#RJEF2023: ‘Craftsmanship, tech, innovation pivotal to rise of East India as a major jewellery destination’

Rising above political problems and a slow market, jewellers in east and north-east India have gathered their muscle power to make grand showrooms, grander jewellery designs and built up an elite clientele from across the country, say leaders of prestigious brands from West Bengal, Odisha, Assam and Bihar. They also talk of challenges specific to each market and the possible solutions

Kolkata: The first edition of the Retail Jeweller East Forum (RJEF) 2023 held in Kolkata saw a congregation of prominent retail jewellers from West Bengal, Odisha, Assam, Bihar and neighbouring States. The Indian gem and jewellery industry prides itself on some of the best craftsmanship emanating from the eastern and north-eastern States, and the RJEF session titled ‘Rise of East India as a major jewellery destination’ hadthe leaders of 10 prestigious jewellery brandsdiscussing this as well as use of technology and innovation, besides the untold success stories of jewellers belonging to the region. 

The owners of Senco Gold and Diamonds, Indian Gem and Jewellery Creation, Hira Panna Jewellers, L. Gopal and Sons Jewellers, Manik Chand and Sons Jewellers, Arundhati Jewellers, B.C. Sen Jewellers, Nemichand Bamalwa and Sons (J), Sawansukha Jewellers and Khimji Jewellers participated in the panel discussion, moderated by Samit Bhatta, Publisher, The Retail Jeweller India. Setting the context for the discussion, Bhatta said, “Even as chain store brands lay claim to every region’s main market-share, we have cities and States in East India wherein the top jewellers are independent and family-owned.”

Talking about the regional market of Odisha, Mitesh Khimji, Director, Khimji Jewellers, Bhubaneswar said the State’s power of attracting record investments has led to rising ticket sizes. Brahmananda Meher, MD, Arundhati Jewellers, Bhubaneswar seconded Khimji’s opinion, pointing to the significance of technology adoption in the interiors of the State and the State Government’s encouragement of women entrepreneurs who have buying power.

The Kolkata market was discussed by Suvankar Sen, MD & CEO of Senco Gold and Diamonds, who talked about stepping out of the comfort zone of the jewellery industry to lay emphasis on auditing and governance within the organisation to make it IPO-ready, and current efforts to create value for investors. “We took the first private equity round in 2014, implemented HUID and other best practices, be it from within or outside the industry. If anyone wants to expand, it has to be a scalable process leading to holistic growth. That’s how we are scaling up from East India, which was otherwise deemed backward in business growth. Gold jewellery retailers must focus on competition quality and consumer quality to convince customers in times of rising gold prices,” Sen asserted.

Prayas Dugar, MD of Indian Gem and Jewellery Creation, Kolkata emphasized on the youth’s focus towards sustainable trade. “Young customers not only ask about the origin of diamonds but also that of gold and other metals today. Our partnership with De Beers Forevermark has helped us hone the skill of selling diamonds to consumers who associate emotions with the product,” he said.

Vinod Bamalwa, Director, Nemichand Bamalwa and Sons, Kolkata talked about reverse brain drain, and termed it a blessing in disguise, that brought migrating jewellery artisans back to Kolkata to work. Nilanjan Sen, Director, B.C. Sen Jewellers, Kolkata walked the audience through the brand’s strategic retail expansion in order to target cosmopolitan, non-Bengali customers, while Siddhartha R. Sawansukha, Director of Sawansukha Jewellers, Kolkata stressed on the importance of a strong vision for each jeweller. “Marketing should be done in such a manner that the customer makes up his mind of purchasing even before the collection is out. We created awareness about our limited-edition 111 Nandi coins of 10 grams each, how to worship Nandi and what steps to take during this Dhanteras to reap benefits of these energised coins. Just one Instagram post on Nandi helped us sell 99% of the stock, helping us realise the power of true marketing that supports sales effortlessly,” Sawansukha said.

Bihar has turned the tide in its favour as far as the jewellery market is concerned, according to Shekhar Keshri, CEO of Hira Panna Jewellers, Patna who said that the youth of the State want minimalist jewellery, but with their own specifications. “Chain stores now eye Bihar’s rising market. The youth in Bihar wants their individuality to show in their jewellery. India’s population is totally dependent on youth, and Bihar has moved on from its troubled history to give a chance to a great future,” Keshri declared.

Similar is the journey for Assam, said Vikash Soni, Partner of L. Gopal and Sons Jewellers, Guwahati whose brand got the scope to market itself prominently in the last 15 years, thanks to the Assam Government reining in political volatility. “As a family jeweller with a legacy of 50 years, we were the first generation to be able to focus on improving customer facilities and thus work on technology in our operations. Recently, we introduced digital stock in-store and a value add-on titled ‘Love Bytes’, in which one can gift his or her personalised message inscribed on diamond jewellery. This has impressed the youth,” he added.  

According to Krishan Kumar Soni, Director of Manik Chand and Sons Jewellers, Guwahati better retail presence and premiumisation has brought back Assamese customers to the State for their bespoke jewellery needs instead of travelling to Kolkata for shopping. “The bridal rooms and fixed corners of platinum, diamond and solitaire jewellery inside our new showrooms have surprised customers in Assam. Not only the décor but also the collections involve onyx and other gemstones that are exclusive to us. Exclusivity and premiumisation are pulling the crowds,” he said.

The panel concluded that each regional jewellery brand can become the cultural custodian of its respective region. It is solid understanding of local consumer behaviour and premiumisation of products and processes that will help retailers sustain their bottomline and increase market-share.

Written by Ashwin Bose

Retail Jeweller India Exclusive