The jewellery industry seems poised for a glittering future...

According to a new report by Mckinsey.com entitled A Multifaceted Future: The Jewellery Industry in 2020*. In fact, annual global sales of €148 billion (approximately £132 billion) are expected to grow at a healthy clip of 5 to 6% each year, totalling €250 billion (approximately £223 billion) by 2020.

Inspired by these figures, OnBuy delved deeper into the report to discover why consumer appetite for jewellery now appears more voracious than ever.

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What industry insiders need to know... Branded jewellery is the must-have accessory of 2018!

Of course, we already know branded items already account for 60% of sales in the women's watch market. This is wildly different to branded jewellery, which accounts for just 20% of the overall jewellery market today. However, this is set to change, with figures revealing shares have doubled since 2003 and show no sign of slowing!

Industry insiders believe branded jewellery will claim a higher share of the market by 2020, though no one knows quite when this change will happen. Most expect that the branded sector will account for 30-40% of the market by 2020 and three types of consumers have been noted as responsible for the shift.

1 New Money

Those who wear branded jewellery to show off their newly acquired wealth.

2 Emerging Market

Whereby established brands inspire trust and a sense of an upgraded lifestyle.

3 The Young

Who increasingly turn to brands as a means of self-expression and self-realisation.

Growth in branded jewellery previously came from established brands such as Cartier and Tiffany and Co., followed by new entrants like the high street's Pandora. Moving forward, growth is expected to stem from lesser-known names who introduce jewellery collections as a way of expanding their assortment.

It's therefore imperative those in the business look to strengthen and differentiate their product through unique, distinctive designs, which can be especially hard for small artisans who do not have the marketing prowess to compete.

Bearing this in mind, OnBuy shares five pieces of marketing advice for emerging designers or smaller jewellery brands to consider:

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1. Create a Brand Story

A brand story is the complete narrative that surrounds a business. It shows not only how you do business, but why and in what way you're different to anyone else. When brands convey their story, it makes them more memorable.

Developing a story creates an identity and a "personal" feel to a company, which consumers can connect to. If a company lacks a key emotional component, it'll remain nothing more than a commodity. A brand story involves the audience and invites them to engage.

Keep where you engage relevant and authentic - this will develop brand voice and trust among those you're influencing.

2. Home in on Hashtags

New brands can use their name in a hashtag to gain recognition. Brand-name hashtags provide an easy way for people to find and follow a brand. Plus, consumer use of the brand-name hashtag will build an effective rapport for the brand and its users.

Hashtags can help to find a target audience. Brands should participate in trending hashtag conversations to expose their name to existing audiences and topics. Within these conversations, brands can research and study the community and hone in on what matters to their audience.

Keep where you engage relevant and authentic - this will develop brand voice and trust among those you're influencing.

3. Share Live Video

In 2018, live video is considered one of the most engaging mediums of communication. In fact, Facebook found users watch live content three times longer than pre-recorded videos. Remember, images can catch the eye and content can compel but they cannot facilitate the type of engagement generated by live streams.

The interactivity of live video will no doubt strengthen the relationship between brand and consumers.

4. Influencer Marketing

Collaborating with an influencer from the field of fashion bloggers, social media influencers or digital influencers, is a great way to boost a brand in 2018.

In fact, partnering with an influencer will markedly improve brand awareness and build trust with consumers (people respect their content and recommendations.) A collaboration could also enrich your content strategy (sharing influencer content helps to fill gaps and provide relevant content) and provide value to your audience.

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5. In-Store Robots

Selling online can be confusing and competitive. Partnering with an online marketplace is a good place to start for an emerging brand that wants to reach a wide audience. Plus, you will have access to a user-friendly platform and (in most cases) tech support, making handling your business as stress-free as possible.

*Data includes publicly available research, studied companies' annual reports and interviewed executives at global fine-jewellery and fashion-jewellery companies and industry associations.