Diamond industry performance glittering post pandemic

Post pandemic and with the sudden rise in gold prices, it made the diamond industry boom. Many diamond merchants and retailers who were in Goa recently under the banner of International Gemological Institute (IGI) were of the opinion that the rise in diamond sales are going to grow further as the wedding season is on its way. With innumerable diamond design creations onboard, IGI hosted the digital edition of the ‘D Show’ in Goa, recently. This was also the first B2B (Business to Business) show which was hosted in India after the lockdown.

IGI has hosted at least nine such shows in Goa. IGI grades the widest variety of gemstones and jewelry in more corners of the world than any other gemological organisation. As the global leader for jewelry assessment our experience and reach are unrivaled. Renowned for diamonds and colored gemstones, we are equally trusted with the grading of pearls, exotic carvings, fine jewellery pieces and modern synthetics and simulants.

The event had India’s leading diamond jewelry manufacturers and retailers interacting and exploring new commercial opportunities. With digital platforms transforming business, IGI has introduced a novel concept for manufacturers to showcase their stellar collections via digital media. Also, it was an opportunity for the retailers to get their diamonds certified by the IGI.

“We invite the top jewelers of the country and apart from the sales, relationships are being built here. Also, certification is done. There are 32 selected manufacturers and over 120 retailers who are participating in the event from all over India. Whenever we have a national meet like this, we prefer to have it in Goa as Goa attracts people from all over the place,” said the president and managing director of the IGI Tehmasp Printer.

When quizzed on last year’s pandemic affect on business, Printer said, “Last year was the most beautiful year ever. All interacted with the family and were bonding as all of us were shaken up. Post pandemic the diamond industry is rocking as during the lockdown we came up with more innovative and beautiful designs. Also, the designers have learnt the art of making light weight jewellery which shows the same volume as was with the heavy weight. Hence it became more affordable for people to buy.  Thanks to the skyrocketing prices of gold, people are preferring to buy diamonds instead of gold. Also, digital forces are transforming the face of business and innovation in this era is crucial. With this edition of the digital D Show, we intend to bring the best of technology, design and business possibilities to the fraternity.”

With the digital wave revamping the way of business, IGI has developed a platform for manufacturers to showcase their designs without limiting it to physical pieces of jewellery. They can now upload a plethora of designs for retailers to choose from via an app designed exclusively by team IGI. The striking factor here is that retailers can view and select from among these collections throughout the year.

Jos Alukkas too participated in this event. It is a name to reckon with in the jewellery industry. Designing jewellery in gold, diamond and platinum for over five decades, Jos Alukkas is the first ISO 9001:2000 certified jewellery group in the world showcasing BIS certified 916 hallmarked gold.

Managing director of Jos Alukkas Paul J Alukka who is based in Kerala said, “For one year we never had any physical shows. During April to July last year the business on jewellery was down by nearly 50-60 per cent. However, for the last six months the sales of diamond has picked up and the industry is doing very well. We are also promoting diamond more as the price of gold has risen very sharply and people are now willing to buy diamonds. This IGI event in Goa made us realise how the new designs, particularly light weight jewellery is making the rounds now.”

Co-founder and director of Savio Jewellery, who are one of India’s largest manufacturers of diamond jewellery, Abhishek Sand said, “IGI D Show is an amazing event as we being the manufacturers it gives us direct connect with the triple A top quality retailers. All the big names are here who have over 100 stores all over the country. People are now moving from gold to diamond and diamond jewellery is the future and that why we see a boom in the industry now. In USA we only see diamond jewellery. It is trend of status symbol. Even South India is highly into diamond.”

When asked how is Goa as a market, Abhishek Sand said, “Goa is a great market to connect the people but not for jewellery sales.”

Orra a part of the Rosy Blue group also participated in this event which has 45 showrooms all across India. Deputy general manager, supply chain and merchandising, Mitesh Dusara said, “In next month we are opening another three showrooms. We already have two showrooms in Panjim and Margao. If we look at 2019-20 versus 2020-21, as of now the diamond business is up by at least 50 per cent and it’s a good comeback. It is like revenge buying because people have the money and disposable income. Since they are not able to travel abroad for holidays, they are spending money on diamond buying.”

Representative of Mahabir Danwar Jewellers Arvind Soni is of the opinion that due to marriage season the sales of diamonds have gone high. “People are travelling less, particularly international travel and hence people have the money to spend on jewellery. In the eastern India, Kolkata market is the hub for eastern India. Young generation I attractive to diamond and they are buying diamonds more than gold.”

The show also marked the launch of IGI’s New Jewelry Report. In addition to IGI’s unparalleled services, the jewelry report highlights the best of technical features to ensure a seamless retail experience. The metal quality check is yet another service that IGI has introduced to fortify consumer confidence in certified jewelry and to ensure phenomenal customer service. Along with the D Check, participants also received an opportunity to witness the new metal quality assurance process.

Courtesy : Herald