Even as the crowds in the aisles of the show swelled as Day Four of IIJS 2016 progressed, in a smaller hall within the venue there were a series of thought-provoking seminars that offered interesting insights into challenges currently faced by the jewellery industry.

The morning session, organised in association with the Women’s Jewellery Association, India delved into the question of what will be the bigger driver of jewellery purchases in the country. Themed “Future: Design or Investment”, it was moderated by Prasad Kapre, who set the tone with a brief introduction outlining some of the challenges that the industry faces with the emergence of a younger buyer. The issue was addressed from different perspectives – Shefali Parekh and Gunjan Suri looked at it from the designer’s point of view, Keyur Shah reflected the viewpoint of a company with significant business in the rural market, while Shehzaad Zaveri approached the question through the lens of his own jewellery business.

Parekh and Suri said that a fresh approach was needed to sell jewellery to the Millennials who were extremely conscious both about their personal looks and larger issues. Design and finish, a social commitment or an emotional connect built through a special story, were aspects that could make a company and its jewellery attractive.

Suri said it was important that even those dealing in fine jewellery realise that for the new buyer value did not only lie in the material, but more in the perception of the piece. “A rare gemstone, a unique cut, a striking texturised finish or a theme inspired by social concerns, each of these by itself or in a combination could make the piece ‘valuable’ to the individual,” she opined.

Shah said that the bulk of India’s jewellery is still sold in rural areas, and for these buyers, it was the ability to use the jewellery for short term loans that was important. He pointed out that the industry itself sells jewellery by stressing the value of the individual components, and without a shift to MRP pricing, a change in consumer mindset was unlikely. “Only the uber-rich, who constitute about 1% of the population, actually are willing to add high mark ups for design and craftsmanship, all the others have learnt to think in terms of cost of raw materials plus making charges,” he pointed out.

Zaveri too said that jewellery purchase drivers differed across consumer segments and it was not so easy to generalise. It was crucial for the jeweller to understand each customer and her particular needs and to present the pieces accordingly. The ‘value’ one derives from a particular piece would vary – often the perceived flaunt value of a piece could far exceed its actual price. Every piece has a “feel good value” and a “show off value”, and for some this ‘investment’ for personal satisfaction or to win appreciation from others could not really be valued in monetary terms.