Indian Jeweller (IJ) April - May 2020

outright purchase of stock, which
currently will be quite expensive – given
the high price of gold.
Jewellers, who are understocked can
buy gold from their customers, who are
likely to come forward to sell gold, which
is now fetching them a good price. The
rate at which jewellers buy gold from
individual customers is much less as
compared to that at which they sell gold.
So jewellers have not reason to worry on
this front.
New business practices
In addition, to government prescribed
new protocols which every business will
have to follow, it is advisable that jewellers
start maintaining an updated database of
their clients. It will be handy, when they
announce various schemes to attract
customers. “Post lockdown, every jeweller
will come out with newer discount
schemes, or SIPs or gold investment
schemes, to attract customers,” explains A
Shivaram.
Such schemes are important – at the
same time, old practices of opening stores
and waiting for customers to walk in will
not work. Jewellery business owners will
have to find ways to invite customers into
their stores. “They may have to participate
in social events, conduct competitions, or
events or invite important people into
their store, so as to increase footfall,”
informs Badera. Jewellery retailers will
have to make an extra effort to create
demand for their products. They will have
to be innovative and make use of online
and offline marketing and branding ideas
to attract customers.
Manufacturing Segment
Manufacturers have yet another battle of
their own. Their artisans have gone back
to their native places. Their orders have
to be delivered in time, and logistical
companies haven’t opened up. With
government allowing only those diamond
manufacturers, who need to complete
their earlier export orders to operate with
just ten percent manpower, the situation is
indeed challenging. “Mumbai is currently
under total lockdown, our karigars have
gone to their villages, they may return
when lockdown is lifted, however they
haven’t made any such promises,” informs
Chetan Thadeshwar, Shringar House of
Mangalsutra Pvt Ltd, Mumbai. They are
yet to complete orders placed before
lockdown. They have asked for a deferred
delivery date for these orders. Money is
stuck with clients, as most of the business
is conducted on credit. If artisans fail to
return in time, and orders get piled up,
manufacturers may have to raise wages
and get work done from existing number
of workers. It is therefore, very important
that the artisans return in time. “Also,
some manufacturing units in Mumbai
have space constraints, so it may be a
challenge to rent out or arrange for
spacious manufacturing units in the city,”
explains Pramod Mehta, Shine Shilpi.
Functioning with quite a lot of multipronged
challenges isn’t going to be easy.
But knowing the resilience and tenacity
displayed by gems and jewellery business
owners, they will surely find innovative
ways to overcome all challenges and
ensure that business comes back to
normal as soon as possible.
Mumbai is currently
under total lockdown, our
karigars have gone to their
villages, they may return
when lockdown is lifted,
however they haven’t
made any such promises.
Chetan Thadeshwar,
Shringar House of
Mangalsutra Pvt Ltd,
Mumbai
Some manufacturing
units in Mumbai have
space constraints, so it
may be a challenge to
rent out or arrange for
spacious manufacturing
units in the city.
Pramod Mehta,
Shine Shilpi, Mumbai
INDIAN JEWELLER | april-may 2020 | 33