“IIJS virtual will take beautiful indian jewellery and gemstones at the forefront of the global market. Many congratulations to GJEPC on this big effort and I am sure IIJS virtual will be one big success.

retail
By retail October 14, 2020 19:31

“IIJS virtual will take beautiful indian jewellery and gemstones at the forefront of the global market. Many congratulations to GJEPC on this big effort and I am sure IIJS virtual will be one big success.

Chandraprakash Siroya of Siroya Jewellers is looking forward to the focused attention that the virtual format of the IIJS will bring.

What do you feel about the first-ever virtual platform of IIJS?

I am sure that GJEPC’s virtual experiment will be successful. It has always tried to do something to be at the forefront of the market. Even though the markets are down, they have tried to find ways and means to reach out to customers so that Indian jewellery and precious stones can be made available to the world. I think it’s a fantastic idea and it’s the right effort at the right time. It is going to be one big success. I believe this could be an experiment where the experience of a buyer and a seller will both surpass expectations. When you go to physical jewellery shows, you see hundreds of designs, but you are never focused on any one thing. In the virtual platform, when you see one piece on the screen, you can analyse the whole thing. So, I believe it’s going to be an awesome experience.

How is the market in the Middle East and what kind of jewellery you will be looking for at IIJS for those markets?

We are having a tough time due to Covid. Business is slow in Dubai, and the reason is that the Middle East, particularly the UAE, is an export economy. Of our jewellery, 80-90% of imports are exported. Dubai caters to every jewellery destination, wherever Indian jewellery is sold. If you want to buy Calcutta jewellery and Kolhapuri jewellery, it is very difficult to find it in one place in India. They go to exhibitions like IIJS where they have jewellers from all over India showcasing their products. So, Dubai is a reflection of such a physical exhibition, because here jewellers bring in products from every corner of the world. That is the reason why they call Dubai the ‘City of Gold’. Dubai is in a unique position and despite the challenges, the market will improve soon. Airports have opened, so it is easy to move around.

During the lockdown, jewellery prices jumped drastically and people were finding it difficult to pay their margins. The Gold Souk area was locked and we, as Dubai Gold and Jewellery Group, approached the government and police who were kind enough to let all of us go and check our stocks. So, when you have a proactive government that believes in ease of doing business, I think business is going to be fantastic.

What do you think is trending now? Is there any product category that will do well in the future?

We have to find new ways of manufacturing lightweight jewellery. Security has also become an important thing in every part of the world. So, people want to buy lighter pieces, which will look big. Colours are always helpful because it makes jewellery vibrant. A few years ago, antique jewellery was in great demand, but things will be different now because they will also have to be redesigned to make it lighter. A lot of laser work is being done nowadays, there are machines and electroforming involved. We are using direct casting so that the jewellery becomes lighter in 3D print. Indian suppliers have always stood up to the occasion and modified their ways of production. We would like to have some exclusivity and deal with jewellers who can adapt to modern techniques, so that manufacturing becomes cost-effective.

What is your opinion on the debate between natural and lab-grown diamonds?

I think they are two different categories. Diamonds have been selling for ages and I think that’s the future too. Lab-grown diamonds are a fantastic thing because those who cannot afford to buy natural diamonds, can go ahead and buy CVD diamonds. I think both products can co-exist and there might come a time when we will have merged diamonds to reduce budget. The key is transparency. Jewellers should specify the type of diamond they are selling. The demand for lab-grown jewellery has been growing in the US and Europe.

 

Courtesy: Retail Jeweller India News Service.

retail
By retail October 14, 2020 19:31
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