focus on more complex inquiries.
3. Content Creation: Writing product descriptions or social media posts can be time-consuming. ChatGPT could be used to generate engaging and detailed product descriptions or social media content, showcasing the jewellery in a compelling way, for example:

4. Language Translation: If the retailer sells to customers who speak different languages, ChatGPT could assist in translating product descriptions, customer communications, or even live chat conversations, helping to reach a broader customer base.
5. Fraud Detection: By analysing customer behaviour and transactions, ChatGPT could identify potential fraudulent activity, helping to protect both the retailer and the customers.
6. Training and Education: For larger retailers, ChatGPT could be used to create training materials or to provide ongoing education to staff about new products, trends in the jewellery industry, or company policies and procedures.
7. Voice Assistance Integration: With the growing trend of voice-enabled shopping experiences, ChatGPT could be integrated with voice assistants like Amazon Alexa and Google Assistant. This would allow customers to ask about product details, place orders, or track their deliveries using voice commands.

Limitations of ChatGPT

As a relatively new technology, ChatGPT does have some drawbacks, and it remains to be seen how easily it will be able to overcome these.

While ChatGPT can mimic human-like conversation, it doesn’t possess emotional intelligence. It may not fully comprehend the emotional tone of a customer’s message or respond with the same level of empathy and understanding as a human would, which can be crucial in customer service situations especially with an emotionally-charged purchase like an engagement ring.

Chat GPT can also get confused when answering complex enquiries. While it is great at handling common and straightforward customer queries, providing a recommendation on the best way to balance a diamond ring buyer’s budget and their desire for an impressive looking ring that doesn’t have any obvious inclusions is likely to be beyond it.

It’s important to remember that while AI tools like ChatGPT can be useful, they’re currently best suited as a complement to your staff, rather than as a complete replacement.

Intrigued? Here’s how to get started

If you’d like to dip your toe in and give ChatGPT a try, a good way to get a feel for how it works is to ask it to help you write some product descriptions.

First, sign up on the OpenAI website. ChatGPT is located under the ‘Product’ menu.

Start by giving ChatGPT a few product details and ask it to create descriptions.

For instance, your command could be, “Write a product description for a 14-carat gold necklace featuring a heart-shaped pendant adorned with diamonds.”

If the first output doesn’t quite hit the mark, don’t worry – you can refine it to make your instruction more precise. If you want the description to portray a romantic vibe, you could tweak your command to, “Create a romantic product description for a 14-carat gold necklace with a diamond-encrusted heart-shaped pendant, an ideal anniversary gift.”

It’s best at the moment to consider ChatGPT’s output as first draft and then edit it to match your needs. Even though the AI is quite sophisticated, it might not always grasp the distinctive voice of your brand or the specific nuances of your product.

Once you feel comfortable using ChatGPT for product descriptions, think about gradually broadening its responsibilities. This could include generating engaging social media content, addressing frequently asked customer questions, or even producing blog articles for your website.

But who are your customers, really?

As diverse as they are, most customers can be grouped into four basic types:

• Price Buyers
• Relationship Buyers
• Value Buyers
• Need-Based Buyers.

This categorisation can offer invaluable insights into their buying behaviour and help you tailor your sales approach.

This article delves into these customer types and provides tips for effectively selling to each.

The Price Buyer: Competitive Cost is Key

Price Buyers are customers driven primarily by cost. Their quest for the best deal often makes them less brand loyal; they’ll compare prices across different retailers to ensure they’re getting the most affordable option.

In the jewellery business, appealing to Price Buyers can be challenging due to the high value associated with jewellery items. However, this doesn’t mean they’re unreachable.

Offering competitively priced items, discounts, and deals can attract Price Buyers. Consider having a range of cost-effective pieces that don’t compromise on quality.

Additionally, clear communication about the real value and durability of your products can help Price Buyers justify their purchases.

The Relationship Buyer: Cultivating Trust and Loyalty

Relationship Buyers value the bond they form with a brand or a salesperson. They appreciate exceptional customer service and will become repeat customers if they feel their needs are met and they’re being treated well.

To cater to Relationship Buyers, strive to provide exceptional customer service. This includes understanding their preferences, guiding them through their purchasing journey, and providing after-sales service.

Consider implementing a loyalty programme, sending personalised messages on special occasions, or offering services like jewellery cleaning and maintenance.

Remember, the jewellery business isn’t just about selling a product; it’s about selling an experience.

The Value Buyer: Balancing Cost and Quality

Value Buyers seek the best balance between cost and quality. They’re willing to pay more if they perceive the product as having high value. They’re typically well-informed and do extensive research before making a purchase.

To attract Value Buyers, you need to demonstrate the value of your products convincingly. This could be done by educating customers about the materials used, the craftsmanship involved, and the longevity and timeless appeal of the pieces.

Offering a warranty or guarantee can also reassure these customers of the value they’re getting.

The Need-Based Buyer: Fulfilling Specific Needs

Need-Based Buyers have a clear, immediate need. They might be less concerned about price, relationship, or overall value if a product meets their immediate requirement. These customers might be looking for a specific piece of jewellery for an occasion or a specific design they’ve envisioned.

To cater to Need-Based Buyers, a wide variety of jewellery items and the ability to deliver on custom requests can be advantageous.

Quick response times and efficient service are also crucial for these customers who are often time-constrained.

Embrace the Diversity

Each customer type has distinct needs and preferences, and understanding these can significantly boost your sales and customer satisfaction levels.

Remember, however, that these categories are not rigid. A single customer may display characteristics of multiple types, depending on their situation.

In the end, the key to successful jewellery retailing is to embrace the diversity of your customers. By understanding the different customer types and adapting your approach accordingly, you can ensure every customer feels understood, valued, and satisfied with their purchase.

Whether they’re looking for the best deal, a trustworthy relationship, great value, or a specific piece, you’ll be equipped to cater to their needs and expectations.

This marks the twelfth consecutive increase in UK interest rates, driven by persistent inflation that has consistently surpassed the central bank’s expectations. Headline Consumer Price Index (CPI) inflation remained above 10% in March, significantly higher than in mainland Europe or the US.

Inflation Forecast Revised Upwards

The Monetary Policy Report (MPR) was published alongside the latest decision, detailing the BoE’s current assessment of inflation and the economic outlook.

Notably, the BoE has revised its growth and inflation forecasts upwards. The GDP forecast for Q2 2024 has been revised from -0.3% to +0.9%, marking the largest upward revision in the history of the independent central bank. CPI inflation for the same period has been revised up from 1% to 3.4%.

High Fixed-Rate Mortgages and Rising Inflation

The BoE highlighted the high proportion of households on fixed-rate mortgages as an important factor in the current interest rate cycle.

This factor has reduced the impact of rising interest rates on the household sector compared to historical levels of interest rates. Additionally, food inflation and higher than expected manufacturing and supply costs are key contributors to the inflation rise.

What Does this Mean for UK Jewellers?

Rising interest rates can have both positive and negative implications for the UK jewellery industry.

Impact on Consumer Spending

As interest rates increase, the cost of borrowing rises. This can lead to a reduction in discretionary spending as consumers may have less disposable income.

This could potentially result in decreased demand for luxury goods, including jewellery. Consequently, jewellers might need to consider innovative marketing strategies to maintain sales, such as promoting affordable luxury items or offering interest-free finance options.

Effect on Gold Prices

Interest rate rises often result in higher gold prices, as we have seen over the last 18 months.

Increased costs for can have an immediate and obvious impact profitability if we try as an industry to not pass these higher costson to the consumer. On the other hand, higher gold prices can also increase the perceived value of gold jewellery, potentially making such items more appealing to customers.

Currency Fluctuations

Higher interest rates can strengthen the value of the pound, making imports cheaper.

As many UK jewellers rely on imported gems and precious metals, this could potentially offset some of the increased costs associated with higher gold prices.

Planning for the Future

Given the BoE’s forecast, the jewellery industry should prepare for potentially more interest rate hikes. Monitoring inflation and labour market data will be key, as these factors will influence the BoE’s future decisions.

Customers often take time to consider their options, explore various designs, styles, and price points before making a decision. So, when a visitor comes to your website for the first time, it’s unlikely they will make a purchase straight away. This is where a digital sales funnel can come into play.

What is a sales funnel?

A sales funnel, in essence, represents the journey a potential customer takes from their first interaction with your brand to the final purchase.

It’s called a ‘funnel’ because, much like a real-world funnel, the number of people decreases as they move closer to the final stage—making a purchase. Here’s how it typically breaks down:

1. Awareness: This is the top of the funnel, where potential customers first become aware of your brand or products. This could be through a Google search, social media post, or even word of mouth.
2. Interest: After they know about you, they might show interest in your products. They may visit your website, follow you on social media, or sign up for your newsletter (via the email opt-in we discussed earlier).
3. Consideration: This is a critical stage where potential customers are comparing your offerings with competitors. They are considering their options, evaluating your products based on quality, price, reputation, etc. This is where your email marketing can play a key role, providing relevant information and gently nudging them towards your brand.
4. Decision: The prospect is now ready to make a purchase. They’ve chosen the product they want and are figuring out where to buy it from. This is the time to reel them in with a compelling offer or a strong call-to-action.
5. Action: The final stage of the funnel, where the prospect becomes a customer by making a purchase. But the journey doesn’t end here. Post-purchase services, follow-up emails, and requests for reviews can lead to repeat purchases and loyal customers.

The sales funnel is a continuous process, a cycle that repeats with every new prospect. Your email marketing strategy, coupled with the email opt-ins, plays a pivotal role in guiding potential customers through each stage of this funnel, ultimately leading them to choose your brand when they’re ready to make a purchase.

It’s a powerful way to nurture leads, build relationships, and turn prospects into loyal customers.

How an email opt-in forms can help move people through your sales funnel

Email opt-ins are essentially permission slips that allow you to send marketing emails to potential customers.

This is a powerful tool for nurturing leads and staying at the forefront of their minds during the consideration period. Here are some steps you can follow:

1. Create a Sign-up Form: Place a simple, user-friendly sign-up form on your website where it’s easily visible, like in the header, footer, or as a pop-up. The form should ask for at least the visitor’s email address, though you may also want to collect their name for personalised communication.\

2. Offer Value: To encourage visitors to share their email address, offer something valuable in return. This could be a discount on their first order, exclusive access to sales, or informative content like a guide to choosing the perfect diamond ring, for example.
3. Email Marketing Campaign: Once you have their email address, you can send them regular updates about your jewellery offerings, sales, events, and more. The key is to provide valuable content that resonates with them and gently nudges them towards making a purchase.
4. Personalised Follow-ups: With the data you collect, you can personalise your follow-up emails based on their browsing behaviour. If they viewed a particular item or category multiple times, you could send them more information or a special offer related to that product.
5. Engagement: Keep them engaged with interesting content about jewellery care, the latest trends, stories behind your pieces, or educational content about different gemstones. This will help establish a relationship and trust with potential customers.

Remember, the goal is not to push for an immediate sale but to stay in touch during their consideration period, build a relationship, and ultimately, be their chosen retailer when they’re ready to make the purchase.

This strategy can turn casual website visitors into loyal customers.

With shows like Pure, the Jewellery Show being one of the most highly anticipated events, standing out amidst a sea of competitors can be a challenging task.

Participating in these events can significantly enhance brand visibility, generate sales, and forge strong customer relationships.

However, to reap these benefits, it’s vital to set clear, realistic objectives. Whether it’s lead generation, enhancing brand awareness, or driving sales, defining your goals will guide your preparations and strategy.

Planning for a Trade Show

The key to a successful trade show lies in meticulous planning.

Start by setting a budget, considering all expenses such as the event space, travel, accommodation, and marketing. Additionally, take time to research your potential attendees and the retail stores you hope to attract.

Understand their needs and preferences to ensure a good fit between your collection and their interests. Remember, casting too wide a net may dilute your efforts; focusing on a targeted list of potential stores for better results.

Developing a Marketing Strategy

Your marketing strategy should be two-fold: pre-show and during the show.

Prior to the event, utilise email and social media campaigns to generate buzz about your participation.

However, avoid aggressive tactics like cold calling, as they are often ineffective and can deter potential clients.

Plan your marketing materials such as business cards, brochures, and press releases, ensuring they align with your brand’s identity and goals.

Assembling and Preparing Your Team

Your team is your brand’s ambassador at the trade show. Choose a team that can effectively represent your business and clearly define their roles.

Preparation is key; establish behavioural guidelines and expectations to ensure a successful performance. Conduct pre-show meetings to align everyone with the objectives and planned activities.

Designing Your Booth and Creating Experiences

Your booth is the first point of interaction with attendees, so it should reflect your brand’s identity and stand out from the crowd.

Get creative with your booth design, incorporating elements that are visually appealing and convey your brand message effectively. Additionally, consider unique in-booth experiences such as product demonstrations or even a champagne reception.

Attractive giveaways, like customised jewellery boxes, can also increase booth traffic. However, avoid pushy tactics, as these can discourage visitors.

Taking on a Speaking Role

If the opportunity presents itself, consider becoming a speaker at the trade show. This can provide a platform to share your expertise, establish credibility, and gain visibility in the industry. Remember, people tend to remember stories, so weave your brand narrative into your talk to make it more memorable.

During the show

Showcasing Your Products and Services

When deciding which products to showcase, consider your target audience and how you can differentiate your brand from competitors. Highlight your brand’s unique selling points and specialities.

For instance, if your brand focuses on ethically sourced gemstones, ensure that this narrative is clear.

Leveraging Social Media and Advertising During the Event

During the event, keep your audience engaged with live updates on social media.

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Use event-specific hashtags, share images of your booth, and announce any special offers. Additionally, consider collaborations with influencers or tagging event organisers to expand your reach.

Paid advertising can help overcome algorithm issues, ensuring your posts reach a wider audience.

Lead Capture and Follow-Up Strategies

Ensure that you have an effective method of capturing leads, such as badge scanners or lead capture apps. Scan every visitor to your booth to create a potential client database.

Following the event, promptly upload these leads to your CRM system and plan your follow-up actions. A quick response can increase the chances of conversion, so consider personalising your approach with handwritten notes or unique follow-up messages that remind them of their experience at your booth.

After the show

Post-Show Debriefing

The end of the trade show doesn’t mean the end of your efforts. Schedule a debrief call with your team to review performance, gather feedback, and identify areas of improvement. Understanding what worked and what didn’t is crucial for refining your strategy for future shows.

Trade shows are invaluable opportunities for businesses to connect, learn, and grow.

With careful planning, strategic execution, and consistent follow-up, your business can stand out at your next trade show, generating high-quality leads and opportunities for growth.

While this guide provides a comprehensive strategy for trade show success, remember that each event is unique. Keep refining your approach based on your experiences and feedback to ensure your brand continues to shine.

Remember, success at trade shows goes beyond the glitter and glamour.

It’s about making genuine connections, understanding your customer’s needs, and showcasing your brand in the best light. So, get ready to dazzle at your next trade show with a well-planned, focused, and customer-centric approach.

However, it wasn’t all gloomy news for retailers. Despite the overall downturn, some key shopping hotspots witnessed a surge in footfall, according to data from MRI Springboard. London’s Knightsbridge, for instance, bucked the trend with a hefty 57.7% increase in footfall between 10 am and 3 pm compared to the previous week.

This unexpected spike in certain locations is largely credited to public screens set up in towns and cities, allowing people to watch the Coronation. Notably, King Edward Street in Hull experienced a 3.9% rise in footfall, while New George Street in Plymouth saw a 7.8% uptick compared to the previous week. Sunderland’s Market Square, however, experienced a 20.5% dip in footfall during the event itself (from 10 am to 3 pm), but a noteworthy 11.9% rise over the 24-hour period.

The day after the Coronation, May 7, saw footfall data up to 12 pm suggesting a 6.4% decrease in footfall across all UK retail destinations compared to the Early May Bank Holiday weekend.

In conclusion, the Coronation of King Charles III brought about mixed outcomes for UK retailers, with the overall impact seemingly dependent on the local arrangements for public viewings of the historic event.

New York, NY – In an effort to harness increasing consumer demand and sustain the prosperity of the natural diamond industry, the World Federation of Diamond Bourses (WFDB) has announced a new partnership with the Natural Diamond Council (NDC). This collaboration represents a proactive move in response to shifting market dynamics and a growing need for industry cohesion.

Alongside an initial financial investment, the partnership will focus on strategic initiatives to expand the reach and influence of natural diamond values. The WFDB, with its member bourses and individual members, aims to provide wider exposure for natural diamonds and leverage their unique appeal to consumers.

WFDB and NDC: Shared Vision for the Natural Diamond Industry

WFDB President Yoram Dvash commented on the partnership, expressing the WFDB’s appreciation for the NDC’s distinctive role in promoting natural diamonds. He said, “Today’s consumers have more choices than ever before and are heavily influenced by social media and digital platforms. It is crucial to present the natural diamond industry in a creative and authentic way. We believe that the NDC is successfully doing just that, and we want to support this very important work.”

The WFDB’s commitment to the promotion and support of the natural diamond industry is echoed by the NDC. David Kellie, CEO of the NDC, warmly welcomed the partnership and shared an optimistic outlook, stating, “We are very pleased to partner with the WFDB, which represents diamond traders all over the world. We believe that together we can find many ways to collaborate that will benefit the industry as a whole. Collectively we see considerable growth opportunities ahead, and we will redouble efforts to inspire and move consumers.”

The Impact on the UK Jewellery Industry

This newly formed alliance holds significant implications for the UK jewellery industry. The increased focus and investment in the natural diamond sector will likely stimulate the global diamond market, creating potential growth opportunities for UK jewellers.

The strategic partnership also offers the chance for the UK jewellery industry to amplify its voice on the global stage. As part of the WFDB, UK bourses may have the opportunity to actively contribute to shaping the future of the natural diamond industry.

Moshe Salem, WFDB Vice President, emphasised the need for a more unified industry approach. He said, “We believe that more stakeholders need to come together to invest strategically in the industry. This will help ensure the strength of the industry and will protect the millions of livelihoods that depend upon them, and especially the regions of the world for whom natural diamonds provide the resources for education, health and social infrastructure.”

Imagine you’re a jewellery store owner in Birmingham. When people in your vicinity type ‘jewellery store near me’ or ‘jewellery store in Birmingham’ into Google, you want your store to appear in the top results, preferably in the ‘Local Pack’ or ‘3-Pack’. This is the block of three business listings that appear below the map in Google search results:

This is where Local SEO comes into play.

Local SEO involves a set of specific actions and strategies designed to improve your visibility on Google and other search engines when people close to your physical location perform a search. It’s crucial for businesses like yours, where customers come to a physical location.

How Local SEO differs from ‘normal’ SEO

1. Geographical Component: Unlike traditional SEO, which focuses on ranking in search results across the country or even globally, local SEO prioritises appearing on SERPs in a specific location. This strategy relies on marketing your products, services, and brand to local leads and customers.
2. Google My Business: A crucial part of local SEO is the use of Google Business. By creating and optimising a Google Business listing, you can appear in local search results and Google Maps. This listing displays important information about your business, such as your address, hours of operation, and customer reviews. This isn’t something typically focused on in traditional SEO.
3. Reviews Matter More: Online reviews play a significant role in local SEO. The quantity and quality of reviews on your Google My Business page are one of the most important ranking factors for local search.
4. Local Link Building: In traditional SEO, any high-quality link would be beneficial. However, for local SEO, links from local businesses and organisations are particularly valuable.
5. Local Keywords: Local SEO focuses on local keywords, i.e., search terms that include location-specific phrases. For example, ‘jewellery store in London’ or ‘best jewellery shop in Manchester’.

In a nutshell, while traditional SEO and Local SEO share many similarities, the primary difference is the geographical component of Local SEO.

If you’re a jewellery store owner with a physical location where you want to attract customers, focusing on local SEO could be a game-changer for your business.

Maximising the effectiveness of your local SEO efforts

Here’s a step-by-step guide to getting started with local SEO for your jewellery store.

1. Google Business Profile: Your first step should be to claim and optimise your Google My Business listing. Fill out every detail, including your business name, address, and phone number (also known as NAP), your opening hours, and a link to your website. Make sure to choose the right category for your business, i.e., “jewellery store.” Add high-quality photos of your store and products, and encourage your customers to leave reviews. Remember, Google loves consistency, so ensure your NAP information is the same across all online platforms.

2. Local Keywords: Incorporate local keywords into your website content, meta tags, and URLs. These are keywords that include your location, like “jewellery store in London” or “best diamond rings in Manchester.” Google’s Keyword Planner can help you find relevant local keywords.
3. Website Optimisation: Make sure your website is user-friendly and mobile-friendly, as many customers will be searching for local businesses on their phones. Include your NAP information and your opening hours on your website, ideally in the footer so it appears on every page.
4. Local Business Directories: List your business on popular online directories like Yelp, Bing Places, and Thomson Local. Again, consistency is key – your NAP information should be identical across all listings.
5. Online Reviews: Encourage your customers to leave reviews on your Google My Business listing and on other review platforms. Positive reviews can significantly boost your local search rankings. Be sure to respond to all reviews, both positive and negative, in a professional and timely manner.
6. Local Links: Try to get links from other local businesses, community groups, or local news sites. This could involve sponsoring a local event or collaborating with a local fashion blogger. These local links signal to Google that you are a trusted business in your area.
7. Social Media: Use social media platforms to engage with your local community. This can help increase your local visibility and drive traffic to your website.
8. Schema Markup: This is a bit more technical, but adding local business schema markup to your website can help search engines better understand and display your business information.

Remember, local SEO is not a one-off task but an ongoing process. Regularly update your Google Business listing, continue creating local content, and keep engaging with your local community.

With time and effort, your local SEO strategies can help your jewellery store stand out in local search results, attracting more customers to your store.

This decrease has brought the index down to 7,159 as of May 1st, compared to its 7,543 standing at the start of the year.

Diamond prices across other sizes also exhibited weakness, with only 0.30-carat diamonds showing some stability.

Dampened Demand in Major Markets

This downturn in diamond prices is primarily due to sluggish demand in the US and China, the world’s leading markets for diamond jewellery.

Avi Krawitz, Senior Analyst at Rapaport, explains, “Polished trading was quieter than usual in April. Economic uncertainty stemming from the rise in consumer prices over the past year has impacted discretionary spending and discouraged retailers from buying inventory.”

Retailer Strategies Amid Uncertainty

In response to this uncertain market, US jewellers have cut back on bulk purchases, opting instead to focus on memo to avoid accumulating excess goods. Simultaneously, Chinese buyers are proceeding with caution due to economic prudence on the mainland. While retail in Hong Kong is seeing improvement, bolstered by a revival in tourism, a slowdown in trading indicates restraint among Chinese dealers.

Rising Inventory and Limited Supply

Interestingly, the level of midstream polished inventory continues to rise, even as manufacturing levels have fallen.

Polished production is considerably below capacity, with restrictions on Russian supply limiting the availability of rough diamonds. In India, the largest diamond manufacturing hub, rough imports for the first quarter were down 22% year on year to $4.26 billion.

The Market Outlook

Despite these challenges, dealers remain hopeful for a lift in sentiment and boost in demand in the second half of the year, with the upcoming Las Vegas shows expected to play a crucial role.

However, the diamond trade has had a rough start to 2023, and the Las Vegas shows will serve as a litmus test for the state of the crucial US market.

Implications for UK Jewellers

For UK jewellers, these global trends could have several implications. The reduction in diamond prices might present an opportunity for jewellers to stock up on diamonds at a lower cost. However, this must be balanced with the risk of owning excess inventory in a potentially uncertain market.

Furthermore, the caution exercised by US and Chinese buyers could also be a prudent strategy for UK jewellers. Shifting focus to more flexible models like memo could offer a more adaptable approach in the current environment.

Finally, the challenges faced in the global diamond market underscore the importance of staying informed and prepared. UK jewellers should keep a close eye on upcoming events like the Las Vegas shows for any indications of a shift in market sentiment and demand trends.

The real work begins when you aim to attract traffic, engage your customers, and clinch those crucial sales.

It’s a dynamic world out there – the ebb and flow of consumer behaviour and social media trends make it quite the challenge.

This is our first steps SEO guide, the must haves to get your company getting traffic and being found online.

First up: What is SEO?

SEO, or Search Engine Optimisation, is a set of strategies and techniques aimed at improving your jewellery store’s visibility on search engine results pages (SERPs), like Google.

In other words, it’s about making your website more attractive to search engines.

When your website is well-optimised, it’s more likely to appear higher in search results when people type in keywords related to jewellery or your specific products. This increased visibility can lead to more traffic to your site, and ideally, more sales.

SEO strategies for a jewellery store might include keyword research to find out what terms customers use when they’re looking for products you sell, creating high-quality content that uses these keywords, ensuring your website loads quickly and works well on mobile devices, and building a network of links to your site from other reputable websites.

It’s all about the right traffic

SEO isn’t just about attracting more visitors to your site, though. It’s also about attracting the right visitors – those who are likely to buy your jewellery. That’s why understanding your audience and what they’re searching for is such a crucial part of SEO.

SEO is also an ongoing process, not a one-time task.

Search engine algorithms change frequently, and what worked a year or even a few months ago might not be as effective today. That’s why it’s essential to monitor your SEO efforts regularly, adjust your strategies as needed, and stay up-to-date with the latest best practices.

Getting started with SEO

There are many parts to SEO and there is a whole industry dedicated to it, which means that it can be a bit intimidating to dip your toe into. In this article, we’ll give you an overview and explain

1: Set up and install Google Analytics

Google Analytics is a treasure trove of insights, letting you delve into the minutiae of your site’s performance.

From visitor numbers and their geographical spread to the keywords that led them to your virtual door, it’s got it all.

Plus, it can even offer you monthly reports for an even deeper analysis. One thing to know is that Google Analytics is currently changing – from 1st July 2023, the old GA will no longer work and only the new ‘Google Analytics 4’ will operate.

If you don’t already have a plan for migrating to GA4, it’s time to work on one!

2: Set up and install Google Search Console

Google Search Console is like your website’s health inspector. It’s on the lookout for any crawl errors, helps you submit pages for early indexing, and even assists with updating SEO-related data like sitemaps.

It’s a great way to understand what keywords people are using to find your website, but also see what search terms you could be getting clicks for but aren’t currently.

3: List your business on Google

A crucial part of local SEO is the use of Google’s Business Profile tool.

By creating and optimising your Google Business listing, you can appear in local search results and Google Maps. This listing displays important information about your business, such as your address, hours of operation, and customer reviews. This isn’t something typically focused on in traditional SEO, but helps you be found when a potential customer searches something like ‘jewellery store near me’.

Online customer reviews can be a strong signal to search engines that your brand communicates, authority, confidence and  trust. Make a habit of asking your customers to leave a review and if you ever receive a negative one, use this as a learning experience and work hard to change their mind.

4: On site SEO – Keyword linking and Meta Descriptions

If you want Google to read, understand, and serve your content to the right audience, ‘onsite SEO’ is your best friend.

It’s all about making sure every page on your website – be it a product page or an information hub – has the right information that Google needs to understand what the page is about and make it more likely to show it to visitors.

Elements like Meta tags, Title, Descriptions, and matching keywords serve as signposts, guiding users to the content they seek.

Although the site content itself will index and be searchable over time this Meta information is important to secure considered pathways to your content via search results. Go through every page on your website and ensure the Title, description and meta tag information for the site is filled in with information relevant to the page being viewed.

5: Content/Blogs/Education

A good blog or education centre is a fundamental part of a website and a great way to showcase your expertise.

A blog can increase organic traffic (people searching google) and enhance your link placement in search results for new and relevant content.

Provide breakdowns of procedures, talk about new technology, give in-depth reviews of particular machinery or processes you are using, the types of diamonds or gemstones you are buying and their origins and quality or guides on how to care and look after their jewellery purchase.

Share this content on your social media accounts too to increase your reach.

7: Link building

In brief this is the strategy of getting links from other relevant industry websites back to yours. This might be in the form of a press release with a link back to your site or advertising through online platforms. The most beneficial links are permanent ones through press release or educational articles written for industry magazines and directories.

Also consider the use of outbound links to authoritative websites as these can play a major role in your sites search engine optimisation. If Google thinks that the your website page is a hub of information based on things such as the relevancy and quality of outbound links, your website can be established as a page of helpful content in the views of Google.

8: Conversion

The goal of getting traffic to your website through SEO is of course to convert the website visitor into a customer.

This doesn’t always mean making a sale, although that’s the eventual goal. A conversion could be as simple as an email sign-up, a valuable step that ushers a potential customer into your sales funnel.

Each engagement with your website, be it reading a blog post, subscribing to a newsletter, or making an enquiry, brings a customer closer to making a purchase.

SEO plays a key role in this journey, attracting the right audience to your site, providing them with engaging, relevant content, and guiding them through a seamless, enjoyable online experience.

Remember, every conversion, no matter how small, is a step towards building a loyal customer base for your jewellery business.

Instagram has become a very popular search tool for millennial consumers looking for jewellery – particularly engagement rings – as a result of influencer and celebrity involvement in jewellery retailers’ and designers’ social media campaigns.

The Power of Celebrity

Instagram posts featuring attractive celebrities and influencers with perfectly painted fingernails, showing off their engagement rings whilst living their dream lives, can impact greatly on consumer choices. Influencers can dictate trends, and Royal Family engagement rings are a perfect example of this. For example, when Prince Harry and Meghan Markle announced their engagement in 2017, the demand for three stone engagement rings, with large central diamonds, increased significantly.

Alyssa Smith is a British businesswoman who started a small jewellery business in 2010, with a start-up fund of just £500. Now, Alyssa sells iconic silver jewellery to customers all over the world. Her customers include a host of celebrities, including Jamelia, Theo Paphitis, Sheridan Smith and Beverley Knight. She credits the power of social media marketing – particularly Instagram – for her astounding success:

“It was through social media that we first managed to connect with several well-known celebrities to endorse our brand,” explains Alyssa. “Social media is an absolutely huge part of our brand. This is how we interact with our customers on a daily basis.”

The Power of Storytelling

Millennials increasingly expect their shopping experiences to extend beyond the products themselves. The most successful social media marketing strategies tend to leverage the power of storytelling, often by inviting followers to experience an influencer’s lifestyle, and encouraging them to see themselves in the brand they are promoting. Storytelling can also be used to communicate a retailer’s story directly to potential and existing consumers.

Another advantage of partnering with an influencer is that they are able to communicate with potential buyers in real-time. Consumers who are highly engaged with the story and the brand are more likely to purchase on the spot.

The Power of Partnerships

To develop an organic and successful partnership with an Instagram influencer, jewellery retailers should target a personality whose lifestyle (and the aspirational lifestyle of their followers) mirrors their own target demographic.

Bear in mind that the size of your business will dictate which influencers might be willing to partner with your brand. Influencers with huge followings will only be interested in partnering with huge brands, so if you are a small business, you will need to scale your ambitions accordingly.

Of course, it is necessary to carry out some extensive research before approaching potential influencers. There are several influencer marketing platforms that can help with this. Once you have a shortlist of potential influencers, you will also need to craft a persuasive pitch before approaching them.

The Power of Information

As well as inspiring followers through influencers, Instagram is proving to be a very powerful platform for educating and informing prospective customers. For example, shoppers on Instagram are becoming increasingly aware of the financial and ethical reasons for considering lab-grown diamonds over mined diamonds, thus increasing sales of engagement rings featuring lab-grown diamonds.

The more educated consumer is also more likely to turn to custom design and high-end brands.

Summing Up:

• Ensure that your social media campaigns are set up to inspire, inform, and engage;
• Invest in some stunning photography of your jewellery;
• Partner with a suitable influencer to enhance your brand through their lifestyle;
• Tell the story of your business and your brand;
• Educate your followers about the latest news and trends in the jewellery industry.

Following these steps should supercharge your online sales, so give your marketing strategy a revamp, and get ready to launch that successful new Instagram campaign!

Read more articles on Jewellery Education at https://www.jewellerymonthly.com/category/jewellery_education/

But which country loves which brand? And yes, there are actually countries in which Cartier is not in the first place! In some Eastern European countries, Graff jewellery is at the top of the list. Austrian jewellery buyers love Tiffany & Co. and in Italy hearts beat faster for Bulgari. But of course, in most European countries, Cartier is by far the most popular brand.

There are also differences in how much money each country spends on jewelry: Switzerland lays out the most money on jewellery with an average order of £4,680. In 2nd and 3rd place are the United States and the United Kingdom. With the Germans, the purse strings are a little tighter.

How about a comparison of the two top brands Cartier and Tiffany? The duel between the two giants demonstrates: 37 % of all brand loving customers are interested in Cartier, only 13% in Tiffany – making Cartier twice as popular as Tiffany. In addition, customers spend about 4 times more money on a piece of jewellery from the French jeweller than on one from the New York brand. Cartier is simply the measure of all things! The three most popular collections of the winning brand are Cartier Love, Trinity and Panthère – who would have thought otherwise?

Last but not least: Which pieces of jewelry are most popular? With 44% rings are most frequently bought in the luxury jewellery segment, necklaces follow in second place and bracelets come third.

Who is FineJewels24?
As an international high-end marketplace with more than 600 dealers, FineJewels24 offers a wide selection of fine jewelry – whether designer collections or one-of-a-kind pieces from an exclusive jeweler. The marketplace is a project of Chrono24, the leading online marketplace for luxury watches.

For more Jewellery News check out https://www.jewellerymonthly.com/category/retail-jewellery-news/

Will the gold undertone pink coral be dominant in 2019’s gemstones? Or will we see other headline- grabbers influencing what graces our jewellery collections? Join us as we predict the gemstones that will be featuring heavily in every jeweller’s window display this year, as well as looking at how these exquisite stones gain their tantalising hues.

Opals

For a long time, opals have been a popular choice due to their unique blend of colours. They really hit a popular spike in the latter half of 2017 and through 2018, and this looks set to continue into 2019. The rare stone is in high demand thanks to the renewed popularity it has been enjoying in the west, as well as the popularity of the stone in Asia. With ‘Living Coral’ being this year’s go-to hue, pink opals i particular may find themselves in the spotlight.

Its variegated colour display comes from its internal structure. This differs heavily from cubic crystal structures found in the likes of diamonds. The structure of an opal contains lots of little spheres, which each split the light as it hits the stone into all the different colours we see. This colour display varies depending on the opal; precious opals show a wide array of colours, where common opals tend to be more milky in appearance with blueish or greenish hues. Its rarest form, black opal, has the perfect dark background to fully display all the different facets of colour an opal produces. This colour display often led the opal to be considered magical in the past, which is why it’s a favourite in antique jewellery pieces.

Journey of an opal

Australia produces 95% of the world’s opals — the country’s national gemstone. Though the exact chemical conditions required to produce an opal are still under research, the basic journey can be mapped as:

• Water runs through silica-rich earth, collecting up silicon from sandstone as it goes. This results in a solution of silicon dioxide and water, perfect for forming opals.
• This silicon dioxide-water fills up cracks in the earth as it goes.
• Over time, the water evaporates, leaving the silicon behind as a silica deposit.
• As more time passes and more water carries more silicon down on top of these deposits, opals are formed.
• At a depth of 40 meters, it is estimated it takes five million years for 1cm thick silica deposits to form.

Even with the process above, there’s no guarantee that the resulting opal will show the colours that are highly sought after in precious opals. Without a colour display, the result is a common opal called ‘potch’ by miners. The mined opals are then bought from the miners as ‘parcels’, and the buyer will estimate
the value of the stones and separate which pieces should be cut into a general shape to start with, called ‘rubs’.

As with any gemstone, the end aim is to ensure that you keep as much of the stone as possible while getting rid of any cracks or unwanted excess material from it. The opal cutter also decides which side of the opal is the ‘face’ that should point upwards. This is, of course, the side with the best colour and shape. Further cutting is done to remove imperfections, before its face is shaped, and then it is polished. Next, the back of the stone is cut flat and a ‘girdle’ shaped where the top and bottom of the stone meet. This is to help with securing the stone when the jeweller sets it.

Aquamarine

Meghan Markle propelled aquamarine’s popularity in 2018. The gemstone featured prominently as Meghan’s ‘something blue’ element of her wedding, adorning a cocktail ring. The aquamarine ring in question was designed by Asprey and belonged to the late Princess Diana.

After the Royal Wedding back in May 2018, aquamarine rings were displayed all over social media — Instagram in particular saw jewellers being quick to comment about their favourite aspects of the stone and the designs they had in stock. With the seal of royal approval on it, this stone is set to be a big trend
in 2019.

Journey of an aquamarine

Aquamarine is a variety of the mineral called beryl. It is also the national gemstone of Colorado, though most aquamarines are found in Brazil. Other popular beryl gemstones include emeralds and morganite.

The basic journey of an aquamarine is:

• Magma under the Earth’s crust reaches rocks that are rich with minerals.
• The magma gets into the crevasses and gaps within rocks called pegamites.
• The magma cools as a result of this movement.
• In turn, the heat from the magma warms up the pegamites.

Gemstones, like aquamarine, form as a result of the heated minerals within the rock. The intensity of the green-blue hue of an aquamarine increases its value. Lighter coloured aquamarines often crop up in less-expensive pieces of jewellery. As its colour can be improved by heat, aquamarines are frequently heated before reaching the jewellery market. Unlike most gemstones, aquamarines rarely have any inclusions — in other words, they are usually very clear, which helps their colour really shine once set in a piece of jewellery.

Padparadscha Sapphires

If you are impressed by Pantone’s Colour of the Year, then you’ll more than likely be vying for the rarity that is padparadscha sapphires. It takes its name from the Singhalese word for ‘lotus blossom’, and with its gorgeous pinkish-orange tone it’s easy to see why.

These sapphires are extremely rare as a natural gemstone, but an artificial method can create a similar colour within other pink sapphires. Still, naturally-occurring, untreated padparadscha sapphires are the most expensive, most sought-after sapphire form.

Journey of a padparadscha sapphire

Sapphires must go on a long journey from the earth to a jewellery setting:

• The first stage of a sapphire (and indeed, a ruby) is a mineral deposit of corundum in igneous
  (magmatic) rocks.
• As the magma that forms igneous rocks cools, mineral crystals such as corundum form. The
  longer it takes to cool, the bigger the crystal.
• Other minerals may seep into corundum during its formation, which impacts the colour.
  • Iron causes it to take a yellow hue.
  • Vandium causes a purple colour to form.
  • Titanium brings the classic blue colour to a forming sapphire.
  • A mix of iron and chromium cause the sunset pink/yellow of padparadscha sapphires.
  • The process can take millions of years.

With the rarity of this particular shade of the gemstone, when cutting a padparadscha sapphire, great pains are taken to ensure the absolute bare-minimum is removed.

Read more about gemstones: https://www.jewellerymonthly.com/category/jewellery-diamonds-and-gemstones/

This season is all about bold, brave new shapes that will transform your look – often easier said than done. We’ve taken on the elements, so to speak, and featured items that will transform the avant garde catwalk jewellery into wearable, budget friendly, trends we can all enjoy.

Yes, shells are back for summer! If those holiday memories you have of threading shells together on a piece of string, or 90s throwbacks to your days as a ‘surfer chick’ are starting to haunt you don’t worry – we’d rather forget them too. Avoid a knotty mess that looks like a fisherman’s rope and go for subtle pearls that shimmer in the sun. The below Trollbeads White Pearl & 18ct Gold Bead and Swarovski Remix Rose Gold & White Pearl Bracelet show that you can embrace a trend without bringing the beach home with you.

Think crescent moons and doodle star shapes to emulate the larger than life star shaped ear cuffs from Balmain. Shine with these Goie gold plated blue cubic zirconia studs from Nomination Italy, and dress it up with the Chlobo rose gold shooting star earrings. Match them with the rose gold moon and star bracelet for more of that ethereal charm.

Big Bold Rocks: Etro gave us a taste of this look during the SS19 show, so start pocketing unusual stones and layer your necklaces. Think boulder shapes with geological pinks, pastels and reds. Stones that aren’t your everyday. Now’s the time to dig out that chunky rocky number that you bought years ago and haven’t got around to wearing yet. Layer it with some subtle stone charms. Always start with the basics when layering necklaces, it’s wise to have one standard length chain and go longer and looser from there. Start with the Joshua James Romance Silver and Pear Drop Necklace and mix it up with shades of ruby and natural rock to really nail the trend: Trollbeads Ruby Rock Bead is the ideal hue for this. Layer it with the understated Pebble and Pearl Layering Necklace from Claudia Bradby to complete the look.

Big Night Out. All things nice adorned the neck’s of models on the catwalk, Givenchy had them encased in jewels, which hung, mobile like, from their ears to chest. Pretty but definitely not practical. If you want to channel this glitz for a killer evening look, here’s what you need to know… Few do sparkle better than Swarovski, this Louison Necklace is the timeless choice with its delicate design and clear Swarovski Crystals. Pair it with these killer Romance Silver & CZ Marquise Drop Earrings for flawless sparkle. Done.

Early developments
The earliest need for the industry to trace the pathway of the diamond from mine to market came in 2011 when the United Nations Kimberley Process approved the sale of diamonds coming out of the controversial Marange fields of Zimbabwe. These diamonds were banned by the United States (and they continue to remain banned today). Hence, manufacturers who wished to supply to the United States needed to distinguish which diamonds came out of the Marange fields versus the rest of the world.

At that time there was considerable debate as to how this could be done because the norm was to separate diamonds based on size and quality as opposed to source.

Consumer expectations
In recent years, consumers especially millennials, have raised the bar by wanting assurances that their diamond has been ethically sourced. Furthermore, it is highly valued if retailers are able to showcase the path of the diamond from the mine through to the finished piece of jewellery. In my experience, this has become “the norm” of customer expectation with almost all of my customers asking me – “where do your diamonds come from”?

This is not to say that those retailers who satisfy these consumer expectations can sell their diamonds at a premium. It is the new “normal” – demonstrate that your diamonds do not support conflict; and use new adaptive technology to tell the story of mine to market.

It is for this reason that diamonds coming out of some unique mines such as the following have proven very popular amongst consumers:

•  The Ekati and Diavik mines in the remote North West Territories of Canada: these mines are located about 200km south of the Arctic Circle and have an amazing story of being environmentally friendly in their mining processes and providing employment to local indigenous communities, in spite of being in such a challenging remote and extreme weather location.
• The Argyle mine in the remote Kimberley region of Western Australia: known to produce some of the most intense and rarest coloured diamonds such as pink, red, orange, blue, yellow, champagne and cognac.

However, as is the case with natural resources, these mines have a limited life span and will not be around for too long.

Aerial view of the Diavik diamond mine in the remote North West region of Canada, about 200km south west of the Arctic Circle. Image courtesy: Rio Tinto.

Using technology to track provenance
The diamond industry has started responding to consumer demands of tracing the pathway of a diamond from mine to market. But challenges remain.

Two of the world’s largest miners, De Beers and Alrosa have combined to develop an end-to-end blockchain traceability platform to provide assurances to manufacturers and consumers about the origin of their diamonds. This technology records the data flow associated with the diamond from mine through market.

The platform is called Tracr. Their focus is “on providing consumers with confidence that registered diamonds are natural and conflict free, improving visibility and trust within the industry…” (read the full statement here)

There are some who question blockchain technology because recording the data has no physical link to the actual diamond rough. Hence, some use laser technology to track the physical diamond rough through to the polished stone. The laser testing technique focuses a laser beam to create a laser inscription in a diamond. This removes a sample of atoms and molecules from the surface of the diamond and transforms them into a plasma. The cooling plasma then emits light on different part of the spectrum allowing one to analyse and determine the structure and composition of the diamond. This is the first time that laser technology has been integrated into a certification process. This process is still in its infancy and needs more and more diamonds to go through this technique.

Furthermore, diamond grading laboratories, such as the Gemmological Institute of America (GIA), offer a traceability service whereby the actual rough is sent to the GIA to record data. And subsequently once that rough is cut into the final polished stone, it is sent back to the GIA to complete the data set. This information is available to the consumer in a mobile app (Android and iOS) where there are videos and photos of the stone from rough through to polished stage along with certification. The GIA have offered this service since the past two years and confirm that they are in the process of expanding the scope of this service by working with more and more industry manufacturers to submit stones to them for this traceability service.

So, the old adage that – ‘consumer is king’ is very true. As the consumer expects more than just a piece of jewellery, the industry needs to evolve and adapt by finding ways to genuinely improve its responsible and ethical sourcing. Those jewellers who fail to respond risk adversely affecting their brand name and consumer loyalty.

This article was written by Amit Laxman, Radiant Diamonds, Melbourne, Australia.

Radiant Diamonds specialise in the manufacture of bespoke jewellery using naturally sourced fancy coloured diamonds and colourless (white) diamonds.
http://www.radiant-diamonds.com/

For further education articles all about jewellery:
https://www.jewellerymonthly.com/category/jewellery_education/

Calculations have shown that in 2018 some estimated 16,000 couples are expected to turn to credit or to take out a loan to finance at least part of their perfect day.  The investigation has uncovered that whilst 20.9% of men wish that, in hindsight, they had splashed out much less on their wedding, 14.5% of women regretted not spending enough. Of course, this could be partly due to the additional costs all would-be grooms have to cover, as even before the bride-to-be has even accepted the proposal, there’s the substantial cost of the engagement ring to consider.

Aspects such as the dream dress, a professional photographer, an extravagant cake and wedding bands for both the bride and groom can all add up, but the study has shown that men and women often have different priorities when it comes to the big day. When it came to the honeymoon, both men and women voted this to be their number one priority, and many couples now ask for monetary donations in place of gifts to cover the cost of this element.

The difference in opinion amongst the age groups could not be more vastly different. The survey showed that it was the 25-34 year-olds who are the most likely to turn to a loan or credit card to cover the cost of their big day, whereas those falling into the 45+ category would not or have not. When it came to rating the importance of key elements of their wedding, those who were 65+ deemed the engagement ring to be the most important factor, whilst for the younger generations the honeymoon claimed number one spot.

Full findings, graphics and methodology can be found here: https://likelyloans.com/news/spending-on-weddings

Despite Londoners claiming the crown of being the biggest spenders on weddings, 40% of those living in Bristol and Belfast were the one’s wishing they’d spent less. Belfast also joined Sheffield bride and grooms as the locations that were most likely to take advantage of either a loan or credit card to cover their wedding day expenses.

Kirsty Spickett at Likely Loans commented on the results of the survey:  “Every couple want their special day to be one to remember, not just for their guests but for themselves too. Unfortunately, more often than not, this comes with a hefty price-tag – even if you do opt for the understandably popular homemade wedding.  “Naturally, not everyone is lucky enough to have vast amounts of savings (or the bank of Mum and Dad) to fall back on for such occasions, and whilst you’d hope to be able to cover the majority yourself, it’s not always possible to do so. This survey has certainly helped to highlight the need for personal or specially tailored wedding day loans, as they can certainly make having your dream wedding a reality for many.”

For further wedding and bridal articles check out:
https://www.jewellerymonthly.com/category/weddings-and-bridal/