Filipino jewellery sector to embrace new strategies to stay relevant in challenging times

This Filipino industry, which is deeply rooted in tradition, must embrace new strategies to stay relevant and profitable. Globally, diamond prices have seen a substantial decline. Reports show a 26 per cent drop in natural diamond prices, with lab-grown diamonds experiencing a staggering 74 per cent reduction since 2020.

According to analysts, with changing consumer preferences, and economic slowdowns in major markets like China, Filipino jewellers can explore how lab-grown diamonds, which offer ethical and sustainable options at lower costs, can cater to a growing market segment conscious of both value and values.

Gold and silver, traditional mainstays of the jewellery sector, have not been immune to market fluctuations. Gold prices, although relatively stable, are influenced by global economic policies and currency strength. Silver, with its dual role as both an investment and industrial commodity, also faces price sensitivity. For jewellers, this necessitates a balanced approach and capitalising on stable pricing, and innovative designs that incorporate alternative materials to appeal to budget-conscious consumers.