The Jewelry District, Episode 35: Jewelry Industry Predictions for 2021

In This Episode
In this edition of The Jewelry District, you’ll hear JCK editor-in-chief Victoria Gomelsky and news director Rob Bates talk about the trends in 2020 that will continue into 2021. E-commerce? Probably here to stay. They’ll also be covering a Weird Story of the Week.

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Show Notes
00:30 Rob and Victoria wish listeners a Happy New Year and pick out what business strategies worked last year that might be here to stay in 2021.
03:33 E-commerce looks like it’s here to stay.
07:14 Victoria believes jewelry will join watches in the circular economy.
13:07 Rob gives us a little insight to the new defense appropriations bill and what it means for the jewelry industry.
16:10 Victoria touches on Pantone’s Colors of the Year.
20:05 This episode’s Weird Story of the Week will make you happy as a clam.

Episode Credits
Hosts: Rob Bates and Victoria Gomelsky
Editor: Olivia Briley
Producer and engineer: Natalie Chomet

Show Recap

What We Accomplished in 2020

Happy New Year! While we’re facing plenty of uncertainties going into the new year, Victoria and Rob are hopeful. They acknowledge that we have all learned to embrace e-commerce and digital initiatives, and learned to work on the fly.

Our Digital Future

People think the adoption of e-commerce is here to stay. While we likely won’t continue to do everything on Zoom, we will certainly keep some operations online, as we’ve learned to adapt to this new technology. Victoria says the circular economy is on her mind as we go into this new year—especially for gold and watches. She anticipates the circular economy will become more looped into e-commerce initiatives.

The Circular Economy

While watches have already been a part of the circular economy for some time now, Victoria believes jewelry will be added into the mix soon. Victoria tells us about Omnique, a jewelry site specializing in antique and vintage jewels that’s already connecting old jewels to new owners. Rob mentions De Beers experimented with a trade-in service, but ultimately decided that the way to get best value for diamonds was to let consumers auction them online.

A Move Toward Greater Transparency

According to the new defense appropriations bill, financial institutions will be required to make their ultimate beneficial owner public. Rob has been listening to podcasts that differentiate the underground or shadow economy from our economy, but he points out that the underground economy is really just a part of our overall economy. Hopefully with this new legislation, there will be more transparency in the jewelry industry.

Pantone Colors of the Year

Victoria talks about the Pantone Colors of the Year: Ultimate Grey and Illuminating. While perhaps not the most obvious colors for the jewelry industry, they are bright and optimistic. Victoria ponders how these colors will be incorporated this year, and she suggests a few stones that may hit the mark. On that note, the JCK editors mourn Tucson not being held in 2021.

Weird Story of the Week

2020 has come to a close. But don’t worry, there’s still plenty of weird to go around, and Rob supplies it with a new Weird Story of the Week. Gosman’s Fish Market in Montauk, N.Y., offers a great cup of chowder, but you won’t believe what came out of a batch of clams. The cooks over in the market found a massive pearl, at 20 millimeters in diameter.

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