GGJS 2023: Panel decodes young jewellers’ approach to innovation, new cultures and social media

Discussions delved deep into how the young generation is willing to take risks and incorporate innovations using social media in their businesses, as well as their perspective of the enduring significance of gold

At the Gujarat Gold Jewellery Show (GGJS), held at Gandhinagar, Gujarat, an enthusiastic group of young retail jewellers shared their perspectives and insights at a panel discussion titled “Cultural significance of gold and jewellery: How social media is changing consumer behaviour and retail innovations for a connected consumer” hosted by The Retail Jeweller India.

The panel, moderated by Samit Bhatta, Publisher of The Retail Jeweller India, included the industry’s young talent represented by Karan Kothari from Karan Kothari Jewellers, Nagpur, Nandita Agarwal from Sona Chandi Jewellers, Kanpur, Mohit Sheth from Batukbhai Sons Jewellers, Nagpur, Mehul Oswal from Mahendra Jewellers, Kolhapur and Shraddha Keshri from Hira Panna Jewellers, Patna.

The panel discussion – the first of two hosted by The Retail Jeweller India – proved to be insightful in sharing how the young generation is willing to take risks and incorporate innovations using social media in their businesses.

Significance of gold in various contexts

Nandita Agarwal opened the discussion by highlighting the cultural significance of gold in India. She also emphasised the importance of keeping up with the cultural trends. “In this digital world, there are many new cultures coming up and you need to embrace these cultures to stay updated in the jewellery industry and be relevant,” she said.

The panelists emphasized the importance of gold at weddings, especially the Mangalsutra, symbolizing the marital bond and the emotional connection associated with it. They also elaborated on the religious and cultural aspect, citing how gold is considered auspicious during festivals and is often combined with gemstones.

Social media’s influence on the industry

Karan Kothari discussed the impact of technology saying, “Virtual try-ons have revolutionized the jewellery shopping experience, aiding in customization and reducing the risk associated with inventory. This transition to virtual platforms has enabled real-time inventory management and enhanced the offering of the latest trends.”

Leveraging social media for branding and innovation

The power of social media in brand building and innovation was underlined by the panelists. Shraddha Keshri, who has been running a social media page to educate people about jewellery, spoke about disseminating accurate information and trends to jewellery enthusiasts and the importance of real-time inventory allocation.

Mohit Sheth commented, “Social media helps in expressing brand values and creating emotional connections with customers, thus driving business growth and healthier relationships.”

Talking about the necessity of social media, Mehul Oswal said, “A lot of times we have innovative ideas, which, if not marketed through social media, go to waste. This is where social media helps in taking the idea to the right people and thus helps the business.”

Adapting to changing trends

The panelists offered insights into how they stay updated with rapidly changing trends. Nandita Agarwal emphasized studying competitors, while Mehul Oswal advocated attending shows and utilizing resources to understand market trends. Shraddha Keshri underlined the importance of smart inventory management and maintaining a balanced mix of traditional and innovative jewellery.

“To stay updated on evolving trends, it’s important to manage your inventory intelligently. Ensuring your merchandising team is well-informed and maintaining a dynamic inventory rotation is key. The streamlined supply chain, facilitated by events like these, allows for direct engagement with vendors and manufacturers, making the process remarkably efficient,” said Shraddha Keshri.

In conclusion, the GGJS panel discussion shed light on the pivotal role social media plays in steering the jewellery industry towards the future. The young generation’s adeptness with the digital realm and their willingness to embrace new cultures and innovations are shaping a promising future for the gold jewellery industry in India.

The GGJS served as a platform for over 500 exhibitors from all corners of India to present their extensive range of products, services, and innovations and spanned across a 2.7 lakh sq ft venue. Held from October 11-13, 2023 in Gandhinagar, it had more than 1,000 stalls.  

Written by Maithili Patange

Retail Jeweller India Exclusive