Jay Dhakan, Director, & Anukul Gandhi, Vice President, of National Jewellery shed light on Dubai’s retail market dynamics and discuss strategies tailored to serve its diverse customer base in this bustling tourism hub.
What are the current jewellery market trends in the UAE? Which product category is moving better amongst the tourists?
Since the UAE is an international market with consumers coming from all over the world, we focus on worldwide exhibitions and monitor online jewellery trends to continually innovate and meet consumer needs. Regarding market trends, we have observed a significant growth in pearl jewellery.
How many stores does National Jewellery have and what are the growth plans for the year 2024?
We currently operate nine stores and are planning to open our tenth store soon. Our stores are located in various areas across Dubai, including the Gold Souk, Dubai Mall, and the Gold & Diamond Park. Additionally, we are prioritising the enhancement of our online presence.
Tell us about the demand for varied jewellery products?
The UAE is incredibly diverse, with people coming from various parts of the world and bringing different cultures with them. For instance, 22-karat gold jewellery is popular among individuals from Asia, while those from Europe, tend to prefer white gold and diamond jewellery. However, even within the same country or continent, people have different tastes. Some may favour platinum, while others may prefer white gold or silver. At the same time, there are individuals who, although not generally fond of jewellery, wear gemstones or diamonds according to their religious or astrological beliefs.
What are the segments that National Jewellery is catering to?
We sell to more than 60 nationalities, so we do our best by providing different items at different price points. Moreover, we have been in the business since 1957, so we have an idea in terms of what the consumers look for. We prioritise all segments within our scope of our expertise, ensuring that we only delve into areas where we can uphold professional standards. This commitment guarantees the highest quality, as we believe that any piece of jewellery we create, must excel in every aspect of its craftsmanship.
What are the consumer preferences and behaviour of jewellery buyers? Like spending habits, occasion buying, any price points?
Given the diverse backgrounds and budgets of our market clientele, particularly during peak tourist seasons, we must adapt our focus accordingly. Over the years, tourism trends have shifted; from catering to Russian preferences in the early 2000s, to accommodating Chinese tourists, and now, with a global market, we aim to offer a range of items spanning from lower-value to high-ticket products to meet evolving demands.
What is the marketing/ promotion boosting growth in sales?
With the growing trend of social media, it’s imperative for us to remain competitive by focusing on online marketing, including both social media campaigns and offline avenues such as billboards. Recently, we’ve intensified our efforts in social media advertising and promotions to bolster our presence in the digital sphere.
As one of the leading retailers what are the challenges that you foresee in the coming year and how do you plan to combat?
With years of industry experience behind us, it’s crucial to recognise and learn from past challenges, ensuring we’re better equipped to handle similar situations should they arise again. Utilising tools like SWOT analysis can aid in identifying potential future issues. While Dubai emerges as a tourism hub, bolstered by the UAE Government support, we anticipate smooth sailing ahead. Nonetheless, we remain vigilant and adaptable, understanding the importance of innovation and staying current to navigate any unforeseen obstacles that may arise in our dynamic business landscape.
How do you see the consumer movement in the old Gold Souk market as compared to the new Deira Enrichment Project at Ithra?
We haven’t witnessed significant change, largely due to the increasing number of tourists, resulting in sustained foot traffic within the current Gold Souk market. However, personally, I’ve observed a notable uptick in foot traffic, particularly towards the entrance facing the historic market of the Ithra project.