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Jewelry's future in innovative retail concepts

By Michelle Graff
April 29, 2009

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New York--Familiar themes--the need for innovative retailing and the growing importance of social networking--emerged Tuesday night when six industry experts gathered for a roundtable discussion on the future of the jewelry industry.

The discussion, held at the Fashion Institute of Technology (FIT) in Manhattan and called "Today's Changing Jewelry Industry," centered on the changes jewelry suppliers, designers and retailers need to embrace to stay relevant.

As longtime industry expert and panel moderator Cindy Edelstein put it, "The industry has been the same for so many years. It's time for something new."

Panelist Pam Levine, president of Levine Design Group, kicked off the talk with a slideshow of innovative retail concepts and stores from around the world.

The show included jewelry stores in Beijing, Moscow and Dubai, United Arab Emirates, as well as the Indian retailer Tanishq, which opened up locations in Chicago and New Jersey recently.

She noted that each of the stores displayed product in cases that were well-lit, well-designed and inviting, displaying less product but in a more compelling way, a trend she says will carry the industry into the future.

"We're going to see much more creativity in stores," she said.

The panelists also encouraged FIT students looking to break into the jewelry industry as well as retail jewelers to embrace technology--tools such as blogs, Facebook, Twitter and online video--but to do so in a way that sends a consistent message about their products or services.

Panelist Jeff Taraschi, a longtime retail consultant, said that no matter the medium--whether it is a video on YouTube, a Facebook page or a Twitter following--online retailers and designers need to develop a brand, one that is personal and creates a buzz online, to succeed.

"That's what the Internet is all about," he said.

Other panelists who participated in Tuesday's talk were Michael Coan, chair of the jewelry department at FIT, Duvall O'Steen of the World Gold Council, designer, modelmaker and teacher Dana Buscaglia and Alison Nagasue of the Jewelry Designers Cooperative.
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