Jewelry Industry Trends & Topics
Info for Jewelry Retailers, Wholesalers, Manufacturers, Designers, and Personal Jewelry Collections.
Trends for 2021
The following content is a summary of trends projected for 2021. The good news is that overall, things are looking up! The global market is expanding greatly, but the United States market has also shown growth despite pandemic-related closures of retail stores. Statistically, according to MarketWatch, the global gems and jewelry market are projected to have a compound annual growth rate of 2%. The U.S. market anticipates an increase of 1.6%.
Key factors in continuing growth include things like personalization and customization of jewelry pieces, as well as knowing the sourcing of stones. For engagement rings, while the price point of each transaction has gone down, volume appears to have risen sharply. Of course, online availability for certain purchases can increase revenues. And don’t forget the appeal of financing offers on certain purchases. Sometimes being able to finance a transaction helps with gifting items that are important when timing is event-based.
If we at First Class Insurance can offer personalized one-on-one services as the insurance agency of choice for you, give us a call! Available extended hours at 954-241-4680. We’re happy to customize policy options that suit your business model. email@example.com
Insurance for Jewelry Manufacturers
There are many business models in the jewelry industry. Jewelry manufacturing is an area where insurance is also critical to business operations. The ideal insurance for jewelry manufacturers is a Business Owners Policy. A BOP policy would offer protection for the jewelry you are manufacturing, the improvements & betterments of your rented space, and business property such as computers, furniture & fixtures, tools, and inventory records.
If you own your building, you will want Building Coverage to insure damage to the building itself. If you are a tenant, General Liability insurance is likely required by your landlord. A GL policy covers expenses such as medical and legal fees in the event of a claim for injury at your premises. As someone working with metals, you could also encounter an individual who has a metal allergy and files a claim due to exposure and allergic reaction.
At First Class Insurance, we offer jewelry manufacturer’s insurance that covers your unique risks. Speak with an agent and let us help you to craft the right policy options without over-paying for insurance. We look forward to working with you soon!