A Cut Above the Rest

retailj
By retailj June 20, 2018 15:15

A Cut Above the Rest

Being part of a crowd is not something that young Samarth Jaiswal, a third-generation businessman, enjoys. He likes to stand apart and be known for his own creations. A Doon School alumnus, Jaiswal cleared International Baccalaureate (IB) board, pursued business management from St Xavier’s College Mumbai before joining his father in the business in 2014, and later completed a GIA Diamond Graduate programme to gain an insight into the world of gems. He joined his father with a single goal – that of launching his own brand of gold and diamond jewellery. Four years later, he is still brimming with ideas and passion to give shape to his dreams.

One’s Own Brand
Before I joined, my father had taken a franchise of Mumbai-based jewellery brand. In addition to gold jewellery, we used to sell their diamond jewellery. Long before I joined, I was clear that I would launch my own jewellery brand. Creating my own brand was my first priority rather than being tied up with another brand. So, together with my father, I decided to create my own brand platform. I was clear that we wouldn’t have any resemblance to the brand that we were franchisees of earlier.

Starting with designing the logo, carry bags, the interiors of the showroom to staff training – every little detail was worked out to the last T. I wanted to position my brand as premium and at the same level as other leading players in the market.

Competition was tough as our benchmark was another leading national jewellery brand.
So, in order to win the trust of customers, I had to design a product strategy. To start with I decided to sell only SI-FG quality of diamonds, better than the quality sold in this market. In fact, we were, as far as I know, the first ones to offer this quality in Allahabad. Then I worked hard on product selection. I ensured that I got the best craftsmanship, perfect finish and look for our pieces. I tried to bring in new designs, and even introduced different shapes of diamonds, which again was a first in Allahabad. I wanted our customers to have a wide range and diversity to choose from. I had decided to stock all types of jewellery – everyday wear, wedding, cocktail, party and so on.

In February 2015, ‘OMARA – Eternal Jewelry’ was launched. The first two years I personally handled customers even though the salespeople were around. I wanted them to learn the best way to deal with customers. And I literally made it my mission to look into every little detail – from the right temperature of the AC, the correct perfume in the showroom, serving only bottled water to the way the salespeople attended to a call. Also, I introduced the idea of giving every customer a box of chocolates with every purchase.

Three years later, I am happy with the way things have turned out. Compared to FY 15-16, FY 17-18 has seen 200% overall growth.

Same Day Exchange & Buy Back
We were the first ones in the city to introduce a loyalty programme. All major FMCG brands have a loyalty programme, so why not jewellery? This is the best way to increase database and get a strong following of customers. Also, we adopted a same day exchange and buyback policy to make it easier for customers. Established brands take a long time to even exchange or buyback, which can be hugely inconvenient to the customer. We realised this and scored an advantage over them.

Looking Ahead
After Omara was launched, we started a diamond jewellery wholesale division, an extension of our business under the company Celestial Jewels Pvt. Ltd. The idea was to sell our diamonds to other retailers.

We have also started holding exhibitions, retailing only polki, diamonds and solitaires. The idea is to hold exhibitions in Tier 2 and 3 cities, develop a base of customers and then slowly launch a store there. Last month we held a small exhibition in Allahabad which turned out quite successful. Next on the anvil is one in Lucknow. The idea is to move on a small scale before going big.

(As told to Meenakshi Kumar)

retailj
By retailj June 20, 2018 15:15
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