On the runway to success - MCH Group

PAGE 43
SATURDAY. MARCH 10. 2012
Long history of aesthetic
47 companies from India exhibit at BASELWORLD
In a rapidly evolving market like
India, every year holds new surprises,
which can change fortunes
in a flash. For now, the
dice seem to be rolling in favour
of India with a rise in exports
and ever-increasing local demand
for luxury products, driven by
a population of over 1.2 billion
people.
Growth in exports
The gem and jewellery export
industry employs a workforce of
around 1.3 million people. Last
year, India’s total exports of gem
and jewellery grew from USD
38.33 to USD 46.35 billion compared
to 2010. The export sales
of cut and polished diamonds
were recorded at USD 27.21 billion
in 2011; this in comparison
to USD 25.10 billion in 2010.
In order to keep up with innovation,
exclusive and fancy diamond
cuts have been patented
globally by Indian companies.
A complete spectrum of coloured
gemstones is also cut and
polished, shaped and carved
in India. The Indian coloured
gemstone industry has expanded
enormously from its traditional
roots and most exporters
in Jaipur, the Indian coloured
gemstone hub, have chosen to
equip their factories with the latest
polishing machines and other
technology. In 2011, exports of
colour gemstones clocked in at
USD 364.62 million, up from
USD 285.95 million in 2010.
Reflections on India
The Indian luxury market witnessed
a robust growth of 20%
in the last year and according to
the Indian Luxury Review 2011
(a CII − A. T. Kearney Report), it
is estimated at USD 5.75 billion.
In comparison, the jewellery market
stood at USD 730 million in
2009, which certainly gives room
for thought. By 2010 it grew by
a phenomenal 30%. The determining
factors and drivers to
this development were increasing
gold and diamond prices and
low price elasticity. Watches in
2009 held a market share of USD
50 million, which increased by
29% in 2010. The growth can
be attributed to increasing supply
through higher distribution
reach.
Overall, luxury products have
grown the fastest at 29% to reach
a market share of USD 2.05
billion, of which jewellery and
watches have grown even beyond
expectations. The Indian consumers
are well-informed and
increasingly show preference
for the latest styles. Young consumers
are joining their older
counterparts at a rapid pace. But
whether young or old, the Indi-
Bollywood actress Bipasha Basu. An exquisite range of traditional jewellery from Royal Heritage Jewellery.
ans have money to spend and
are willing to adapt with experimentation.
They are accepting
and adopting global trends much
faster than anticipated. Industry
players have realized the need for
Indianization, and some efforts
are visible in merchandising of
jewellery and watches. Whether
it is a preference for two-tone
metal watch belts in India against
the rubber belt revolution that is
sweeping the rest of the World,
or the need for yellow gold jewels
that will match better with
the traditional saree designs of
the Indian middle-aged woman,
the need has never been more
obvious. Awareness and perhaps
more importantly aspiration levels
have certainly risen in the
last year, driven no doubt by the
increased supply in the market.
Brands are experiencing growth
upwards of 20-25% in same store
sales.
Best of India in Basel
In its endeavour to promote
India as the ‘innovation and
design destination’ for jewellery,
the Gem and Jewellery Export
Promotion Council (GJEPC) of
India, organizes the India Pavilion
and India Palace at BASEL-
WORLD, where exclusive jewellery
is showcased by India’s finest
in jewellery design and manufacturing.
Established in 1966, the
GJEPC has dynamically led the
industry to flourish. Being a powerful
driving engine, propelling
India’s export-led growth with
more than 5,500 members spread
nation-wide, the GJEPC is primarily
involved in introducing the
Indian gem and jewellery products
to the international market
and leverage their international
relationships to promote exports.
One-of-a-kind art pieces with rose-cut diamonds by California Collection.
A critical area of activity of the
Council has also been aiding better
interaction and understanding
between the trade and the
Indian government. Today, the
gem and jewellery industry is one
of the most dynamic and fastest
growing sectors of the country’s
economy, and the industry has
benefitted from the continuous
support from the GJEPC. At
BASELWORLD this year, fortyseven
prominent companies are
housed at the India Palace (hall
2) on 140 sq meters, and in the
India Pavilion (hall 6) they take
up no less than 732 sq meters.
Fifteen new first-time exhibitors
are being showcased this
year; Beauty Creation, Everest
Enterprise, Gehna Classics, Gems
N Crafts (Export), Inter Continental
Gems, Karats & Carats,
Kushal Ratn, Mamraj Musaddilal
Jewellers & Pearls Dealers,
Purnapurshottam Exports, R.K.
Color Diamonds, Sejal Exports,
ShitalDiam, Sheru Gems, Viva
Jewels and Star Rays.
Innovation, beauty and
craftsmanship
India has one of the richest traditions
of handmade jewellery
using various techniques from
different regions. On exhibit at
the India Palace in hall 2 are
the premium jewellery pieces.
“BASELWORLD is a very significant
show for the Indian jewellery
exporters. The show is like
a window to the rest of the
world, to showcase the high skills
and fine craftsmanship of the
Indian gems and jewellery industry,”
states Rajiv Jain, GJEPC’s
chairman. For Shantivijay Jewels,
innovation comes natural. Pradeep
Godha, chairman and managing
director of the company,
states: “We will be presenting
a new range of special distinctive
jewellery with colourless diamonds,
coloured diamonds and
coloured gemstones.”
A long history of aesthetic and
unique culture, India has a lot
to offer. “At BASELWORLD this
year,” reveals Hiten Shah, direc-
COUNTRIES
tor of S P Gems, “we have special
fancy natural brown, cognac
and champagne colour diamonds
from 0.01 carat to 20 carat sizes,
in round and all fancy shapes.”
Also, on showcase at his booth
are black round diamonds.
Each Indian company is presenting
new and unique products this
year at the show. At California
Collection (India), 18 karat gold
jewellery with natural multi-coloured
rose-cut diamonds sparkle.
One-of-a-kind art pieces studded
with unique diamond slices are
not to be missed, and a unique
beauty of each vibrant precious
colour is captured exquisitely to
maximize the stone’s brilliancy.
Rajeev Shankar Pandya, President
of Shankar Jewels ends with
the following statement: “All our
styles are designed in-house in
the three state-of-the-art factories
in Seepz, Mumbai, producing
30,000 units per month. That
way we ensure each customer’s
confidentiality and exclusivity.”
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