Danish jewelers innovate the online jewelry space
Jewelers have been amongst the slowest to adapt to ecommerce. Before the pandemic it was estimated that only 12-15% of jewelry sales occurred online. Just a year later it appears that online sales now account for about 40% of total jewelry sales.
Finematter.com, a company founded by Mie Ejdrup and Caroline Chalmer, is innovating the jewelry space by giving jewelers an outlet to showcase their product.
"“We both saw how big of an opportunity there was to rethink distribution in the jewelry market and create an alternative to the broken wholesale model for independent brands,” says Ejdrup of the beginnings of the new online marketplace for independent fine jewelry designers."
Additionally, Finematter gives the independent brands the ability to tell the consumers about how the product was designed and what materials were used.
The Forbes article and Finematter bring up a point that cannot be understated in the jewelry industry...
"The company’s ambition is to change the way people perceive and shop for jewelry. Jewelry is often presented online as an accessory to fashion, purely a consumption item. However, unlike typical fashion items, jewelry has an inherent value and can be seen as an asset or investment item.
“We want customers to be able to shop for jewelry as durable and meaningful purchases that will retain or even gain value over time—elevating it to a status similar to that of artworks and watches,” Ejdrup says."
Over thousands of years jewelry has been a store of value, gold, silver, and precious gemstones in particular. The advent of cryptocurrencies like Bitcoin that attempt to mimic gold as a store of value has been a key reason jewelry sales have failed to keep pace with the overall economy over the last few years. Jewelry companies like Finematter that illuminate the "store of value" aspect of the product they sell are a welcome addition to the jewelry space.