‘The pandemic can’t be used as an excuse for poor inventory’

Stocking the right diamonds in the right quantity saves many-a-regret later, said Vinod Hayagriv, Managing Director of C. Krishniah Chetty & Sons Pvt Ltd, in a conversation with Samit Bhatta, publisher of Retail Jeweller India magazine.

Samit Bhatta (SB): Tell us about your journey with Forevermark?

Vinod Hayagriv (VH): It’s been a wonderful journey. We always wanted to make sure that the diamonds we sell become valuable enough to be cherished beyond our generation. The motto “diamonds are forever” does not hold true unless it is perfectly manufactured and carved. We wanted to set a niche that everyone would recognise, and our stones had to be precious enough to stand the test of time, be it in New York or Melbourne or Bengaluru. That’s how we forged a relationship with Forevermark.

SB: You started Forevermark from a small counter and brand corners in your existing stores. Now you have an exclusive store in Bengaluru. How do you think consumer behaviour has changed and what do you think the future holds in India?

VH: Diamonds with a difference is the way ahead. For example, you may think owning a Mercedes is the same for everyone, but it’s not. One car is superior to another on virtue of its customisation. Similarly, for diamonds, Forevermark strives to carve a difference between a normal diamond and a superior one. Consumers need to feel happy about their options. We have done this exceptionally well, so I would say the future looks bright.

SB: Given the situation this year has landed us in, what are Forevermark’s plans for Diwali and the upcoming wedding season of 2020?

VH: Things should go back to normal. This financial year will be hit in more ways than one, and as much as we are optimistic, we need to be cautious and study our inventory on a weekly basis. There should never be any regrets. A good jeweller cannot have any excuse. We can’t say, “We don’t have many options because sales are low; the pandemic has been hard on us.” We must keep ourselves replenished for at least six months because we are in the business for a long time. You need to take a risk and stock the right diamonds in the right quantities. Being cautious is good, but over-thinking puts a dent into your business. We should be selective, but take chances too. That is the way forward.

SB: What are your expectations from the Forevermark Forum?

VH:  I think Sachin and his team are far ahead of time. We all should follow the pathway laid out by the Forevermark team.

Courtesy: Retail Jeweller India News Service