For over three decades, Nemichand Bamalwa Jewellers has been a venerable presence in the world of jewellery. Established in 1987, their commitment to design excellence, exceptional craftsmanship, and transparent practices extends to diamond, polki, jadau, and antique gold jewellery, earning them customer loyalty. In this exclusive interview, RAVI BAMALWA, Director, Nemichand Bamalwa Jewellers, Salt Lake, Kolkata, delves into the brand’s unique journey and vision, exploring the current trends in jewellery, the significance of gold prices, and the enduring allure of natural diamonds in a changing market.
Tell us more about your company and when did you start your retail brand?
A stalwart in the jewellery realm, the Nemichand Bamalwa Group was established in 1987 and were the first jewellers in India to retail 22/22-kt gold jewellery, spearheading a revolution in Indian jewellery industry. Since then, we have earned tremendous customer-loyalty and patronage through our trend-setting designs, superior craftsmanship and transparent practices in diamond, polki, jadau and antique gold jewellery. We launched our Salt Lake showroom in 2018.
What is the USP of the company and which markets do you cater to?
We are renowned for our high design standards, superior craftsmanship and transparency in all our dealings.
We harmonise modern aesthetics with timeless patterns. Our designs have mirrored the evolving taste of the high-net-worth individuals and ultra-high-net-worth individuals since the time of inception. Each collection is a blend of state-of-the-art manufacturing technology and high standards of craftsmanship that have international appeal.
Every client gets a precise disclosure of all the components used in jewellery pieces.
Whis is a 22-kt/22kt concept?
The first ‘22-kt’ figure refers to the purity of the metal’s surface, while the second figure ‘22-kt’ represents the metal’s purity when melted. Today, if jewellery is certified as 22-kt and melted, the purity of gold obtained is 91.67%.
In the past, it was quite common for jewellery to be sold with a surface purity disclosed as 20-kt, while the metal’s melting purity was also 20-kt or. Occasionally, the melting purity would even be as low as 14-karat! Such jewellery would not meet today’s hallmarking standards.
Nemichan Bamalwa Jewellers sold 22-kt/22kt jewellery even then. This represented a significant shift in the Indian industry to meet customer demand. Every 22-karat piece of jewellery we have sold since our inception would still pass the hallmarking test according to today’s standards.
Customisation is a big trend these days. What’s your take on it?
Nemichand has always offered in-house customisations for all our clients as we also have an in-house designing studio and manufacturing facility. Customisation has always been a trend with the clients who want the best for themselves.
How significant is the price of gold in determining your plans?
Rising gold prices offer us an opportunity to fine tune our jewellery to make it more client-friendly yet aesthetically appealing. However, since we specialise in jewellery studded only with fine natural diamonds and uncut diamonds, escalating gold prices do not play such a big factor as the gold content is not very high.
How do you foresee jewellery retail demand in India going ahead in 2024?
We are quite bullish on the jewellery retail demand in India in 2024. However, design differentiation and superior crafted products will always be in demand and commercial jewellery may face challenges as people are more exposed to better products compared to the pre-social media era.
How do you stay relevant to cater to the new crop of customers?
Our personalised attention to detail and personal interaction with clients combined with our constant research on current market trends allows us to stay ahead of the curve instead of reacting to market trends.
We also educate our clients and ensure they are making the right choice with respect to their needs and desires.
What are the current jewellery trends?
Uncut diamond jewellery and gold jewellery studded with natural gemstones and solitaires are in vogue. Customers want jewellery that can be worn on multiple occasions, and not stored in lockers. Stackable bracelets, minimalist yet high-value jewellery pieces are in trend with our clientele.
What is your perspective on the current market scenario for the diamond jewellery industry? Are there any specific opportunities and challenges you foresee?
The diamond jewellery industry is recovering from a challenging situation with respect to a slump in demand in China and the USA.
In India, there is an opportunity as people are getting wealthier and demand for natural diamonds is growing since there has been a healthy correction in natural diamond prices.
What is your take on LGDs since you have dealt all along with natural diamonds.
According to several sources, the value of LGDs has dropped by more than 90% since 2020. Similar to any man-made product, the prices of LGDs will continue to decrease as the supply increases. They seem to be in a mid-zone between imitations like cubic zirconia and Swarovski stones. One should be careful before buying LGDs as it not an investment but an expense, unlike gold, natural diamonds, and gemstones, which are time-tested stores of value.
How many stores do you have in India and what are your expansion plans?
The Nemichand Bamalwa Group currently has 4 stores in India. We are planning to open more stores at strategic locations in the near future.