GGJS 2023: Next-gen jewellers discuss entering the family business and how they drive change

Panel delves into the journey of young jewellers, the challenges they faced and their innovative solutions, bringing fresh perspectives and adaptability that is vital for the industry’s future

The Gujarat Gold Jewellery Show (GGJS) 2023 held recently at Gandhinagar provided a platform for an engaging panel discussion titled “New generation joining the jewellery business and what challenges they faced and overcame with innovative solutions. How and why should all jewellers’ children join the business”. The panelprovided a lot of insights as to how the young generation can be the crucial change that their business needs.

The panel – hosted by The Retail Jeweller India – was moderated by Amit Bandi, CEO, DP Jewel Line, Mumbai and had emerging talent from the jewellery industry like Chahat Shah, CMO, Kalamandir Jewellers, Surat, Aman Talla, Managing Director, Talla Jewellers, Jammu, Ansh Anand, COO, Punjab Jewels, Indore, Shobhit Agarwal, Director – Operations, Abhushan Diamond and Gold, Agra, Ishita Ranka from Ranka Jewellers, Pune who shared practical experiences and insights, shedding light on their individual journeys. The discussion explored the obstacles they encountered, the innovative approaches they adopted to overcome these challenges, and the essentiality of familial succession in the jewellery trade.

Embracing the transformative shift

Young inheritors of family jewellery businesses bring fresh perspectives and adaptability that is vital for the industry’s future. Chahat Shah, a third-generation jeweller, highlighted the transformative shift in the jewellery industry, especially the rise of AI and e-commerce. He stressed that the younger generation is uniquely poised to navigate these advancements, ensuring the industry’s evolution in a dynamic market.

Emphasizing this shift, he said, “I made it a point to understand the new generation’s perspective along with understanding the customers, the systems, ground-level functions, and distribution networks of my business before entering it.”

Ansh Anand, driven by the desire to uphold his family legacy, expressed the need for profound respect and understanding of the brand’s heritage. The well-being of the staff, he said, forms the very foundation of a successful jewellery business.

He shared his journey, highlighting the importance of understanding the legacy and the industry along with taking care of the staff. “The well-being of the staff and stepping into their shoes is of utmost importance as they are the pillars of any business,” said Ansh Anand.

Aman Talla shed light on the vital components essential for brand building: Competition, Customers, and Care. Drawing from his experience of establishing three jewellery stores, he said, “The three C’s – Competition, Customers and Care are the most important stepping stones for every retailer and their business.”

Challenges and resilience

Entering the family business is no easy feat. The young panelists spoke of the challenges they faced in their journey. Chahat Shah talked about the changing trends in the industry and the fact that now the industry is not only competing with itself, but also other industries and there is a need to keep up with all these trends.

Shobhit Agarwal urged the young generation to stay passionate and make consistent improvements said it might be a challenge for the brand otherwise. “It is necessary to make small changes every day. Even the slightest changes in HR policies and the staff’s well-being can boost your business to a new level,” he added.

Ishita Ranka from Ranka Jewellers, Pune discussed the challenge of modernizing marketing strategies. Overcoming these hurdles with patience and a fresh approach, she said she adapted the family business to contemporary marketing needs. “Competing with the traditional mindset of my family along with the local regional-level players, and different target markets was a challenge which we overcame with patience,” she added.

The collective experience of these young entrepreneurs underscores the pivotal role of the younger generation in upholding family legacies while innovating and adapting to ensure the industry’s growth and sustainability. Their resilience and ability to navigate challenges are steering the jewellery business towards a promising future.

The GGJS, held from October 11 to 13, 2023 provided a platform for over 500 exhibitors from all corners of India to showcase their extensive range of products, services and innovative designs. The venue spanned 2.7 lakh sq ft and had more than 1,000 stalls, with 150+ premium pavilions, 550+ exhibitors across India and 30,000+ trade visitors.

Written by Maithili Patange

Retail Jeweller India Exclusive