Mitesh Gajera, Owner, Laxmi Diamond Pvt. Ltd., informs about the intense preparation done by the group to unveil collections focussed on the bridal and lightweight categories to cater to buyers across India.
Covid-19 has been in our lives for a long time now, and we, at Laxmi Damond, are excited that the physical show of IIJS 2021 is leading the way to the New Year for all of us. Since the buyer sentiments are high, we are also looking forward to a successful turnout and business opportunity for all.
Tell us about the jewellery collections that you will be presenting. What is the product type best suited for current consumer demand?
We have launched many new product categories and brands within the Laxmi Group and will be presenting those at IIJS.
Our collections are divided into four categories:
The Avant Garde collection is a high-end jewellery line using fancy diamonds and these are big ticket items.
We have a division of South Indian Bridal jewellery, especially for our retail partners in the southern region.
Many more lines have been introduced in our ever popular lightweight, daily wear jewellery. We will showcase a traditional gold jewellery with a modern twist.
All of these are best suited for the current consumer demand, as I said before, even during the pandemic, fine jewellery is being bought. Many buyers are compensating for the loss of travel — or just treating themselves. For the first time, jewellers are enjoying a festival and wedding season unburdened by competition from their No. 1 rival, travel. And this is just one way to explain the category’s unexpected resilience during a year of crisis.
Are you focusing more on the Bridal jewellery segment?
Yes, we are largely focussing on the bridal jewellery segment. Since people now are realising that life is short, and ‘why don’t we get married?’ As a diamond and jewellery industry analyst for many years, I think a large part of the wedding buying is now based on love, emotions, and the fragility of life.
Will you be offering lightweight jewellery? If yes, could you kindly provide technical details on the technology/methods used to reduce gold weight.
Yes, we will. Laxmi Diamond as a brand is known for lightweight diamond jewellery over the years. That being the core of our business we will always continue to explore and expand. We are using modern technologies and innovation to reduce the metal weight and making diamond jewellery more affordable to the masses.
What is trending in India in terms of diamond jewellery (cuts, colour, clarity, carats, etc.)?
Indian market has been very fluid in the last few years; in fact, the newest trend is how to make jewellery more affordable. Hence a lot of retailers in the different parts of the countries are now open to using various diamond qualities depending on the product types along with fashion trends.
How are you addressing the jewellery preferences of Millennials and Gen Z?
Millennials are a “generation of experience and not of possession”. This shows that understanding their preferences, values, lifestyle, tastes, and desires is essential for the segment of jewellery business that could grow exponentially through the digital medium. Relatively affordable diamonds and mid-range pricing is what we are focussing on for Gen Z; knowing their taste and desire and building a proposition around it is how we choose to address their preferences. Also, the younger consumer groups are involved in social and environmental issues and are concerned about ethical trading. This is where we, as Laxmi Diamond, have always been a pioneer and leader.
Any other comment you would like to share.
A regeneration is underway as we are looking towards the IIJS 2021, a physical show after almost two years to take to the fore and create distinctive category trends for the upcoming seasons. Customers will, and do, purchase jewellery, and the key is to create a seamless customer journey that conveys the narrative of each piece.