Diamond World (DW) May - June 2020

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Cover Story We should learn a lot from the mutual fund industry. In 4 years, mutual fund hasn’t given anyone any returns. But the way people are being pulled towards investing in mutual funds is great because their marketing is so good. Now every graduate, fresh out of college, with his first job, wants to open a mutual fund account. This kind of initiative is not there in the diamond industry Sunit Hirawat, Sunvim Exports timeless resonate more with them. We have not seen a downward trend in terms of ticket size for our diamond products, it has stayed where it was pre-Covid,” says Dipu Mehta of Orra. The diamond industry world over needs to capitalise on this and gain back its market share. “Diamonds do the same thing that exercise, alcohol, drugs, sugar/sweets, sex, luxury spending does - they give people pleasure - that daily sought after dopamine, oxytocin, serotonin, and endorphins. If a pandemic threatens to take away each individual’s happiness, what does the brain do? It goes treasure hunting for pleasure “pleasure hunting”, which is why alcohol sales are up and the rich are still spending and in some cases even more frivolously than before,” adds Michelle. Diamonds – a solid investment vehicle Any luxury item one buys, be it a handbag or a car, the minute one makes the purchase, the value of the item depreciates by 15-20 per cent. This is not the case with diamonds. Alkesh Shah of Gold Star Jewellery believes that the industry needs to go back to basics. 70 | may-june 2020 | DiamonD WorlD
Cover Story “We have to portray diamonds as a safe investment. During uncertain times, savings is important. People don’t want to make impulse purchases on EMIs anymore. This is the perfect time to let people know that diamonds are a safe investment and that we need to go back to our roots, and do what our parents and grandparents did. The resale value of gold and diamonds has only gone up. And with diamonds, one can buy it, wear it and still think of it as a safe investment,” says Alkesh. In the heydays, jewellers in India would always convert gold buying customers into diamond buying customers because that’s where the money was. “We need to get that back in practice,” adds Alkesh. Customers have realised that gold and diamonds are an investment and they hold their value. There was a lot of predisposed buying happening but now people have this inherent need to feel safe. “People are not spending money carelessly – they want to obviously spend their savings on something prudently, so we have to give them at opportunity. People are picking up solitaires and we are also going to be focusing on simple jewellery,” adds Dipu. People who have purchased solitaires a few years ago have made some money on it, may be not a lot. But people who have invested in real estate, equities or bonds have lost a lot of money. And diamonds are also a great investment against the dollar. “We haven’t really promoted diamonds as an investment and we should do that. We should learn a lot from the mutual fund industry. In 4 years, mutual fund hasn’t given anyone any returns. But the way people are being pulled towards investing in Buying diamond jewellery has always been about the sentiment. There are times when a consumer will walk into the store with a particular budget in mind and she will even exceed their budget if they like the product, because of the sentiment. What we need now is for the sentiment to come back. The biggest impediment right now is fear. So, rather than asking a client if they are safe and okay, we talk to a client as though everything is normal, you need to give the client a picture that things are normal Ishu Datwani, Anmol Jewellers DiamonD WorlD | may-june 2020 | 71
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FOunDER: Late Vidya Vinod Kala Alok
Page 21 and 22: editorial Sparkle of Hope No pandem
Page 24 and 25: RoUGh & MininG Rough prices of Petr
Page 26: Round & About POLISHED DIAMONDS 3ct
Page 29 and 30: Lab & TechnoLogy Round & About GIA
Page 32 and 33: Round & About AssociAtion & trAde B
Page 34: Round & About Retail and ecommeRce
Page 37 and 38: In MeMorIaM He was born in Patan, G
Page 40 and 41: In MeMorIaM Arunbhai with De Beers
Page 42 and 43: In MeMorIaM A Saga of Successes A t
Page 44 and 45: In MeMorIaM Remembering a Gentleman
Page 46: In MeMorIaM Life & Times of Arunbha
Page 54: In MeMorIaM Antwerp diamond market
Page 57: In MeMorIaM With late Shri Mafatlal
Page 69 and 70: Cover Story The very first day Mumb
Page 71: Cover Story The Carpe Diem mentalit
Page 75: Cover Story happiness through the s
Page 81 and 82: Personality Why was the decision to
Page 84 and 85: SPECIAL REPORT Ban on rough diamond
Page 86 and 87: SPECIAL REPORT If this voluntary ba
Page 88: SPECIAL REPORT of normalcy in an ot
Page 91 and 92: SPECIAL REPORT Earrings, Oriental G
Page 93 and 94: SPECIAL REPORT sales in the first t
Page 96 and 97: Special Feature Cartier Gem-Set, Di
Page 98: Special Feature Who are these Colle
Page 101 and 102: The Rock Talk Gem set & diamond bra
Page 103 and 104: The Rock Talk Roman Barocco necklac
Page 106 and 107: DW Promotion Limelight Lab-Grown Di
Page 108 and 109: DW Promotion Source: Limelight Hand
Page 110 and 111: Design stuDio Selim Mouzannar Beare
Page 112 and 113: Design stuDio Fine jewellery is bei
Page 114 and 115: GIA AdvertorIAl Stone Talk Ruby Rar
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