Industry experts discussed succession planning, digital transformation, evolving consumer preferences and more at Gujarat’s premier jewellery show
The 14th edition of the Gujarat Gold Jewellery Show (GGJS) 2024 fostered a dynamic exchange of ideas, featuring panels of emerging leaders discussing their roles in the jewellery business and the evolving state of the gold industry in India.
Held from 27th to 29th December in Gandhinagar, GGJS 2024 not only showcased exquisite craftsmanship from over 940 exhibitors but also hosted thought-provoking discussions organised by the J20 Young Jewellers Summit. These sessions aimed to inspire young talents, share insights into industry advancements, and engage jewellery design students eager to learn from seasoned professionals.
Leadership from the next generation
The panel discussion, ‘New Generation Joining the Jewellery Business’, moderated by Amit Bandi, CEO of Kumari Fine Jewels, featured a stellar line-up of young leaders, including Ansh Anand (COO, Punjab Jewels), Aashna Ranka (Co-Founder, Aahi by Ranka Jewellers), Dhruv Rastogi (Business Owner, Kamal Jewellers), Parakh Jain (Co-Founder, Nazrana Fine Jewels), Siddhartth Bajaj (Chief Visionary Officer, Satyam Jewels), Sradhya Roy (Senior PR and Marketing Manager, Bengal Jewellery), Yash Sheth (CEO, Shree Nathji Jewellers), and Priyanka Chopra (Creative Director, Chopra Sons Jewellers).
The discussion opened with moderator Amit Bandi highlighting the transformative contributions these young professionals are making in their respective businesses. Aashna Ranka reflected on the value of blending generational wisdom, stating, “Working alongside three generations in the family brings diverse perspectives and ensures decisions honour our heritage while adapting to modern needs.”
Similarly, Sradhya Roy emphasised customer relationships, noting, “Marking our 100th anniversary, we prioritised meaningful client connections, which has strengthened our brand’s foundation and promoted inclusivity.”
Other speakers shared actionable strategies. Dhruv Rastogi underscored the impact of digital marketing, saying, “Branding and social media campaigns have helped us harness retail opportunities and distinguish our brand in smaller urban markets.”
From an operational perspective, Yash Sheth recounted his efforts to enhance efficiency: “By implementing SOPs and automation, we streamlined operations, enabling us to focus on expansion, including our new showroom in Vadodara.”
Parakh Jain discussed adapting to evolving buyer mindsets, adding, “Our culturally connected approach has garnered global interest, especially from NRI clients, by showcasing Jammu’s heritage.”
The discussion also featured insights from Siddhartth Bajaj of Satyam Jewels on relationship building. He said, “Jewellery is deeply tied to special moments, inspiring me to build meaningful connections with our clients. By supporting their aspirations and helping them connect with our brand, we create a partnership that drives mutual prosperity.”
Priyanka Chopra stressed the importance of research-backed marketing strategies, advising, “Patience and accurate consumer insights are key to effective marketing.”
The session concluded with Ansh Anand offering a visionary perspective: “Surpassing customer expectations and staying ahead of trends, while maintaining honesty, ensures long-term success in a competitive market.”
The engaging discussion resonated with the audience, leading to questions about post-pandemic market conditions and jewellery’s status as a luxury commodity. The panellists collectively emphasised embracing challenges as opportunities for long-term industry growth.
Strategic insights into the gold industry
The second panel, ‘State of the Gold Jewellery Industry’, moderated by Soma Bhatta, Editor and Publisher of The Retail Jeweller India, explored gold’s enduring value and its modern-day challenges. Panellists included Akshay Verma (Managing Director, Verma Jewellers), Harshitah Agarwal (Director, Jewellery House by Harshitah), Gaurav Kataria (Director, DC Jewellers), Neel Pethe (Head of Management, Waman Hari Pethe Jewellers), Ipshit Karmakar (Associate Director, Bidhan Jewellery Works), and Surbhi Shekhar (Marketing Head, Manoharlal Sarraf & Sons Jewellers).
Akshay Verma set the tone, stating, “Gold’s cultural and emotional significance in India makes it a trusted investment. To stay relevant, jewellers must innovate and embrace technology.”
Ipshit Karmakar echoed this, adding, “Gold has shifted from being solely an investment to a design-driven purchase. Transparency and social media trends are reshaping perceptions among younger buyers.”
Regional preferences also emerged as a key topic. Gaurav Kataria of DC Jewellers shared, “Our expansion from Ratlam to Indore marks a strategic move into a larger market. With its cultural and investment significance, gold jewellery remains a strong choice for consumers, reflecting confidence in its enduring value across cities.” Regional insights also came from Harshitah Agarwal who shared, “In Guwahati, where yellow gold dominates, experimenting with rose gold and mother-of-pearl has yielded excellent results, highlighting shifting consumer preferences.”
Soma Bhatta highlighted the rise of demi-fine jewellery as a trend influenced by rising gold prices. Building on this, Neel Pethe proposed, “Exploring 9k, 10k, and 11k gold jewellery combined with unique gemstones can make gold more wearable and accessible, paving the way for industry innovation.”
Surbhi Shekhar reflected on diversification, noting, “Integrating lower-carat gold jewellery with wearable tech and quick commerce has opened up new avenues for growth.”
The panellists also addressed the potential of direct-to-consumer brands, wearable designs, and innovation in R&D to transcend price wars and cater to evolving consumer preferences.
A testament to industry progress
GGJS 2024 exemplified the synergy between tradition and innovation, from its vibrant exhibits to its insightful panels. With over 940 exhibitors showcasing exceptional craftsmanship, the event reaffirmed the bright future of India’s jewellery market and its ability to adapt to changing times.
