Warren Buffett’s investment in tech marks beginning of smart jewelry

Warren Buffet is the third richest man in the world, and it was recently revealed that he has started investing in wearable technologies. The savvy investor was cautious about investing in technology in the past but this year, he seems to have changed his mind.

Buffet’s company, Berkshire Hathaway, will be producing a new smart jewelry line through its subsidiary, Richline Group. The jewelry line will be known as “Ela,” and will debut soon starting with smart wristwear.

According to reports, Ela jewelries will be exuding elegance and connectivity not only through its smartwatch range but also via rings and earrings later this year. Ela products will connect to both iOS and Android devices, and share data with Google Fit and Apple’s HealthKit. Ela jewelries will also receive notifications from smartphones, and users will also be able to choose which gemstones they want from a host of different colors. The varying jewels used on Ela products will be able to glow and vibrate whenever they need to alert the user of a notification.

“Jewelry is a centuries-old business that isn’t going anywhere, so it’s a safe bet,” said Buffett.

“With the addition of technology, we’re simply updating something everyone knows and loves to better fit our modern age.”

Buffett’s Richline subsidiary is obviously taking on a different approach than most tech companies. Ela products will be different from the likes of the Apple Watch, which focuses more on the technology than design.

The Ela line will not only be including connectivity in their jewelry but it will pride itself on its craftsmanship ideal for the most fastidious consumer.

Cliff Ulrich, Richline Group’s manager for product innovations confirms that the Ela’s goal is to create more than just “step trackers.” Ela devices are about creating new memories that can be shared through specific devices. These jewelry line will be able to capture photos, videos, voice recordings, and even songs, which can be preloaded to Ela jewelry as a customization feature. This feature makes the Ela line the first of its kind.

“Jewelry is a lot about sharing special moments,” said Ulrich.

“We wanted to create the modern-day locket and allow people to store memories in their jewelry…If someone wants all the features in the world, they’ll get a smartwatch. But we tried to create a much more emotional connection with a product, rather than being purely about the functionality.”

Last year, wearables failed to meet industry expectations. According to a report by the IDC, wearables only grew by 3.1% in the 3rd quarter of 2016. That, along with Fitbit’s recent struggles resulted in the company laying off about 10% of its workforce. However, Buffett’s bullish attitude may mean that the industry just needs to move in a different direction to increase sales and to save the wearables industry on a whole.

Essential reading: Activity trackers for women – merging fashion with fitness

In finance, Warren Buffett is hailed as a father figure. According to financial website FXCM, his massive assets can be credited to his talent for risk management, stock picking, and capital allocation. Buffett has made a lot of money over the years, from his first stock purchase when he was 11-years-old to the present day where he manages his very own Berkshire Hathaway company. As of today, Buffet is worth a reported $67 billion.

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*Featured image source: Pixabay

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