The Future of Jewellery: How Technology is Changing the Industry

According to recent data from Statista, global online jewellery sales are projected to reach US$117 billion by 2027, driven mainly by technology. From AI-assisted custom designs and blockchain-enhanced authenticity to the advent of "smart" jewellery and wearable technology. Modern tech influences trends, valuations, and how we cover and care for our most meaningful pieces.

These rapid technological advancements bring exciting possibilities and critical considerations for jewellery owners. As jewellery becomes increasingly intricate, personalised, and tech-infused, some owners choose specialist insurance so their items can be valued and covered in line with how they're worn or stored.

Navigating this evolving landscape means recognising that your grandmother's heirloom necklace and your lab-grown diamond ring differ aesthetically, in valuation, and, consequently, may differ in jewellery insurance needs.

Together, we'll explore how emerging technologies influence jewellery design, valuation, and insurance, empowering you to stay covered in this dynamic new era.

Ready to explore how tech-driven transformations are reshaping jewellery and why this could make jewellery insurance more relevant than ever? Let's dive in.

Technology Transforming Jewellery Design

AI-Driven Jewellery Customisation

Imagine walking into your favourite jewellery boutique, describing your dream ring, and having a bespoke illustration appear within moments. Thanks to artificial intelligence (AI), this scenario may now be close to a reality. AI-powered platforms enable jewellers to efficiently translate your ideas and style preferences into unique, one-of-a-kind pieces with extraordinary precision as a starting point for their artistic vision.

With AI-assisted design, the jewellery-making process could be transformed dramatically. Complex creations that once took weeks or months to design and manufacture could now be completed in much shorter timeframes. For jewellery enthusiasts and professionals alike, this means quicker turnaround times, unique personalisation, and craftsmanship that traditional manual methods may not be able to replicate consistently.

Platforms such as Autodesk Generative Design and Nervous System leverage AI to generate innovative jewellery designs based on consumer input. These systems utilise algorithms that explore thousands of possible design combinations, refining options until they precisely match a customer's vision and specifications. The result is jewellery that's aesthetically stunning, deeply meaningful, and uniquely tailored to you. Right now, there is nothing like your jeweller customising your piece of jewellery with their unique flair and artistry; however, the future may be able to support jewellers in their craft.

Why AI Customisation Matters for Jewellery Insurance

AI-driven jewellery customisation has implications beyond aesthetics, directly impacting valuation and, consequently, potential insurance considerations. Custom-made jewellery pieces carry distinct, individual values that may significantly differ from mass-produced items. Some jewellery valuations may overlook the uniqueness, craftsmanship, and personal significance embedded in AI-designed bespoke pieces.

Specialist jewellery insurance could cover your bespoke pieces for accurate market value, reflecting the craftsmanship and uniqueness AI-driven design provides. Insuring custom jewellery could help reflect the value of a piece that's personally and uniquely crafted just for you.

For a deeper dive into insuring your custom-designed jewellery, read our detailed guide: Does Jewellery Insurance Cover Custom-Made Pieces?

3D Printing & CAD/CAM in Jewellery Design

Today, jewellers across Australia increasingly combine AI with advanced technologies like 3D printing and computer-aided design (CAD), transforming jewellery creation from a painstaking manual craft into a sophisticated, precise, and highly personalised process. Recent industry data reveals that approximately 67% of Australian jewellers regularly use CAD software, and over half of these also integrate 3D printing into their workflow. Globally, the 3D-printed jewellery market was valued at USD 841.7 million in 2023 and is anticipated to grow by approximately 19.9% annually through 2030.

This shift towards 3D printing and CAD brings tangible benefits. Jewellers can rapidly prototype intricate designs, experiment freely with creative ideas, reduce production costs, and minimise material waste. Instead of envisioning your jewellery through sketches or computer screens, you may be able to see and hold realistic prototypes before committing to the final piece.

In Australia specifically, supply chain disruptions and a growing preference for local craftsmanship have accelerated this adoption. By integrating CAD/CAM technology with AI-driven customisation, Australian jewellers may achieve better accuracy, flexibility, and customer satisfaction. AI helps to generate unique design concepts based on customer preferences, while CAD software translates these concepts into precise digital models. Then, 3D printing brings these models swiftly into tangible form, sometimes allowing you to actively participate in refining your custom piece.

This collaboration of AI, CAD, and 3D printing can empower jewellers to deliver outcomes tailored to customer desires, ensuring jewellery items are beautiful, meaningfully bespoke, and executed.

With AI customisation reshaping jewellery creation, another technology, —blockchain, —is enhancing transparency and trust across the industry. Let's explore how blockchain is helping consumers and insurers alike.

Blockchain Enhancing Transparency in Jewellery

Blockchain for Provenance and Authenticity

Have you ever wondered exactly where your diamond comes from or whether it's conflict-free? Blockchain technology is changing the game, usually being able to provide crystal-clear answers.

Simply put, blockchain is a secure digital ledger recording transactions transparently and permanently. It creates an unalterable digital passport for gemstones, tracking their journey from the earth to the market.

Quick Facts:

• 46% of jewellery businesses are keen to adopt blockchain for provenance tracking.

• Consumers are increasingly conscious of ethically sourced and conflict-free gemstones.

• De Beers is leading the charge with its blockchain platform, Tracr, which tracks millions of diamonds from extraction through cutting and polishing to sitting pretty on your finger.
  

Augmented Reality Revolutionising the Jewellery Experience

AR Technology Enhancing Jewellery Shopping

Buying jewellery is often an emotional and deeply personal experience. But what if you could try on your dream ring or necklace from your smartphone?

Augmented Reality (AR) technology is making this possible, changing how you shop for jewellery online. Brands like De Beers, Pandora, and H. Samuel now offer virtual try-on experiences, enabling you to see exactly how a piece looks and fits, without ever leaving your lounge room.

With AR, you can:

• Visualise Jewellery in Real-Time: See how different styles and stones suit your skin tone.

• Make Informed Choices: Preview how items match your style or other jewellery pieces and outfits.

Fun Fact:
60% of shoppers prefer retailers who offer virtual try-on capabilities, prompting major jewellery brands worldwide to embrace AR technology.

Lab-Grown Diamonds: Understanding the Impact

The Rise of Lab-Grown Diamonds in the Market

Lab-grown diamonds have captured attention for their affordability and accessibility, rapidly gaining popularity among jewellery buyers. However, despite their initial appeal, the long-term market value of lab-grown diamonds remains uncertain and may decline compared to natural diamonds.

Lab-grown diamonds are flooding the market, causing their prices to drop significantly. As production technology advances, these prices could continue to fall, further widening the valuation gap between lab-grown and natural diamonds. This data raises important considerations for buyers regarding long-term investment and resale value.

Why Natural Diamonds Sometimes Retain Value

Unlike lab-grown stones, natural diamonds are often valued more consistently by insurers due to their rarity and established market demand. Some specialist jewellery insurance providers take this distinction into account when considering valuation and replacement options.

For an in-depth exploration of this distinction, visit our detailed blog: Lab Grown vs Natural Diamonds (What's the Difference?)

Staying Ahead in the Jewellery Market

As technology continues to transform jewellery, from AI-driven custom designs and blockchain-backed transparency to smart jewellery and augmented reality experiences, keeping informed is important. Understanding these trends empowers you to navigate new complexities in jewellery valuation and can help your jewellery remain appropriately covered as valuation methods and designs evolve.

It may be worth considering specialised jewellery insurance for your modern jewellery, whether it's a personalised AI-crafted necklace, blockchain-verified diamond, or a luxury custom-designed and created engagement ring. Accurate documentation and appropriate cover can help reflect the value of unique or tech-integrated jewellery.

By proactively adapting to these technological shifts, jewellery owners and insurers alike can stay ahead in a rapidly changing market.

Stay ahead by ensuring your jewellery is accurately covered. Get your indicative Q Report jewellery insurance quote today.