#RJIF 2024: Young jewellers talk of revolutionary retail innovations to expand market-share in a competitive jewellery market

Innovative strategies ranging from transparent pricing, smart marketing to providing customers a truly international experience, deemed crucial in establishing a distinct brand identity and contributing to increased market-share, were the focal points of a panel discussion involving brilliant young jewellers who are the future of this industry

Mumbai: Young jewellers were part of an insightful panel discussion focused on their approach to business and innovations to increase market-share at the 10th edition of the Retail Jeweller India Forum 2024 held in Mumbai on January 3. The panel titled ‘Innovation and Strategies: How jewellers are gaining market-share in the increasingly competitive industry’ was moderated by Amit Bandi, CEO, DP Jewel Line, Mumbai, and held up the strategies of the young jewellers, as well as their unique perspectives on challenges and opportunities before them. The panelists included Neel Pethe, Head-Management, Waman Hari Pethe Jewellers, Mumbai; Ansh Anand, COO, Punjab Jewels, Indore; Surbhi Shekhar, Marketing Manager, Manohar Lal Jewellers, Delhi; Vishal Bamalwa, Partner, Nemichand Bamalwa & Sons Jewellers, Kolkata; Naina Sheth, Partner, Batukbhai Sons Jewellers, Nagpur; Dhruv Rastogi, Kamal Jewellers, Dehradun; Harsh Kataria, Director, Kataria Jewellers, Ratlam; Ipsit Karmakar, Director, BJW Bidhan’s, Siliguri; Vandana Jagwani, Partner, Mahesh Notandass Fine Jewellery, Mumbai; Samriddh Kothari, Innovator, Achal Jewels, Jaipur; Soumya Khurana, Director, Khurana Jewellery House, Amritsar and Swetha Srinivas, Founder, Sruthilaya Fine Jewellery Atelier, Hyderabad.

“The young retailers are like shining stars of the industry. They have unique ideas and enthusiasm, and are extremely well-informed about the current trends in the jewellery industry. It’s a pleasure to listen to the dynamic strategies of their businesses,” said Bandi, welcoming the panelists.

The panel started with Neel Pethe of Waman Hari Pethe Jewellers talking about his focus on maintaining direct contact with counter sales staff, allowing for a nuanced understanding of client needs. “Customers have become very inquisitive nowadays. They know what they are buying. For this, we also need to educate the employees in the right way. I made sure we conduct regular seminars to help the employees understand current trends and product details,” he said. 

Ansh Anand of Punjab Jewels talked about the huge success of an unconventional promotional activity by the brand to gain visibility during the India vs Australia ODI match that took place in Indore. “We make sure that we have no competition in terms of marketing, strategy, and HR in our region and set a standard of being the best brand,” he noted. Surbhi Shekhar of Manohar Lal Jewellers said her endeavour is to give customers an international experience. “In the Indian jewellery market, everyone does a similar kind of marketing – putting out the same model on hoardings, social media and advertisements. I realized we need to give an international experience to people if we are selling a luxury item and market the brand in a way that it stands out,” she said. 

Vishal Bamalwa of Nemichand Bamalwa & Sons Jewellers recounted how he addressed the challenge of retaining first-time buyers through experiential zones and a design catalogue library in the showroom. He said, “When I entered the business, my vision was to enhance the customer experience with what we already have as a brand. We launched a perfume brand and a jewellery spa to give them the best experience.” 

Naina Sheth of Batukbhai Sons Jewellers discussed cross-retailing by way of setting up a multi-designer clothing store alongside the showroom, recognizing the synergy between fashion and jewellery. “Jewellery always complements the attire and customers need to see the final look. However, the clothing options in Nagpur are limited, leading customers to travel to bigger cities for their fashion needs. We understood this market gap and decided to do something about it,” she stated.

Talking about the role of external agencies for effective branding and the importance of a robust social media strategy, Dhruv Rastogi of Kamal Jewellers said, “We have been partnering with various brands which provide shop-in-shop models. We also decided to innovate our social media game and partner with specialized agencies. This helped us triple our reach to consumers and created a strong brand image.” 

Harsh Kataria of Kataria Jewellers shared insights into customer relations, focusing on volume-based sales, and providing stay facilities for out-of-city customers. “The idea behind opening our latest showroom, which is one of the largest showrooms in central India, was to create a Bicester village-like set-up for people in India. We want people to come to us because the product, customer service, and the pricing we offer are not offered anywhere else,” he remarked.

While Ipsit Karmakar of BJW Bidhan’s said he focused on transparency by incorporating pre-printed making charges on all tags, and ensuring that customer care continues from before to after the transaction, he also highlighted that trust, transparency and legacy are the three things that young jewellers can use to grow. “Before entering the business, I made sure to understand all these things to become a better leader,” noted Karmakar.

“Entering a legacy business means you have transparency, name and branding already. So, as the next generation entering the business, what we have is relevance. Now the trends are changing and we are a part of it. This is the advantage we have compared to our parents,” Vandana Jagwani of Mahesh Notandass Fine Jewellery said. 

Samriddh Kothari of Achal Jewels, Jaipur, the only manufacturer on the panel, shared insights into what manufacturers do to stay differentiated in the industry. “As manufacturers, we have to come up with solutions to not only better the product we manufacture but also to tackle challenges in the work environment. This is what sets us apart from the competition,” he expressed.

Swetha Srinivas of Sruthilaya Fine Jewellery Atelier emphasized an inclusive design process and the focus on creating a wide variety of jewellery categories to cater to diverse customer segments. She said, “We make sure that we have a lot of variety for our customers, as it is the need of the hour. Strategically focusing on different categories has allowed us to diversify and increase our customer base through customer retention and conversion.” 

Soumya Khurana, Director, Khurana Jewellery House, Amritsar, talked about integrating fashion and jewellery to give a holistic experience to customers. “I wanted to make Khurana Jewellery House into a comprehensive jewellery destination. We have integrated jewellery and fashion, and opened our in-store ‘Heritage Boutique’ and The Couture by KJH to provide a holistic experience for our customers,” she commented. 

In essence, the panel discussion with these young jewellers reflected on the dynamic nature of the jewellery industry and how it is moving forward. The young panelists highlighted the need for marketing, experimentation with campaigns and events, the creation of an inviting showroom ambience and cross-retailing to attract customers. The diversity of approaches upheld the richness of the industry and the need for continuous innovation and adaptation to secure and expand market share.

Written by Maithili Patange

Retail Jeweller India Exclusive