Without quality vendors, a jeweller cannot succeed in the market: Sunil Modi, Proprietor, Jaipur Diamonds

We work with some of the best vendors in our region who gives us new designs every 2-3 days. Our customers know that our designs change every few days and thus they don’t go away from us. I think the reason behind having good connections with our vendors is that we as a company also take good care of them. Apart from customer happiness, we also focus on the vendor or supplier happiness. As a jeweller, we have always made sure that we clear that the vendors receive their dues within 24 hours or at maximum within 4 days after the delivery. I believe that vendors are the most important part of our business. They work tirelessly to make good and attractive designs for us and we must see that they don’t face any issues. Without quality vendors, a jeweller cannot succeed in the market because ultimately the end consumers will have to buy it. If the vendors are happy, then the quality of the products will also be good because he will give preference to the person who pays him quick. But if the terms with the vendors are not good then the retailer image will take a hit and he might face product shortages at his end because fewer people will deal with him.

Since establishing the brand in Ludhiana, the company only used to do manufacturing and whole selling and became one of the biggest whole sellers in that region. We entered the retail segment in 2010 and there is no looking back since then. The reason behind entering the retail segment was that as a whole seller we were facing a severe challenge in payments and our money used to be stuck for many months. There was also insecurity about losing the payments. In the jewellery industry payment issue is one of the biggest and we finally decided to plunge into the retail sector. Retail has different challenges altogether as one has to be more active and direct dealing with the end consumer happens which was missing in manufacturing and whole selling. However, we are very happy and satisfied in retail as we found enormous success and became one of the top retailers in the city. One of the reasons behind our success is keeping low and minimum profit of margin which makes our product less expensive than the other retailers. This gave us an edge in the market as no retailers from the city can compete with us in terms of price. We pass on the margins to the customers due to which we have a good brand image in the market. When we used to wholesale, we always used to keep low margins and as a jeweller also we followed the same criteria. We always try to give the best quality products and service to the customers. As we were also into manufacturing, we knew the best places to get quality products at a competitive rate and this thing helped us immensely as a retailer.

We have a very strong customer base which helped us to deal with post-Covid period. Although the local market was slow after reopening of the stores, but not even for a single day we felt that demand is low. At one point in time, we faced a small supply shortage issue because customers kept visiting our stores. Other than price, another factor which helped us immensely to attract customers was creative and unique designs. We work with some of the best vendors in our region who gives us new designs every 2-3 days. Our customers know that our designs change every few days and thus they don’t go away from us. I think the reason behind having good connections with our vendors is that we as a company also take good care of them. Apart from customer happiness, we also focus on the vendor or supplier happiness. As a jeweller, we have always made sure that we clear that the vendors receive their dues within 24 hours or at maximum within 4 days after the delivery. I believe that vendors are the most important part of our business. They work tirelessly to make good and attractive designs for us and we must see that they don’t face any issues. Without quality vendors, a jeweller cannot succeed in the market because ultimately the end consumers will have to buy it. If the vendors are happy, then the quality of the products will also be good because he will give preference to the person who pays him quick. But if the terms with the vendors are not good then the retailer image will take a hit and he might face product shortages at his end because fewer people will deal with him.

We are planning to open a new 10,000 sq ft multi-store showroom in Ludhiana soon as the available space is falling short for us.

Courtesy: Published in the Retail Jeweller India magazine