GAURAV PARASWANI, Country Head, Au Finja, believes that technological advancements in metallurgy, machining, and AI are helping enhance finish, quality, design complexity, and material fusion in jewellery manufacturing.
How long have you been affiliated with the IIJS brand?
Au Finja has been associated with IIJS since the year 2003. This is going to be our 21st year at IIJS Premiere!
In what ways has the IIJS contributed to the growth of your company?
IIJS has been successful in bringing buyers from across the country and from around the world on a common platform. The buyers can connect with their preferred suppliers and find new suppliers in the jewellery industry. These connections and leads generated during the show build a good foundation for a successful business for both the buyers and suppliers.
What trends or innovations do you anticipate at the IIJS Premiere 2023?
The way technology has evolved in terms of metallurgy, machining, camera vision and AI, we see a greater push towards perfecting what the designer wants and the final product what the manufacturer produces. We will see an increase in the finishing quality, the complexity of design and the fusion of other materials with jewellery. All of these combined, will bring a very positive approach to the design language of gold and diamond jewellery.
What are your expectations from IIJS Premiere 2023?
Au Finja has always shown the possibilities in innovation and quality in the product we manufacture. Like we do every time, we will be showcasing our latest collection and the range of innovative designs. We anticipate a good growth in the number of visitors at IIJS this year, and we expect a bigger volume of orders placed and also boost in the number of new customers.
With gold prices hitting the roof, do you expect good sales?
Gold and jewellery sales in the country will continue to grow. The vast range of festive and wedding seasons we have in our country have always helped in maintaining the momentum of gold jewellery sales even when the price is soaring high. Especially for us, we have not seen much of a downturn in our sales in India or internationally. We are very confident with our product range and have always seen increasing demand for our products in the market around the world.
How do you prioritise sustainability and ethical practices in your business operations?
At Au Finja, being an international brand, we have stayed away from unethical ways of doing business with our stakeholders. Continuous training to our staff in ethical behaviour and practices has helped us to build this culture in our organization.
All our processes are built on keeping sustainability at the forefront. Minimizing waste and conserving resources and increasing positive social impact has been our focus.
How do you perceive the current market scenario for the gold industry? What opportunities and challenges do you see?
The global jewellery market size was valued at $295 billion in 2022 and is expected to surpass $520 billion by 2030, with a compound annual growth rate (CAGR) of 9.5%. These numbers are promising and give us a clear idea of the opportunities in the jewellery market. Connecting with new and existing clients is much easier now with the availability of AR and interactive apps. We see an era of innovation with the way technology is advancing.
Fluctuating gold price and devaluation of INR against US dollars have a negative effect on gold sales in India. However, when the price stabilizes, we observe a high volume of sales.
Has IIJS helped you grow your export business? Which are your target markets in the domestic region?
Having a huge set up and head office in Dubai, we cater clients outside India directly from the UAE. We have a very large client base all over India, hence covering all the regions in the country.
Tell us more about how big is your company? When did you start it?
We started our operations in 1997 in Dubai, with a strength of four. Now we have over 350 employees with our manufacturing units in India and the UAE. We are proud to have a wonderful team of artisans and designers and a highly capable administrative team.
Au Finja, was the first one to bring automated machining in the bangle industry, this changed the entire industry forever. Over the years we have continuously improved in all the business processes and will continue to learn more in the years to come. Innovating and perfecting our craftsmanship is what we focus on.
How many collections do you bring out in a year?
As mentioned earlier we focus on improving and perfecting the product we produce. We introduce 3-5 collections each year globally.
What kinds of crafts or technical innovations are you promoting or employing through your collections?
We are focusing more on easy-to-wear jewellery with a very high quality machining and finishing. The new product range, like Kavach, Yume Link Bracelet and Yume 360 Ring are very innovative products. We are proud to showcase them this IIJS.