NISHITH SHAH, CEO of La Marquise Jewellery, Dubai, is excited about his debut at IIJS Premiere. He recognises that this event will serve as the perfect platform to exhibit their exquisite products and connect with the ideal audience. Shah is eager to seize the opportunity to showcase the unique craftsmanship and design aesthetics that define La Marquise Jewellery. He notes that the CEPA (Comprehensive Economic Partnership Agreement) presents a multitude of opportunities for the Indian manufacturing market. It enables them to tap into the potential of the UAE market by offering a streamlined process for exporting their products with minimal taxes and fees.
As CEO of La Marquise Jewellery, Nishith Shah’s role comprises two key responsibilities – the first being the output of the manufacturing unit in Dubai and the second being the global retail brand management.
Having been born into the diamond and jewellery industry, he has gained a first-hand view into the inner workings of the industry. His formative years were spent gaining reputed business management degrees at the American University in Sharjah and diamond and gemstone degrees at the Gemological Institute of America.
Through this strong educational and technical background, he brings to the table a fusion between traditional and modern approaches, which ensures long-term growth, sustainability and stability for the brand.
This is your first time at the IIJS Premiere as an exhibitor. Tell us about your expectations.
Yes, this is our first foray into IIJS and we are optimistic, considering the show’s very good reputation. We have been visiting over the last few years and after careful consideration, we know that it is the right time to introduce our offering to the market. With the progression of consumer tastes in India, we are certain that it will develop to become a great market over the next few decades and this presents a great opportunity for our expansion.
For this particular show, we are bringing our latest and trendiest collections. As an international brand, we will bring a modern design language and contemporary chic finishing to the Indian market. We are certain that this will make us stand out from the rest and we can make great strides in the market.
Diamond and emerald choker, By La Marquise
Who are your primary target clients at IIJS Premiere?
Our primary target are chain stores and large format retailers who are seeking to venture into a new product line catering to the younger generation and those entering the market for the first time. Additionally, we aim to attract individuals with discerning tastes who desire something unique and spectacular.
I firmly believe that IIJS will be a momentous decision for us. It is an opportunity for us to make a significant impact and connect with potential customers who appreciate our offerings.
How do you prioritise sustainability and ethical practices in your business operations?
We follow the most ethical standards of sourcing. We ensure that all our diamonds are sustainably and ethically sourced and that all the materials and products we use are recyclable.
From teacups to printing paper, we are committed to maintaining ethical practices throughout our entire workflow. Each year, we conduct training programs to ensure that everyone is up-to-date with important rules and ethical practices in our industry.
Additionally, we actively engage in CSR initiatives, which allow us to give back to the community. We support a lot of individual designers by enabling them to bring their collections to life at reasonable costs. We strongly believe in fostering a sense of community within the jewellery industry, continuously generating new concepts and ideas and growing together.
On model: Jewels from the Luna collection. By La Marquise
How do you perceive the current market scenario for the diamond industry?
The current market scenario is quite diverse, with some areas experiencing a lull while others are in a phase of growth. For instance, the GCC region remains stable, while the US and Europe are going through a slower period.
On the other hand, India is on the rise. Therefore, the opportunity lies in establishing a strong presence in India, especially as we expand into Tier 1, Tier 2, and Tier 3 cities. India’s population is growing; new airports are being constructed and networks are being developed. This presents a great opportunity for not just the diamond industry but for every industry.
There are some concerns about challenges from lab-grown diamonds. Your comment.
I believe that lab-grown diamonds will carve out their own niche, similar to what we have witnessed with moissanite and zircons in the past. It’s a matter of navigating through these changes and moving forward.
As we have always known, natural materials hold their value best in any industry. Whether it’s marble, leather or stones, natural materials have consistently maintained their price. I believe the same principle applies to diamonds as well. The allure and value of natural diamonds is unlikely to change.
With the new CEPA pact being introduced, have you seen any advantages in terms of sales growth?
We already have clients in India whom we have been regularly supplying to, especially those with similar operations in the GCC and India. We see great potential in the Indian market, and we believe it will only increase as we move forward. Therefore, IIJS is definitely a good platform to ensure that we are visible to all our clients as well as the new clients coming on board.
With the new CEPA, I believe it brings forth numerous opportunities for the Indian manufacturing market because they can easily export their products to the UAE with minimal taxes and fees. Consequently, this presents a significant sales growth boost for Indian manufacturers, which is very necessary. Clients who previously relied heavily on domestic sales are now more inclined to purchase from India, as they can avoid the challenges typically associated with manufacturing in other locations. So, I feel it is a great opportunity for Indian manufacturers, which is great considering that our factory is growing and moving forward.
While our factory in Dubai may encounter some challenges, it is noteworthy that many new jewellers are entering the Dubai market. This influx of new businesses helps sustain growth for both Dubai and Indian manufacturers, indicating a positive outlook for the industry as a whole.
Anything else you may wish to add?
I always emphasize that the most important factor for any success story is going to be the design and the product element. We possess a deep understanding of the retail industry, enabling us to create product lines and collections in a strategically formulated manner. This greatly increases the likelihood of achieving exceptional success for our collections in various boutiques. We ensure that every aspect, including budgeting and finishing, is meticulously executed. This way, any retailer who invests in a particular collection can expect significant returns on their investment.