The world stands on the cusp of the next technological revolution, which will permanently affect the way in which we live, interact, recreate and do business. Popularly referred to as the metaverse, it will develop not as the result of a single scientific or engineering breakthrough, but rather because of a series of simultaneous and interconnected advances, among them virtual and augmented reality, the Internet of Things, artificial intelligence, 5G, blockchain, and the growing trade in cryptocurrencies and non-fungible tokens (NFTs).

The metaverse that is being created is a shared 3-D virtual environment that people access via the Internet. Wearable devices facilitating virtual reality (VR) and augmented reality (AR) create a sense of physical presence in a digitally-generated world, which increasingly feels like it is real. Unencumbered by their physical location, time zone and even the languages they speak and understand, individuals operating in the metaverse can meet, play with and compete with one another, collaborate, create and trade.

As was the case earlier with the introduction of the computer, the Internet and the smartphone, no sector of the business community will not be affected or changed by the metaverse. And like those previous technological revolutions, the change will not just be adaptive, but fundamental – transforming the way in which businesses are structured, how their supply chains are monitored and managed, and how and what they design, manufacture, market and sell.

CIBJO’s Jewellery Industry Voices webinar on May 26, 2022, focussed on the approaching technological revolution, considering its elements, impacts and overall significance. It was entitled “JEWELLERY IN THE METAVERSE: Virtual, Augmented & Real.”

The webinar panel included Mahiar Borhanjoo, CEO of UNI Diamonds, a data and technology company serving the international diamond industry; Elle Hill, the founder and CEO of Hill & Co., a diamond, gemstone and jewelry launch and growth consultancy firm; Laura Inghirami, the founder of Donna Jewel, a firm providing consulting services to jewelry companies in the digital, marketing and creative fields, who was named by Forbes Italia earlier this year as one of the top Under-30 leaders of the future; and Erik Jens, the founder and CEO of LuxuryFintech.com, which focuses on blockchain and cryptocurrencies, for reengineering banking and finance models for the luxury industry sector, and more particularly the jewellery and art worlds.

The seminar was co-moderated by Edward Johnson and Steven Benson, and CIBJO President Gaetano Cavalieri welcomed participants.