India Gold & Jewellery Summit 2024 sees opportunities for chain stores, independent brands and the entire supply chain

A GJEPC initiative, the summit was held at Bharat Mandapam in New Delhi on January 23 and 24 with the theme ‘Raise gold’s role in economic growth’

New Delhi: The India Gold & Jewellery Summit 2024, held at the Bharat Mandapam in New Delhi on January 23 and 24, brought to the fore the prospects of gold in the near future, even as it delved deep into the summit theme ‘Raise gold’s role in economic growth’.

Supported by the Ministry of Commerce & Industry, the Government of India, and the National Gems & Jewellery Council of India, the summit had the World Gold Council as the lead partner. The first session titled ‘Leveraging India-UAE CEPA for export growth’ discussed IJEX Dubai as a designated zone to facilitate imports for non-registered importers under temporary bond admission. India is emerging as a design and tech hub and panelists agreed that IJEX Dubai acts as a great platform for supporting new-age business between Indian exporters and the Middle East countries.

The top highlight of the summit was the session titled ‘Independent stores & organised retail – a sustainable co-existence’, in which panelists deliberated on the third largest fine jewellery market India’s growth rate, which is ahead of China and the US. The size of the Indian fine jewellery market in 2023 was Rs 4.5 lakh crore, and it is expected to grow in double digits by 2030, while the branded jewellery market is on its way to growing from ~35% share now to ~40% by 2027.

As brands capture market share of unbranded jewellers in the medium term, top brands are expected to grow in the range of 15-18% in 2024 and will expand from metros to Tier I and Tier II cities armed with better omnichannel and e-commerce facilities. Speakers observed polar opposite trajectories that independent and chain store brands are taking. The journey is from modern contemporary to traditional styles for chain players as women increasingly embrace aesthetic collections and inclusivity. Independents have started to pivot their focus from core traditional to modern contemporary featuring diamond and gemstone portfolios.

Talking about the growth roadmap that De Beers Forevermark follows, the company’s India MD Sachin Jain talked of three steps. “The first step for any brand is to have a clear understanding of short-term growth and tasks needed to be done to achieve it in 1-2 years. The third step is a long-term growth analysis for 5-7 years. The most important is the second step, in which a brand identifies the practices that it needs to shun in order to achieve the long-term goal,” he said. 

Customer loyalty is thoroughly subjective as they explore all options, experts observed. First-time buyers feel big chains offer a sense of safety and security. However, independent jewellers’ focus on key imperatives will lead to the co-existence of both in the highly competitive landscape, if they adopt transparency, digital payments and marketing, personalisation, customisation, retain core customers, and leverage basic data insights to map purchase history as well as focus on high margins.

Retail Jeweller India Exclusive