Demand from consumer economies to expand
The global gems and jewellery industry has been growing at an astronomical pace in recent years, thanks to the importance given to key sectors such as Research and Development in the Technology and Machine tools segment by well known companies.
Research and Development has not only resulted in the development of innovative techniques but also has elevated the gem and jewellery industry to the highest level of quality and precision. Technology and Machine tools have changed the way not only a manufacturer looks at a final product, but also has affected consumers’ preference.
Today every consumer is looking at finesse and exclusivity in the product that he buys and is also willing to pay a premium for the same. Leading Jewellery designers of the world have acknowledged the role of technology in jewellery making and today most of the designs are exquisite only because of the interference of technology in the final product.
Every technical process from Mine to Market involves technology and Machine tool expertise, be it refining of precious metal, to polishing of the precious stone, or moulding and setting involved in jewellery making. Packaging too has evolved and is playing a vital role in the sale of jewellery, all thanks to the advent of innovation in technology.
Jewellery industry is probably only second to Information Technology sector [IT] when it comes to investment in Research and Development.
Leading Machinery, Technology and Education companies of the world from the jewellery sector are earmarking huge investments in their respective R&D departments for continuous research and come out with state of the art tools that not only will save time of production but also help in accurate determination of the ‘subject’ which in turn will determine perfect ‘pricing’ of the final product.
Be it Gold, Platinum, Diamond or Color gemstones, Technology helps in determining the product quality, achieve finesse in production which saves time, effort and money in the process of manufacturing and ultimately helps derive pricing of the finished product.
Some of the classic examples of recent Research products are ‘Synthetic Diamond determination Machine, introduced by GIA, Diamond counting machine by HRD Antwerp, Rhodium processing technology by Nadir Metals Turkey etc. These innovations have truly transformed the very essence of manufacturing by easing out many a process involved in the production of a finished product. Global consumers are getting a taste of the best quality and exclusively crafted products which is now a norm.
Technology has also compensated the growing Gold rates and Diamond prices by intervening the production process. Light weight Jewellery is a result of cutting edge technology. Leading manufacturers of the world have been successful in launching ‘light weight jewellery products’, be it chains, necklaces, bangles or any other due to the usage of high quality precision equipments. Light weight jewellery have also become the most sought after by budget consumers. Diamond wastes due to cutting and polishing have also found good use in the making of jewellery.
With large consumer markets such as China, India, Malaysia etc showing promise of increased demand in jewellery buying, Technology and tool manufacturers are leaving no stones unturned to bring in the best and most feasible instruments that would not only increase production, but also save time and thus increase profits.
Leading technology giants like ASIC from London, Sarin from Israel, SRS Jewelkon from India are investing heavily in the Research and Development to churn out the best of Precision technology products that is bound to benefit the entire Jewellery manufacturing industry.
Investments are being earmarked not only in the area’s of production but also marketing, distribution and training. Technology and Machine tool companies are going all out to appoint partners, distributors and dealers to gain optimum reach in the International markets.