JAYMIN VORA, Managing Director, Romil Jewelry, talks about his experience of conducting business at the virtual show of IIJS, business expectations and diamond jewellery trends.
Tell us what drove you to participate in both the editions of IIJS Virtual.
Our expectations were modest in the first IIJS Virtual, even though business has been okay for us this year. We felt and witnessed a consolidation throughout the supply chain. All through the supply chain there is a search for responsible, stable partnerships and we were hoping to be one of them. It is a great attempt by GJEPC to enable and reconnect the buyer to the supplier once again. We want to support the Council in every attempt to bridge this gap between consumer and seller.
In terms of successfully completing transactions, how was the response at the first show?
The first IIJS Virtual seemed like a breath of fresh air after a long hiatus since the retailers were also curious to see our new collections without physically having to travel during the pandemic. We have had many successful deals and some were halfway through negotiations, which were later completed through sending of physical products to their stores.
Are you looking forward to any changes/enhancements at the 2nd edition?
We are hoping to see more buzz created by GJEPC and more awareness and educate retailers about the benefits of the show happening virtually. Since most sales personnel have started travelling these days, retailers might not proactively attend the show virtually, and instead request for a face-to-face meeting. It is important to inform them that IIJS Virtual will enable them to experience a state-of-the-art jewellery show, which is one of the biggest in the world, and enable them to view millions of designs across the country on one platform at the click of a button, and expect customisations and personalised attention sitting in the comfort of their offices and homes. The risk is less, and the benefits are manifold – increase in number of meetings, improved and focused communication and quick decision making to close a deal.
Currently what type of jewellery is in demand in the domestic and international market? Which markets do you cater to (both in India and overseas)?
The trend directions in design that we are getting to hear from our buyers are lightweight jewellery, unique and stylised designs. So, I think modern wearable jewellery is the latest trend in domestic as well as international markets. The chain stores especially want newer concepts and modern variations for today’s woman. So, lightweight is the next biggest trend in India as well as overseas markets.
We currently cater to the entire domestic market across India, we work closely with many retailers in the Middle Eastern markets, and export to the USA as well.
Exporters have reported relatively strong Holiday sales. How did the domestic market perform during the festive and wedding season?
The festive season was a good opportunity to tailor the product and marketing / sales programmes to help target millennials, ethnic groups, etc. To our surprise the domestic market fared really well in the festive and wedding season. If there has been an industry that has remained resilient, it’s the gem and jewellery industry. Famines, floods, and other natural disasters haven’t really been able to affect it greatly, as the demand for jewellery has always existed, and the artisans and jewellers have always pushed themselves harder to meet the demand. The jewellery industry has always survived against all odds and proved to be like the phoenix rising from the ashes after any calamity. The season was good, and my hunch is that the lockdown restrictions in terms of travel, gatherings and lifestyle spending, resulted in a lot of personal savings. So, consumers indulged themselves and bought jewellery instead. Consumers are now reconsidering the emotional as well as investment value that jewellery brings in their lives. Most of the weddings planned in Q1/Q2 have been deferred to Q3/Q4 and we are expecting the demand to rise further.
What is your Top 10 Wish List for the Industry and Government?
The gem and jewellery sector plays a significant role in the Indian economy, contributing to around 7% of the country’s GDP and 15% of total merchandise exports. The segment employs over 4.64 million workers and is expected to add another 8.23 million by 2022. My Wish List would be:
1. Rethinking of Import duties
2. To realign the tax structure (including the import duty and tariff)
3. No tax dodging by industry players and clarity of business
4. Better after sales service
5. Better customer handling and experiences
6. Consolidation of the industry players
7. Overall organising the unorganised sector
8. Better digital shopping experiences by retailers and manufacturers
9. Digitisation of the jewellery industry, which the GJEPC is already doing, and willingness to change and accept the newer technologies
10.More emerging leaders in the sector
Any other comment you would like to share.
Technology will play a significant role in the future and we, at Romil, are all geared up to be a part of the new normal.