RJIF 2024 concludes on a high note with panel of young jewellers talking of their revolutionary retail innovations

The evening session of the 10th edition of the Retail Jeweller India Forum also featured discussions on the future of jewellery retail as jewellers embraced tech, AI and collaborations for a new era 

Mumbai: The 10th edition of the Retail Jeweller India Forum 2024 unfolded at JW Marriott, Sahar in Mumbai on January 3, 2024, bringing together key players in the jewellery industry for an insightful evening session. Following an engaging morning session that laid the groundwork for discussions on the Indian jewellery market, the evening session further delved into market trends, digital innovations, design excellence, and strategies for success by the young crop of jewellery retailers.

Praveen Govindu, Partner at Deloitte India, took the stage to initiate the evening discussions. With his topic titled ‘The future of jewellery retail in India: Redefining jewellery retail through people, product, process and technology’, Govindu provided an in-depth analysis of the future trajectory of jewellery retail in India. The trillion-dollar Indian retail market set the backdrop for the anticipated growth of the jewellery sector from $ 80 to 150 billion in the next 7-8 years. “With a spotlight on the wedding consumer, constituting 55% of purchases, the sector’s potential growth is driven by the rising aspirations of the 110 billion households expected to emerge in the next decade,” he added.

As the luxury sector, excluding jewellery, is poised to grow from $ 8 to 30 billion in the next 10-12 years, Govindu said this should mirror the jewellery industry as well because of the organised growth within the jewellery sector. The survey insights he presented shed light on consumer preferences, ranging from customised designs to transparent and ethical sourcing, indicating a shift in the industry towards meeting evolving demands.

Following this insightful presentation, Parag Agarwal, Co-Founder & CEO of Fiona Diamonds, shared his experiences in his session titled ‘Transforming jewellery retail with digital innovation and AI-driven customer experience at Fiona Diamonds with its affiliates, Shoppers Stop, Nykaa and Pernia’s pop-up show’. Agarwal narrated the journey of embracing lab-grown diamonds, a move met with initial industry resistance. “We at Fiona Diamonds believe that it should be the customer’s choice of which stone to buy. As retailers, we should have everything they need. That is why we decided to keep lab-grown, moissanites and natural diamonds all under one roof and we got a good response from customers,” he said.

Sonali Shah Sheth, Founder and Director of SOHNAA, then took to the stage and shared her ideas in her session titled ‘Empowering the future of retail with design excellence’. She expressed her ambition to build a global luxury design brand. Hailing from Surat, Sheth questioned the absence of a comparable luxury brand in India. “While studying, I came across a lot of luxury brands from London, Europe, Italy, and France. This made me wonder if India lacks such luxury brands, even though we are a country with such a rich heritage. My vision has always been to fill in this gap,” she noted. She emphasised having more collaborations and less competition, giving the example of SOHNAA’s collaborations with known designers in the industry.

The evening session also featured two enriching panel discussions, each offering unique perspectives on the challenges and opportunities within the jewellery retail landscape. Moderated by Deepak Tulsian of Mywisdomlane.com, the first panel titled ‘Retail Service Providers, exploring new services and technology’ explored the realm of retail service providers, with panellists Raj Parakh from Plus, Rohit Hudke from Diamond Headquarters, Abhijeet Lalgondar from SalesWizz, and Sankalp Goyal from Book My Diamonds discussing how technology and personalization can meet the evolving demands of customers.

Addressing the challenges posed by the changing preferences of today’s customers, the panellists delved into the pressing need for more choices, convenience, and personalisation. Each of the panellists talked about the digital platform they have created and how it helps retailers in the jewellery industry.

Sankalp Goyal, Raj Parakh, Rohit Hudke and Abhijeet Lalgondar talked about their dynamic apps that emphasise the importance of enhancing retailer-customer interactions, aiming to double down on improvements every six months, attract a younger audience by facilitating savings for future jewellery purchases, future-ready retail tech jewellery brands targeting GenZs and GenYs, and a single platform to manage all transactions essential for running a jewellery business, respectively. 

The second panel – ‘Innovation and Strategies: How jewellers are gaining market share in the increasingly competitive industry’ moderated by Amit Bandi, CEO, DP Jewel Line, delved into the innovation and strategies of young jewellers in the industry.

The panellists included Neel Pethe, Head-Management, Waman Hari Pethe Jewellers, Mumbai; Ansh Anand, COO, Punjab Jewels, Indore; Surbhi Shekhar, Marketing Manager, Manohar Lal Jewellers, Delhi; Vishal Bamalwa, Partner, Nemichand Bamalwa & Sons Jewellers, Kolkata; Naina Sheth, Partner, Batukbhai Sons Jewellers, Nagpur; Dhruv Rastogi, Owner, Kamal Jewellers, Dehradun; Harsh Kataria, Director, Kataria Jewellers, Ratlam; Ipsit Karmakar, Director, BJS Bidhan’s, Siliguri; Vandana Jagwani, Partner, Mahesh Notandass Fine Jewellery, Samriddh Kothari, Director, Achal Jewels, Jaipur; and Swetha Srinivas, Founder-Director, Sruthilaya Fine Jewellery Atelier, Hyderabad.

The panellists, each representing diverse regions and market segments, shared valuable case studies ranging from customer engagement strategies, unique ways to market products, experimental brand marketing, cross retailing, the introduction of pret lines, leveraging digital and social media, sponsorships, collaborations, creating a luxury experience for the customers to initiatives promoting employee satisfaction, prioritised customer care, and more.

From market trends and digital innovations to collaborative design excellence and strategic initiatives, the discussions reflected the dynamic nature of the jewellery landscape in India. The panel discussions added practical insights, offering a holistic view of the opportunities and challenges that lie ahead in the industry. As the event progressed into the evening, it not only provided a platform for knowledge-sharing but also fostered a sense of affinity among industry leaders working towards a common vision of a vibrant jewellery retail sector in India.

Written by Maithili Patange

Retail Jeweller India Exclusive