Ecomdigest Jewelry Newsletter - 08.12.2024

Discover Retail Innovations, New Partnerships, and Market Insights

Author

Ecomdigest
August 12, 2024 • Reading Time: 5 minutes

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Dive into today's essential fashion news and analysis. Discover Bloomingdale's exciting partnership with Rebag, bringing pre-owned luxury to select stores and online. Plus, get the latest on Mene Inc.'s stock option re-grant and Instagram's shift to 'views' as the primary metric. 🌟 

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Specialty Bites 🍪

The 2024 Paris Olympics have not only showcased athletic prowess but also revived the cherished tradition of pin swapping among athletes, spectators, and volunteers. This age-old custom, symbolizing friendship and gratitude, has been given a luxurious twist by Venyx, a British fine jewelry brand. Venyx has introduced the Venyx x Paris 2024 Olympics charm collection, transforming this tradition into a high-end jewelry experience. The collection, inspired by designer Eugenie Niarchos' love for Paris, features six charms that encapsulate the city's essence.

Niarchos, who grew up in Paris, aimed to celebrate the city's beauty and culture through her designs. The collection includes an artist's palette, a croissant, a wine glass, a champagne glass, a Metropolitan sign, and a French cockade, all crafted in 18-karat yellow gold. These charms are not just decorative but are imbued with enamel, diamonds, and other gemstones, making each piece unique. The collection also integrates with Venyx's previous "A Postcard From" series, which includes flag charms from 28 countries, offering a versatile and customizable jewelry experience.

Retailing between $2,618 and $12,653, the Venyx x Paris 2024 Olympics collection is available on Venyx's website and at La Galerie de Ritz in Paris. This collection not only pays homage to the host city but also elevates the tradition of pin swapping to a new level of sophistication. The charm bracelet serves as a tangible memory of the Olympics, blending tradition with luxury in a way that only Venyx can.

US luxury spending fell 11% in July, with leather goods and ready-to-wear hit hardest, dropping 19% and 15% respectively. Jewelry saw a 6.5% decline, while luxury watch sales surprisingly grew by 10%. The US economy's faster-than-expected deterioration is impacting lower-income consumers, eroding their savings amid inflation.

Diamond prices plummeted in July due to slow retail sales and oversupply in India, with the RapNet Diamond Index showing significant declines. Indian manufacturers cut production to realign inventory. De Beers allowed buybacks, and luxury brands reduced purchases. The India International Jewellery Show may boost domestic demand.

Mejuri's new hoop earrings are crafted from Salmon Gold, sourced from rehabilitated mining sites. Partnering with Resolve's Regeneration initiative, the brand supports biodiversity and habitat restoration. This sustainable approach ensures traceable gold, blending luxury with environmental responsibility, and marks the start of annual 14-karat gold collections.

Industry Appetisers 🥨

Bloomingdales partners with Rebag to offer pre-owned luxury handbags, watches, and jewelry online and in select stores. This collaboration aims to meet customer demand for ultra-luxury brands. The fashion resale market is booming, with major retailers like Walmart and Amazon also entering the space.

Luxury jewelry designers are embracing stretchable technology inspired by yoga, incorporating titanium coil systems in diamond and gemstone rings and bracelets. These pieces offer ease and comfort, expanding up to two sizes to fit various fingers and wrists. This trend eliminates the need for clasps and ensures lasting elasticity.

Performance Platters 🍽️

Instagram will prioritize views as the main metric for all media formats, replacing 'plays' for reels and 'impressions' for non-reels. This change aims to unify metrics across the platform, enhancing user understanding of content performance. Other metrics like accounts reached and interactions remain available.

The upcoming antitrust trial against Google could lead to significant changes in the online advertising industry. Compliance costs, increased competition, and the rise of alternative platforms and technologies are expected. Google's market share may decline, and it might need to diversify revenue streams and adapt to stricter global regulations.

Ecomdigest is a Contentive publication in the DTC Ecommerce division