Savvy Consumers Will Challenge Indian Jewelry Retail in Future Growth

Most of the industry’s growth will come from the unorganized segment of the Indian gem and jewelry industry, which constitutes some 94 percent of the market share, added Minawala, former president of the All India Gems & Jewellery Trade Federation.

Minawala and many other industry leaders were speaking at the Gems & Jewelry conference organized by the Federation of Indian Chambers of Commerce & Industry (FICCI) in Mumbai last Thursday.

The conference was a bridge-building exercise between the banking and jewelry industry that would help plot a course for the industry future growth.

“This program is intended to help the banking and the gem and jewelry industry have greater clarity in solutions to the issues and challenges ahead. Every effort is being made towards understanding the business framework of the industry and we are willing to take on the responsibility to lead banks in India in this sector,” said Stephane Vinogradoff, managing director of Antwerp Diamond Bank.

Devang Rawal, president and regional business head of the Yes Bank, presented highlights of a knowledge paper that included various issues and challenges being faced by the Industry. “This knowledge paper has the essence of what is required to make the gem and jewelry industry grows and to create benchmarks,” he observed.

Gem & Jewellery Export Promotion Council Chairman Rajiv Jain noted that the Indian industry’s climb up the processing value-chain with many innovations was key to establishing a promising future.

GIA Managing Director for India and the Middle East Nirupa Bhatt observed that it was necessary to focus more on the opportunities rather than the roadblocks ahead. She said the recently concluded agreement between the GJEPC and the GIA would enable the latter’s education programs to spread ethical business practices and programs that would change the gem and jewelry landscape in India.

Mehul Choksi, chairman of FICCI’s gem and jewelry committee, stated that brands had helped add value to the product in the consumer’s mind. He noted that trust between the retailer and consumer was a key element in future success.