Innov8: Future-Focused Learning

The IIJS Premiere’s dynamic knowledge seminars delved into a diverse spectrum of subjects, from the intricacies of AI to the art of retail excellence, and beyond. The introspective seminars aimed to empower the attendees at the show with knowledge to help shape the future of the jewellery realm. Here are summaries of some interesting seminars.

How To Set Up Your Business In Dubai Thru’ IJEX By GJEPC

Ashish Sakhardande, an esteemed faculty member from IJEX (The India Jewellery Exposition), conducted an informative and educative session that helped many of the MSME jewellers and exporters to gain insight into a wonderful business opportunity.

The session kicked off with a brilliantly created audiovisual presentation, highlighting the stark contrasts between India and Dubai’s unique business landscapes. While India boasts of its manufacturing prowess, Dubai stands tall as a bustling global city focused on consumption and commerce. Ashish eloquently traced Dubai’s evolution from a century-old traditional city to becoming one of the world’s fastest-growing metropolises, brimming with business opportunities.

IJEX, an exclusive program designed for members of GJEPC, emerged as the game-changer for aspiring entrepreneurs seeking to expand their global reach. The program’s primary objective is to bolster exports by supporting Indian manufacturers in setting up their offices in Dubai for a three-month tenure. Utilizing the Comprehensive Economic Partnership Agreement (CEPA), IJEX is uniquely positioned to assist new entrants in the Dubai market to uncover their latent talents and thrive.

Ashish unveiled the remarkable features and benefits that IJEX offers to participants. With meticulous care provided by CERA (Customer Experience Reengineering Application), the program ensures a seamless office setup in Dubai, relieving entrepreneurs of unnecessary hassles. Furthermore, the provision of secure storage for precious jewels brings peace of mind to businesses dealing with valuable assets.

A highlight of the session was the vivid description of the prestigious Dubai Gold Souk and its significance in the city’s trade landscape. Ashish provided a virtual walkthrough, detailing the layout and impressive facilities available at the project site. Attendees were enthralled by the comprehensive insurance coverage of one million dollars, continuous surveillance through CCTV, and various promotional roadshows aimed at attracting potential buyers from diverse sectors.

IJEX emerged as an all-encompassing platform that empowers its participants. From company profiling to innovative marketing strategies, the program offers unwavering support. The audience learned that IJEX extends its expertise in scouting ideal locations for setting up offices, providing invaluable guidance to foster increased export opportunities.

While exuding optimism and excitement, Ashish also candidly shared some important do’s and don’ts for participants to maximize their IJEX experience. He emphasized the exclusion of any commission charges for members, with only rentals being applicable. Participants can confidently book orders and arrange deliveries, but direct selling is not permitted. GJEPC takes charge of safeguarding the products, while the onus of shipping falls on the members. To boost their brand presence, IJEX offers comprehensive assistance in branding and executing impactful social media campaigns. However, Ashish urged attendees to act swiftly, as enrolment in the program operates on a first-come, first-serve basis.

The session concluded with an exciting prospect for future participants—GJEPC’s relentless efforts in providing members with business visas for the IJEX program. Although the option for tourist visas currently prevails, attendees departed with a newfound enthusiasm to explore the boundless opportunities that IJEX presents in Dubai’s thriving market. Inspired and empowered, they are now equipped to embark on a remarkable journey towards setting up a successful business in the dynamic city of Dubai.

A Master Class On How To Run Family Managed Business

A master class on how to run family managed business was conducted Navin Sadarangani, Founder of NYUZ, during the Innov8 sessions at BEC, NESCO, Goregaon.

In the realm of change management within family-operated jewellery enterprises, Sadarangani, elucidated that the jewellery industry is witnessing profound transformation as families strategize to embrace change.  He spoke about key insights drawing from his experience in the international jewellery company Rosy Blue since 1992, where he initially joined and later became a product manager in 1994 after a seven-year retail journey.

Over the course of 13 years, Sadarangani’s exposure unveiled an enduring truth: while women evolve across generations, their unwavering trust in certain brands and jewellers remains. Thus emerged NYUZ—a familial endeavour focused on remarkable salesmanship, progressively transitioning into a role as a valuable collaborator while upholding professionalism. This redefined approach underscores the imperative for family jewellers to adapt and prioritize their objectives.

Before the onset of the Covid-19 pandemic, financial considerations held sway. However, the aftermath of the pandemic redefined the dynamics. Many businesses that thrived within brick-and-mortar stores experienced stagnant money flow, underscoring the need for innovative approaches—akin to a different form of currency, aptly dubbed “vitamin M.” Central to success is the art of visual merchandising, a pivotal tool for promoting solitaires. This principle aligns with instances such as seeing actor Ranveer Singh sporting diamonds in movies, where product placement signifies brand resonance. Hence, investing in merchandising necessitates an overarching change in how we manage our family business, he pointed out.

Business planning and marketing strategies synergize within the framework of customer retention management (CRM). Allocating funds towards these endeavours and transparently elucidating the plan underscores one’s identity as either a traditional or contemporary jeweller. Shifting perspectives and concepts becomes pivotal, and this is where the ‘M’ for Management comes into play, said Sadarangani.

The latest generation within family businesses is gravitating towards alternative career paths, driven by a perception that the conventional family enterprise lacks effective management. This paradigm shift, aligned with generational transitions, necessitates embracing change. The contemporary youth, deeply immersed in social media landscapes, presage competitors’ strategies.

Staying ahead of the competition necessitates early strategic implementation, he noted.

In this era where change is catalysed through deliberate measures, selling jewellery via platforms like Zoom is a testament to innovation. Unveiling unique attributes, encompassing structural nuances and weight considerations, remains central. Constructing a robust management structure must take into account the evolving generation, offering job security and empathy.

Solitaire Selling Is About Storytelling

The art & science of selling solitaires is purely based on relationships of the jewellers with customers and their families. There is a one-to-one effort made in explaining the various facets of the solitaire and linking it to history, culture, tradition and several other binding factors. These are some of the tactics used by SME jewellers and exporters in selling solitaire to discerning customers.

These were the primary views of the two eminent panellists Deepak Shah (Proprietor, Gharenu) and Atul Jain (Proprietor, Atul Jewellers) who participated in Innov8 session during the IIJS Premiere 2023.

Deepak Shah said that they use storytelling effectively and efficiently to link the history of solitaires to the cultural traditions of Ahmedabad. Shah said, “We have brought a paradigm shift in the purchasing journey of our customers by connecting to them, identifying their needs and providing them with apt solutions and services. The homely feeling and precious treatment that we give them gets us closer to them – this feeling is eulogized by the word ‘gharenu’ which has become our brand name.

“We are driven by what customer wants and what we feel confident about addressing their aspirations and ambitions. We are not necessarily driven by the constraints of the market. We are seeing the results and are confident about scaling up,” he remarked.

Atul Jain noted, “We give a sublime experience to customers by connecting the centuries old history of Delhi. In this industry, we have to be transparent with everyone specially millennials who are familiar with the technology. We use technology to give them a better omnichannel experience in and outside the store. We build trust and transparent by using technology effectively and efficiently. We give them trust that what you see is what you get.”

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