Innovation in designs gives competitive edge: Colin Shah

In a conversation with The Retail Jeweller, Colin Shah, Founder and MD, Kama Schacter sees a huge potential for Platinum jewellery in tier-1 and tier-2 cities in the country.

The Retail Jeweller (TRJ): How is the market of Platinum Jewellery growing in India?
Colin Shah (CS): Platinum is the metal of the future and its equity is growing year on year. Considering a large population of millennials in India, platinum is well accepted and its demand is ever increasing.

TRJ: What are the current challenges with Platinum Jewellery in the country?
CS: Platinum as a metal is fairly new to India compared to the age-old tradition of buying Gold jewellery. So, there is a need for increased awareness amongst the potential target group. Also, platinum is not so widely available and its designs are limited in comparison to plain gold or diamond-studded jewellery.

TRJ: What is the scope for the retailers in tier II and tier III markets?
CS: Tier II and III markets are developing rapidly. Accompanying this growth is a stark rise in demand for luxury goods with considerable demand for platinum jewellery. We see huge potential with retailers in this market.

TRJ: How important is design innovation nowadays?
CS: Designs are one of the factors that give you a competitive edge above the rest of the market. Innovation is as important as evolution in designs. While innovation will attract new consumer,
the evolution of designs will help to keep up with current trends in the market. So, Innovation and Evolution are two sides of the same coin and are equally important.

TRJ: Any new collections you are planning to launch? If yes what?
CS: We have seen a gap and a sharp rise in demand for men’s jewellery and so we are expanding on that. We plan to introduce differentiated products with the use of alternative materials giving the man of today everyday wearable jewellery at competitive prices.