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Indian Jeweller (IJ) June - July 2020

Every kind of Manpower issue Covid is causing, and how jewellers are finding solutions | The case of 5 Epic sales jewellers made during & after lockdown | The Futurist - Top manufacturers predict design trends that will rule the roost and much more..

Every kind of Manpower issue Covid is causing, and how jewellers are finding solutions | The case of 5 Epic sales jewellers made during & after lockdown | The Futurist - Top manufacturers predict design trends that will rule the roost and much more..

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Editor’s note<br />

BEautiful crEations<br />

Despite the pandemic, the economic downturn, and the<br />

unprecedented hike in gold prices – all factors, which<br />

could have dissuaded buyers from buying, it is heartening<br />

to note that the yellow metal never loses its sheen. Post<br />

lockdown, buyers from all over the country are buying gold and<br />

diamond jewellery and investing in gold, which is currently the<br />

only investment giving highest returns. The gems and jewellery<br />

industry is busy once again, managing its inventory, bringing<br />

exquisite designs to jewellery buffs.<br />

The stories in this issue of <strong>Indian</strong> <strong>Jeweller</strong> will take you<br />

through a maze of ideas, which will chart out the bright future<br />

of this industry and narrate some anecdotes of successful sales,<br />

and more.<br />

In addition to the regulars like industry updates and in-focus,<br />

which hold the spotlight on some of the finest creations and<br />

latest industry happenings from across India.<br />

The <strong>Indian</strong> G & J industry is set to rule the world, with sheer<br />

grit, gumption and eye for beauty. Lo and behold!<br />

editor<br />

Alok Kala<br />

Courtesy: om <strong>Jeweller</strong>s<br />

10 | june-july <strong>2020</strong> | INDIAN JEWELLER


Special Features<br />

EVERY KIND OF<br />

MANPOWER ISSUE<br />

COVID IS CAUSING<br />

And how jewellers are<br />

finding solutions<br />

The case of 5 EPIC sales<br />

jewellers made during &<br />

after lockdown<br />

The Futurists<br />

Top manufacturers predict design<br />

trends that will rule the roost<br />

<strong>Jeweller</strong>y inspired by architecture, carved<br />

Plus gemstones, export conducive policies & more<br />

The Face oF The indian jewellery indusTry<br />

Vol.10 issue.6 june-july <strong>2020</strong> 300<br />

13 BIG<br />

MANPOWER<br />

PROBLEMS<br />

How these <strong>Jeweller</strong>s<br />

Struck Gold Even<br />

During Crisis<br />

These leading jewellers across<br />

India share success stories of<br />

how they made a great sale<br />

during the pandemic<br />

28<br />

How the Pandemic<br />

is Changing the<br />

Language of Design<br />

The Face oF The indian jewellery indusTry<br />

Vol.10 Issue 6<br />

june-july <strong>2020</strong><br />

Editor and Publisher: Alok Kala<br />

Associate Publisher: Arpit Kala<br />

Senior Editor: Vijetha Rangabashyam<br />

Business & Marketing: Gunjan Jain<br />

Features Editor : Sugandha R<br />

Graphic Designer: Dhananjay Kokate<br />

Columnists: Gunjan Suri, Aftab Bandukwala<br />

Subscription: India<br />

Single Copy: 300<br />

Annual: 1500<br />

Overseas: US$ 150<br />

Administrative Office:<br />

‘Journal House’, A-95 Janta Colony,<br />

Jaipur, 302004 Rajasthan India<br />

Ph: +91 141 2614398, 2610906<br />

Email: info@indianjeweller.in<br />

jaipur@indianjeweller.in<br />

Website: www.indianjeweller.in<br />

Communication and Editorial Office:<br />

Unit No 19, Ground floor,<br />

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Mumbai - 400013<br />

Phone- (022) 26756055/66<br />

E-mail : mumbai@indianjeweller.in<br />

<strong>Indian</strong> <strong>Jeweller</strong>, a bi-monthly magazine is<br />

printed and published by Alok Kala, Proprietor,<br />

Gem & <strong>Jeweller</strong>y Information Centre, Journal<br />

House, A-95, Janta Colony, Jaipur-302004,<br />

Printed at Payorite Print Media Pvt. Ltd.,<br />

Jaipur-302006.<br />

Published from Gem & <strong>Jeweller</strong>y Information<br />

Centre, Journal House, A-95, Janta Colony,<br />

Jaipur-302004.<br />

Editor - Alok Kala<br />

Registered with the Registrar of Newspapers<br />

for India under No. RAJENG/2010/50179.<br />

© All rights reserved. No part of this publication may be<br />

reproduced, stored or transmitted in any form without<br />

prior consent.<br />

The Big Story<br />

13 Big Manpower Problems<br />

From an unwillingness to work, low morale due to salary cut, fear of catching the<br />

virus to sales girls going on maternity leave and having to pay salaries despite<br />

having no income, jewellery storeowners have had to face many challenges in<br />

dealing with their staff. They have openly discussed their difficulties when it comes<br />

to handling their staff and offered solutions as well. By Vijetha Rangabashyam<br />

Special Columns<br />

The Cawnpore<br />

Chronicles Part 5<br />

From Visualisation<br />

to Reality<br />

In this series, Aftab<br />

Bandukwala’s Cawnpore<br />

project finally takes shape,<br />

one brick at a time<br />

16<br />

60<br />

In Focus<br />

Long & Light<br />

52<br />

Light weight long chains and necklaces will be in trend<br />

Carved & Charmed<br />

54<br />

<strong>Jeweller</strong>y with carved gemstones, an epitome of fine<br />

<strong>Indian</strong> craftsmanship<br />

An Ode to Architecture<br />

50<br />

Jewels inspired by architecture around the world<br />

Heritage Personified<br />

56<br />

Nakshi work lends irreplaceable beauty to these pieces<br />

of jewellery<br />

44<br />

For<br />

news, trends,<br />

market<br />

updates and<br />

more<br />

log into<br />

www.indianjeweller.in<br />

From using less gold to<br />

focusing on pieces that are rich<br />

in tradition and craftsmanship<br />

here’s how India’s top<br />

manufacturers are getting<br />

ready for the world ahead<br />

38<br />

The Curious Case of<br />

Duty on Re-Import<br />

What is required at this<br />

juncture is not a set of<br />

haphazard short-term policies,<br />

but a coherent and planned<br />

development strategy for the<br />

whole G & J sector<br />

Like us on Facebook<br />

@indianjeweller<br />

FoLLow us on twitter<br />

@<strong>Indian</strong><strong>Jeweller</strong><br />

FoLLow us on instagram<br />

indian_jeweller


The Big STory<br />

The many covid-led<br />

challenges with manpower<br />

13 BIG<br />

MANPOWER<br />

PROBLEMS<br />

From an unwillingness to work,<br />

low morale due to salary cut, fear<br />

of catching the virus to sales girls<br />

going on maternity leave and<br />

having to pay salaries despite<br />

having no income, jewellery store<br />

owners have had to face many<br />

challenges in dealing with their<br />

staff during this time. They have<br />

openly discussed their difficulties<br />

when it comes to handling their<br />

staff and offered solutions as well.<br />

By Vijetha Rangabashyam<br />

There is no one approach to handling staff. Every<br />

company is built differently. Some organisations are large<br />

and have the wherewithal to deal with the crisis at hand<br />

without having to cut pays or lay employees off. However,<br />

some organisations have to be more practical and safe in their<br />

approach. Employers have to deal with staff sensitively in<br />

addition to ensuring that they remain driven to perform well.<br />

16 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 17


The Big STory<br />

#Challenge 1 : Low morale because of salary cuts<br />

Solution: Transparency, tell it like it is<br />

Truth always triumphs. Your staff is<br />

the backbone of your organisation.<br />

They need to understand the gravity<br />

of the situation. Be honest about what is<br />

going on with your business. Abhishek<br />

Chanda of Hyderabad-based Kalasha<br />

Fine Jewels decided to go in for a pay cut<br />

for his employees during lockdown. “We<br />

had staff meetings and made everyone<br />

understand the situation, we have shared<br />

data about the volumes of sales, so<br />

everyone understands the situation the<br />

company is facing.” The company has<br />

informed everyone that they have been<br />

able to achieve only 25 per cent of sales as<br />

compared to the same period last year. “So<br />

everyone understands the whole situation<br />

clearly. Everyone has to understand that<br />

this is a difficult situation.” Anxiety about<br />

getting the virus is predominant in these<br />

times and so, every employee at Kalasha<br />

has undergone Covid 19 testing. “We<br />

have conducted Covid 19 testing for<br />

the entire staff. Everyone tested negative,<br />

which is a good thing. We are advising<br />

staff not to step out of the store, earlier<br />

they used to go out during lunch time.<br />

Now we strictly do not allow them to<br />

step out of the store. We have allocated<br />

space for them to have their lunch while<br />

observing social distancing norms.”<br />

#Challenge 2: Boredom & depression amidst staff<br />

Solution: Online training & motivational speaking<br />

For Amritsar-based Durga Das Seth<br />

<strong>Jeweller</strong>s, staff is the backbone. They<br />

have been with the organisation for<br />

several decades. “We haven’t deducted<br />

any salary during the lockdown, so their<br />

financial problems have been taken care<br />

of. We haven’t cut down the team even<br />

by a single person. In fact we hired one<br />

or two new people. We believe that if<br />

our people have worked for us for 20-30<br />

years, we will not lay them off because<br />

of 3-4 months of sales decline. I believe<br />

during difficult times we should mutually<br />

support each other,” adds Pankaj Seth.<br />

We had staff meetings and<br />

made everyone understand the<br />

situation, we have shared data<br />

about the volumes of sales,<br />

so everyone understands the<br />

situation the company is facing<br />

Abhishek Chanda,<br />

Kalasha Fine Jewels, Hyderabad<br />

Tip: Kalasha has always been following an<br />

interesting point system to keep its staff motivated,<br />

which will eventually come in handy at the time of<br />

appraisal. “We share with them the performance<br />

appraisal parameters. For grooming, we allocate<br />

30 points, and now in grooming we have included<br />

wearing masks, gloves and hygiene checks and<br />

adherence to safety norms.”<br />

We haven’t deducted any salary<br />

during the lockdown, so their<br />

financial problems have been<br />

taken care of. We haven’t cut down<br />

the team even by a single person<br />

Pankaj Seth,<br />

Durga Das Seth <strong>Jeweller</strong>s, Amritsar<br />

Tip: Training and bringing in motivational<br />

speakers have been really helpful to keep Durga<br />

Das’ staff driven. “During lockdown, some of them<br />

got bored, some suffered from bouts of depression.<br />

We got GIA and IGI to conduct online courses for<br />

our whole team via Zoom. Our team participated<br />

in it and spent their lockdown fruitfully. We got<br />

good motivational speakers also to conduct online<br />

training for our whole team.”<br />

18 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 19


The Big STory<br />

#Challenge 3 : Fear of Coronavirus<br />

Solution: Educating staff<br />

Organisations across industries are facing the problem of<br />

alleviating the fear of coronavirus amidst their staff. It is a very<br />

valid fear and hence it is the duty of the employer to help make<br />

them feel confident and comfortable. Ramesh Davanam of Bangalorebased<br />

Davanam <strong>Jeweller</strong>s has ensured that not a single person in the<br />

team has been laid off in addition to making sure that his staff’s safety<br />

is of utmost importance. “We have all the precautionary measures,<br />

temperature guns, Oxymeters, sanitisers, masks, gloves, etc.”<br />

We have started working<br />

on their psychological<br />

aspect as well, in order to<br />

eliminate the fear of the<br />

Coronavirus<br />

Ramesh Davanam,<br />

Davanam <strong>Jeweller</strong>s,<br />

Bangalore<br />

Tip: To make staff overcome their fear of the virus, Davanam<br />

has embraced a more practical approach of educating them<br />

about the virus itself. “We usually have regular sales and CRM<br />

training sessions for our staff, in addition to these we have<br />

started working on their psychological aspect as well, in order<br />

to eliminate the fear of the Coronavirus. We have started<br />

explaining the nuances of the infection. We have also done a<br />

health checkup for everybody. Doctors come to check ECG and<br />

Oxygen levels for all staff members regularly.”<br />

#Challenge 4 : Internal Politics<br />

Solution: Share the<br />

company’s vision and<br />

growth plan<br />

No company is free of politics. Especially<br />

where incentives and bonuses are part<br />

of the company’s policies, jealousy and<br />

friction amidst staff are natural outcomes. For<br />

Rishi Verma of Ambala-based Fateh Chand Bansi<br />

Lal <strong>Jeweller</strong>s, fighting his attrition rate has been<br />

an issue. “High attrition levels are a result of in<br />

the organization. All big organisations usually<br />

face such problems. We are trying to counsel each<br />

one individually and we have offered very good<br />

incentives to all staff members.”<br />

The entire growth plan has to be<br />

shared with all the staff members<br />

Rishi Verma,<br />

Fateh Chand Bansi Lal <strong>Jeweller</strong>s,<br />

Ambala<br />

Tip: Individual counseling and<br />

sharing the company’s vision with<br />

the staff has paid off for Fateh<br />

Chand. “The entire growth plan<br />

has to be shared with all the staff<br />

members. The whole projection<br />

needs to be shared with the team, so<br />

they know they have a future in the<br />

organization. We ended up paying<br />

double their salaries to almost<br />

everyone. We are trying to focus on<br />

sales through different mediums. So<br />

people are happy. They all want to<br />

work more and more, because of the<br />

incentives and that is working well<br />

for us.”<br />

#Challenge 5 : Losing experienced sales staff<br />

Solution: Extensive training for newer sales staff<br />

Since senior sales staff come with<br />

years of experience and also<br />

belong to a higher age group, many<br />

companies have suggested that they stay<br />

home. However, this comes with its own<br />

#Challenge 6 : Paying salaries with no income<br />

Solution: Thinking of coronavirus as a<br />

temporary glitch and staying positive<br />

Even though many jewellers have<br />

gone without any income in<br />

the last 4 months, they have still<br />

embraced a more humanitarian approach<br />

and paid their staff full salary without any<br />

pay cut. “We are paying complete salary<br />

since the last four months – all these are<br />

experienced staff, than have been working<br />

set of problems as the newer crop of sales<br />

staff don’t have the same experience and<br />

knowledge. “We are working only with<br />

50 per cent staff and that itself is a big<br />

problem. We do not have enough staff. We<br />

We are working only with 50 per cent<br />

staff and that itself is a big problem. We<br />

do not have enough staff. We don’t have<br />

experienced people working<br />

Mookanpillai,<br />

Mangal & Mangal Thangamaligai, Trichy<br />

with me for more then the last five years<br />

or so. The biggest problem I am facing<br />

is the burden of the salary which we are<br />

paying everyone since lockdown. But we<br />

cannot let them go as well, we have to<br />

take care of their needs, we understand<br />

this,” says Sacheen Vastani of Nagpur<br />

based Dass <strong>Jeweller</strong>s.<br />

Tip: One-on-one guidance and ensuring that this is a temporary<br />

phase has helped Sacheen tackle the situation better. “We monitor their<br />

health regularly. We keep talking to every staff member ensuring that<br />

they take good care of their health and are taking all the precautions.<br />

We tell them that this is a temporary phase and we keep advising them<br />

to keep a calm mind. I have a Whatsapp group for all my staff and keep<br />

sending positive, motivational videos to them.”<br />

don’t have experienced people working.<br />

Because of their age they aren’t working in<br />

this scenario,” says Mookanpillai of Trichy<br />

based Mangal & Mangal Thangamaligai.<br />

Tip: Mookanpillai has been<br />

focusing on doing one-on-one<br />

training for his staff. “We also<br />

conduct yoga classes for our<br />

staff so they feel energetic and<br />

geared up to work.”<br />

The biggest problem I am<br />

facing is the burden of<br />

the salary which we are<br />

paying everyone since the<br />

lockdown. But we cannot let<br />

them go as well, we have to<br />

take care of their needs, we<br />

understand this<br />

Sacheen Vastani,<br />

Dass <strong>Jeweller</strong>s, Nagpur<br />

20 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 21


The Big STory<br />

#Challenge 8 : Number of<br />

Covid cases on the rise<br />

Solution: Group<br />

medical insurance<br />

for staff and their<br />

families<br />

Cases in Coimbatore, which was<br />

initially a Green Zone, are on the<br />

rise. “Our showroom is still open<br />

but on Sundays only 50 per cent staff<br />

is working. “We have taken medical<br />

insurance cover worth Rs 3 lakhs for<br />

all our staff and their family,” adds<br />

Senthil Kumar of Sumangali <strong>Jeweller</strong>s.<br />

#Challenge 10 : Choosing who to<br />

retain and who to let go<br />

Solution: Temporary<br />

sabbatical<br />

Many jewellers also embraced a more<br />

practical and safe approach. For Sumeet<br />

Anand of Indore-based Punjabi Saraf it was<br />

a question of retaining staff who are more conscious<br />

about hygiene and other aspects. “We have asked<br />

some staff members to quit for a while -- say for<br />

about six months to a year and retained those we<br />

really needed. Fortunately, footfall is good. So we are<br />

now rethinking this move. During total lockdown,<br />

we had to go in for pay cuts up to say 10 per cent<br />

to 20 per cent. Our staff retention rate is very good.<br />

Our staff supported the pay cut totally.”<br />

#Challenge 7 : Constant reassurance<br />

about job security<br />

Solution: Communicating to the staff<br />

on a daily basis<br />

#Challenge 9 : Staff in containment zone,<br />

unable to come to work<br />

Solution: Give existing staff<br />

additional responsibilities<br />

In the current scenario, apart from getting over the fear of Covid, people are<br />

also worried about losing their jobs and this is prevalent in the jewellery<br />

industry as well. Many companies have approached this problem by<br />

implementing a pay cut, however, retaining all staff. “We have ensured that<br />

we have retained all our staff. If they have any fear, we keep communicating<br />

with them on a daily basis that their jobs are safe,” says Samarth Prakash of<br />

Meerut-based Alankar Jewelarts.<br />

We have ensured that we have retained<br />

all our staff. If they have any fear, we<br />

keep communicating with them on a<br />

daily basis that their jobs are safe<br />

Samarth Prakash,<br />

Alankar Jewelarts, Meerut<br />

Tip: Many weddings have been cancelled. Hence, come October,<br />

there will be more weddings happening. “We communicate to our<br />

sales staff that things will pick up. Customers have started coming,<br />

people have started moving out their homes. Weddings which have<br />

been scheduled to take place in October and November, a lot of<br />

enquiries are happening in person as well as over the phone. Sales will<br />

start taking place in the near future.”<br />

We have taken medical<br />

insurance cover worth<br />

Rs 3 lakhs for all our staff<br />

and their family<br />

Senthil Kumar,<br />

Sumangali <strong>Jeweller</strong>s,<br />

Coimbatore<br />

Tip: Reassurance<br />

and kind words from<br />

the employer itself will<br />

go a long way. “We<br />

work with our staff very<br />

closely. The number of<br />

cases in Coimbatore is<br />

increasing but we keep<br />

communicating to our<br />

staff that no matter what,<br />

we will take care of them.<br />

Once they are assured<br />

they are at peace.”<br />

In big metros, where population is dense, some staff are not in<br />

a position to come to work as they live in containment zones.<br />

For Delhi-based Bholasons <strong>Jeweller</strong>s, making do with existing<br />

staff and training them to take on additional roles has been the only<br />

solution at hand. “Since footfall is anyway less, we are ensuring that<br />

the remaining staff is managing the work well,” adds Subhash Bhola.<br />

We keep talking to them, we<br />

keep sharing positive thoughts<br />

with them. We urge them to talk<br />

to their team leaders as well<br />

Subhash Bhola,<br />

Bholasons <strong>Jeweller</strong>s, Delhi<br />

Tip: Effective communication is important at the time of<br />

crisis. “We keep talking to them, we keep sharing positive<br />

thoughts with them. We urge them to talk to their team<br />

leaders as well. By talking to each other, we can usually<br />

sort out a lot of problems. A lot of issues get resolved with<br />

effective communication. Usually, the news of demise<br />

of a known member due to Coronavirus, usually creates<br />

a feeling of depression. So, we need to keep talking and<br />

inspiring each other with positive thoughts.”<br />

Some of our staff, who were<br />

less educated and careless<br />

in terms of hygiene, are the<br />

people we asked to go on leave<br />

Sumeet Anand,<br />

Punjabi Saraf, Indore<br />

Tip: To combat doubts and fears, the<br />

company had urged its employees to<br />

undergo WHO-certified training. “We<br />

have tried to educate them well. Some<br />

of our staff, who were less educated<br />

and careless in terms of hygiene, are<br />

the people we asked to go on leave. We<br />

gave them some part of salary. During<br />

lockdown we did a lot of training on<br />

Zoom. Surely it must’ve worked to some<br />

extent. We have kept the staff clear<br />

about policies and happenings around<br />

the world, our staff is self motivated and<br />

is quite happy and content.”<br />

22 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 23


The Big STory<br />

#Challenge 11 : High levels of stress amidst staff<br />

Solution: Removing target based goals<br />

#Challenge 12 : Maintaining the perception of the brand<br />

Solution: Sticking with the staff<br />

Every jewellery store has set targets<br />

for their sales staff. However,<br />

given the current scenario, with<br />

low footfalls and additional burden of<br />

having to take care of one’s health and<br />

their families’ UP based Aisshpra Gems<br />

and Jewels has not given its sales staff any<br />

targets this year. This way, the staff is in<br />

a position to work under less pressure.<br />

“Some staff members were concerned –<br />

they were mostly under performers, we<br />

have assured them that if they perform<br />

well, we won’t ask them to leave. We just<br />

want them to keep our customers happy<br />

and satisfied,” says Vaibhav Saraf.<br />

Chandigarh faced a milder lockdown,<br />

as compared to the rest of India.<br />

Stores were open since May 13. In<br />

the last few months, public perception of<br />

companies has played a very important<br />

role. Companies that have stuck with<br />

their employees through these difficult<br />

times have enhanced its reputation. “We<br />

haven’t gone in for any pay cuts or laid<br />

off any of our staff. At the end of the<br />

day our workforce is our strength. They<br />

have been with us for many years. Some<br />

bad months can occur anytime for any<br />

business. We need to take care of them<br />

during these hard times. Once we do that<br />

we retain their confidence,” says Vikram<br />

Talwar of Talwarsons.<br />

Some staff members were<br />

concerned – they were mostly<br />

under performers, we have<br />

assured them that if they perform<br />

well, we won’t ask them to leave<br />

Vaibhav Saraf,<br />

Aisshpra Gems and Jewels, UP<br />

Tip: We take adequate measures, we<br />

have a doctor on call. Sanitisation and hygiene<br />

measures are in place. We have an oxygen<br />

cylinder and oximeter in place. We have tied up<br />

with a Bangalore-based motivational trainer.<br />

He takes sessions at least twice or thrice a<br />

week, he is also available on call<br />

We haven’t gone in for any pay cuts<br />

or laid off any of our staff. At the<br />

end of the day our workforce is our<br />

strength. They have been with us for<br />

many years<br />

Vikram Talwar, Talwarsons,<br />

Chandigarh<br />

Tip: “We discussed openly<br />

in our Whatsapp groups. My<br />

father, brother, and myself<br />

shared our thoughts with the<br />

staff and encouraged them to<br />

attend online seminars, so their<br />

lockdown was used fruitfully.”<br />

#Challenge 13 : Smart sales<br />

girls going on maternity leave<br />

Solution: Having<br />

backup sales staff in<br />

place<br />

Running a jewellery business in smaller towns comes with lesser<br />

number of challenges. The staff lives closer to the store, their<br />

expenses are lesser and aspiration levels are lesser too. However,<br />

there are downsides like staff not being highly qualified. “We had very<br />

smart sales girls working for us. Many of them were newly married and<br />

during lockdown some of them got pregnant. It is a pattern we have been<br />

witnessing. The only solution in sight has been to keep a backup off sales<br />

staff,” says Viraj Sheth of Nagpur-based Batukbhai Sons <strong>Jeweller</strong>s.<br />

We don’t have hierarchy when<br />

it comes to sharing thoughts<br />

and problems. We treat all staff<br />

equally<br />

Viraj Sheth,<br />

Batukbhai Sons <strong>Jeweller</strong>s, Nagpur<br />

Tip: For Batukbhai an open door, no<br />

hierarchy approached has helped. “We have<br />

told our staff that they can come directly and<br />

talk to us. We don’t have hierarchy when it<br />

comes to sharing thoughts and problems. No<br />

organisation is devoid of politics. However,<br />

we treat all staff equally.”<br />

24 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 25


Special Feature<br />

Lockdown Sales Chronicles<br />

How tHese jewellers<br />

struck gold even<br />

during crisis<br />

These leading jewellers across India share success<br />

stories of how they made a great sale during the<br />

pandemic with Vijetha Rangabashyam<br />

If your brand is solid and your jewellery is<br />

exclusive, you are bound to make good sales.<br />

Combined with a good mix of inventory,<br />

strategic marketing and constantly communicating<br />

with your audience is equally important. From<br />

selling pieces of yellow diamond jewellery to<br />

making what was the biggest sale in the history of<br />

the store, here are some inspiring stories of how<br />

jewellers struck gold during this difficult time.<br />

In the month of February <strong>2020</strong> we<br />

had launched the canary yellow<br />

diamond collection Oriana. We did<br />

a lot of campaigning for this collection.<br />

A customer came and saw all the pieces<br />

in this collection when we had launched<br />

and then the pandemic followed. So,<br />

we didn’t hear back from the client at<br />

all. Months later, when there was some<br />

relaxation on the lockdown, the same<br />

customer enquired about those pieces<br />

again and made a sizeable purchase. May<br />

be it was because of being locked up for<br />

a few months and the urge to splurge<br />

but they bought multiple products from<br />

Courtesy: Abaran Timeless<br />

Oriana Collection<br />

Bangalore based Abaran Timeless<br />

sold quite a few pieces from its yellow<br />

diamond collection ‘Oriana’<br />

the yellow diamond collection: earrings,<br />

necklaces, bracelets etc all from the same<br />

collection for the entire family. It was a<br />

remarkable sale.<br />

We had worked hard on marketing and<br />

spent a lot of money on the collection<br />

in November-December last year.<br />

As lockdown was announced – we<br />

repackaged it and took the collection<br />

online and it was then that the substantial<br />

purchase was made from our store in<br />

Bangalore. The enquiry had come in the<br />

month of February and purchase was<br />

made post-lockdown, when the store<br />

opened.<br />

Takeaway: Convert your campaigns to suit your digital mediums<br />

May be it was because<br />

of being locked up for<br />

a few months and the<br />

urge to splurge but<br />

they bought multiple<br />

products from the yellow<br />

diamond collection:<br />

earrings, necklaces,<br />

bracelets etc all from the<br />

same collection for the<br />

entire family. It was a<br />

remarkable sale<br />

Pratap Kamath,<br />

Abaran Timeless<br />

Courtesy: Abaran Timeless<br />

Oriana Collection<br />

28 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 29


Special Feature<br />

Takeaway: The core learning here is that<br />

you have to stock a variety of pieces,<br />

which will encourage a buyer to buy<br />

everything from your store, unless you<br />

have exquisite stock of these pieces<br />

such a sale is difficult to take place.<br />

Inventory management is important.<br />

Shobha Shringar boutique, Mumbai<br />

Shobha Shringar a Mumbai-based jeweller<br />

made the biggest sale in the history of the<br />

store during the pandemic<br />

Post lockdown, the walk-ins are few,<br />

but the conversion rate is nearly 90<br />

per cent of the total walk-ins. They<br />

are buying a sizeable chunk of jewellery.<br />

In our society – there is a tradition to gift<br />

gold to the bride on her wedding day and<br />

this is not going to change. Soon after<br />

lockdown, we clocked the biggest sale<br />

in one sitting, in the history of our store.<br />

The customer bought everything in one<br />

sitting. We need to understand that people<br />

will not be able to go to multiple stores<br />

during this time, they will buy everything<br />

they want from one store, provided all<br />

of their criteria for the purchase, like<br />

aesthetics, pricing and style a match. The<br />

sale happened in bridal jewellery sets:<br />

diamond, jadau, and gold sets all replete<br />

with kadas, maangtikas, etc.<br />

The effort to create the jewellery was<br />

tremendous, we have all the variety under<br />

one roof. The advantage we have is that<br />

our inventory is huge – we have a good<br />

stock of beautiful jewellery pieces. We<br />

were to participate in an exhibition, which<br />

was announced last year with this fresh,<br />

made-to-order inventory. The exhibition<br />

was cancelled because of the lockdown<br />

and we now have the most beautiful<br />

collection of jewellery as compared to all<br />

other stores in the city. So when we share<br />

pictures of these pieces with our long<br />

standing clients, they are eager to come<br />

forward to buy these pieces.<br />

We clocked the biggest<br />

sale in one sitting, in<br />

the history of our store.<br />

The customer bought<br />

everything in one sitting.<br />

We need to understand<br />

that people will not be<br />

able to go to multiple<br />

stores during this time,<br />

they will buy everything<br />

they want from one<br />

store, provided all of their<br />

criteria for the purchase,<br />

like aesthetics, pricing and<br />

style are a match<br />

Snehal Choksey,<br />

Shobha Shringar <strong>Jeweller</strong>s<br />

Image & jewellery courtesy: Rare Heritage<br />

Rare Heritage sold 6 contemporary pieces of diamond<br />

and polki jewellery with proper strategy in place<br />

During the lockdown we prepared a<br />

list of clients, and we started sharing<br />

pictures of our stock over Whatsapp<br />

and started the buzz surrounding some<br />

select pieces of jewellery. So in the first<br />

week that we opened our store, after<br />

lockdown, we converted six sales. This was<br />

particularly the result of our strategy, by<br />

creating the familiarity with the inventory,<br />

and enticing customers to buy jewellery<br />

soon after lockdown.<br />

These were contemporary pieces, casual<br />

wear but statement jewellery. Couple of<br />

them were diamond jewellery pieces and<br />

some were polki. We communicated to<br />

our clients constantly through phone calls,<br />

social media and Whatsapp and we shared<br />

with them pictures of our jewellery.<br />

Takeaway: If you have<br />

a proper marketing &<br />

sales strategy in place,<br />

you can actually make<br />

sales happen.<br />

In the first week that we opened our store, after lockdown,<br />

we converted six sales. This was particularly the result of our<br />

strategy, by creating the familiarity with the inventory, and<br />

enticing customers to buy jewellery soon after lockdown<br />

Nakshatra Mehta, Rare Heritage<br />

30 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 31


Special Feature<br />

Necklace courtesy: Harsahaimal<br />

Shiamlal <strong>Jeweller</strong>s<br />

Takeaway: Many families have<br />

increased their jewellery budget,<br />

because the budget of the whole<br />

wedding has been cut down<br />

drastically, as number of people<br />

attending the wedding has reduced.<br />

Takeaway: Be persistent<br />

and never give up on your<br />

ability to pursue a client<br />

Image & jewellery courtesy: Occasions Fine <strong>Jeweller</strong>y<br />

Occasions Fine <strong>Jeweller</strong>y from<br />

Ahmedabad is putting together an<br />

entire trousseau for a bride<br />

A<br />

long standing client was looking<br />

for an anniversary gift for his wife.<br />

The store was not too far away<br />

from their home, so we opened the store<br />

especially for that client. He came in<br />

to buy the anniversary gift. He bought<br />

a diamond bracelet and pendant. The<br />

couple was very happy that we went a<br />

great extent to be of service to them.<br />

It has been a month since our store in<br />

Ahmedabad opened. During which there<br />

were many such moments. One of our<br />

old clients has a wedding coming up in<br />

November. Many families have increased<br />

their jewellery budget, because the budget<br />

of the whole wedding has been cut down<br />

drastically, as number of people attending<br />

the wedding has reduced.<br />

We are doing the entire wedding<br />

trousseau for the bride. The wedding is<br />

to be held in Udaipur, in November. The<br />

bride will be wearing a tassel necklace for<br />

the brunch, a diamond necklace for the<br />

sangeet in the evening and a jadau set for<br />

the wedding next day.<br />

A long standing client was<br />

looking for an anniversary<br />

gift for his wife. He bought<br />

a diamond bracelet and<br />

pendant. The couple was<br />

very happy that we went<br />

a great extent to be of<br />

service to them<br />

Devashish Kamdar,<br />

Occasions Fine <strong>Jeweller</strong>y<br />

Bareilly based Harsahaimal Shiamlal<br />

<strong>Jeweller</strong>s sold a pair of solitaire earrings<br />

to a reluctant customer<br />

Customers are by and large risk averse<br />

these days. They don’t want to step<br />

out and they don’t want to make<br />

any big investment that could prove to be<br />

risky. There was this one customer who<br />

was skeptical about buying a pair solitaire<br />

earrings. In such a case, we interacted<br />

with the client over whatsapp, phone, etc.<br />

and got her to purchase the earrings. At<br />

present there is a lot of heavy jewellery<br />

purchase happening. Many clients are<br />

looking at buying heavy jewellery, both<br />

diamond and gold. So we convince<br />

them about how this time is ideal to buy<br />

jewellery and apart from adding aesthetic<br />

value to their collection, it is a wise<br />

investment, as prices of gold will increase<br />

further.<br />

Many clients are looking<br />

at buying heavy jewellery,<br />

both diamond and gold. So<br />

we convince them about<br />

how this time is ideal to<br />

buy jewellery and apart<br />

from adding aesthetic<br />

value to their collection, it<br />

is a wise investment, as<br />

prices of gold will increase<br />

further<br />

Ankur Anand,<br />

Harsahaimal Shiamlal<br />

<strong>Jeweller</strong>s<br />

32 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 33


Special SpecIal Feature<br />

Image & <strong>Jeweller</strong>y courtesy:<br />

Raniwala 1881<br />

Bangle & earrings: Rosentiques<br />

Design Decree<br />

How tHe pandemic<br />

is cHanging tHe<br />

Language of design<br />

From using less gold to focusing on pieces that are rich in tradition<br />

and craftsmanship, to embracing old-world techniques and<br />

exploring Nature as an inspiration even more, here’s how India’s top<br />

manufacturers are getting ready for the world ahead<br />

The gems and jewellery industry has<br />

been the closest to Nature, whether<br />

it was mining for her treasures or<br />

polishing it to match the natural shine<br />

of the sun and stars. Nature has always<br />

bestowed its best on artisans of this<br />

industry.<br />

<strong>Jeweller</strong>y manufacturers from every<br />

part of the country and all over the world<br />

work in sync with the glories of Nature,<br />

capturing it in their designs.<br />

The pandemic-induced economic<br />

decline has set a New Normal for one<br />

and all, so also when it comes to design<br />

elements. There’s a fine balancing act,<br />

which manufacturers need to strike,<br />

especially since gold prices are at an alltime<br />

high; demand is low and there’s<br />

less scope for experimentation. They<br />

have to bring in new designs, which are<br />

affordable, cost efficient and irresistible at<br />

the same time.<br />

<strong>Jeweller</strong>y that is high on trust &<br />

emotional quotient<br />

Says Abhishek Raniwala of Raniwala<br />

1881, “People are inclined to buy jewellery<br />

from the brand they trust.They are<br />

looking for security of their investment;<br />

if it can give them good returns on<br />

investment. Emotional quotient will play<br />

an important role in buying of jewellery<br />

in the post pandemic world.” Gold prices<br />

are reaching a new high. Most G & J<br />

retailers are trying to assure customers<br />

that they are getting the best buy at the<br />

current prices. They are getting value for<br />

money. Customers want to buy believable<br />

jewellery. They may not choose to do a<br />

casual purchase. Adds Abhishek, “We are<br />

trying to bring in better aesthetics and we<br />

have improved our customer relations and<br />

provide best prices and best service to our<br />

customers.”<br />

14k gold for the win<br />

Interestingly, as gold prices increase,<br />

demand for gold has not reduced, unlike<br />

the trend that is generally observed<br />

for other goods. “We manufacture<br />

bridal jewellery and polki in particular.<br />

Weddings are going to happen,<br />

irrespective of the pandemic. So we will<br />

not make dramatic changes in the timetested<br />

bridal jewellery designs. In a post<br />

pandemic world, these typical pieces of<br />

jewellery will be of great value ,” informs<br />

Amish Kothari, Rosentiques. Most<br />

manufacturers are striving to make more<br />

of 14 carat jewellery – and are using more<br />

studded gems and diamonds, primarily<br />

because gold has become expensive, so<br />

People are inclined to<br />

buy jewellery from the<br />

brand they trust.They are<br />

looking for security of their<br />

investment. Emotional<br />

quotient will play an<br />

important role in buying<br />

of jewellery in the post<br />

pandemic world<br />

Abhishek Raniwala,<br />

Raniwala 1881<br />

Weddings are going to<br />

happen, irrespective of the<br />

pandemic. So we will not<br />

make dramatic changes<br />

in the time-tested bridal<br />

jewellery designs. In a post<br />

pandemic world, these<br />

typical pieces of jewellery<br />

will be of great value<br />

Amish Kothari,<br />

Rosentiques<br />

38 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 39


Special Feature<br />

Earrings & necklace: Achal Jewels<br />

Earrings & necklace: GDK Jewels<br />

We need to refrain<br />

from designs which<br />

will involve more<br />

gold per piece. For<br />

many customers, the<br />

disposable income has<br />

come down, so while<br />

designing one has to<br />

make jewellery which<br />

is affordable, light in<br />

terms of gold weight,<br />

attractive, trendy yet<br />

unique<br />

Shashwat Shah,<br />

Umrao Jewels<br />

as to offer fresh designs to retailers and<br />

customers at large.<br />

Value for money<br />

The mass buyers will be looking for value<br />

for money when it comes to jewellery<br />

buying. “Value is going to be the deciding<br />

factor. With our jewellery, we give good<br />

value on their investment. We are telling<br />

our designers to bring in that kind of<br />

value in their work. We are striving to<br />

give customers the best value in terms of<br />

jewellery for the price they are paying,”<br />

explains Abhishek Raniwala.<br />

Heirloom & tradition are<br />

constants<br />

Heirloom pieces are going to be in great<br />

demand – some jewellery aficionados<br />

may get these pieces redesigned and blend<br />

them with contemporary fashionable<br />

pieces so as to complement their attire.<br />

But surely, these pieces are going to be<br />

moving more often now.“We usually<br />

make antique jewellery. Our product is<br />

heavy and our client segment includes<br />

niche buyers, who aren’t much bothered<br />

about price,” explains Mehul Solanki,<br />

Solanki <strong>Jeweller</strong>s. He explains antique<br />

pieces with a bit of fusion will be popular<br />

going forward.<br />

Light & affordable<br />

The changes in design will be dependent<br />

on change in gold price. “We need to<br />

refrain from designs which will involve<br />

more gold per piece. For many customers,<br />

the disposable income has come down, so<br />

while designing one has to make jewellery<br />

which is affordable, light in terms of gold<br />

weight, attractive, trendy yet unique,”<br />

explains Shashwat Shah, Umrao Jewels.<br />

The customers should feel like buying<br />

jewellery despite the crisis. While Toshiba<br />

Jariwala explains that they are working on<br />

special orders, bridal jewellery along with<br />

light weight pieces – there are no stock<br />

orders from retailers. “We are getting<br />

only special orders and gifting jewellery<br />

is in demand. Retailers are telling us what<br />

their client needs and we are designing<br />

accordingly,” she adds. After the pandemic,<br />

the jewellery purchasing process won’t be<br />

as extravagant as before. Hence jewellery<br />

designs will have to be modified from<br />

being bold & beautiful to being unique<br />

& affordable in order to meet the<br />

consumer demands. “Currently there is a<br />

huge demand for light weight jewellery<br />

and this will persist in the coming years<br />

as well. Traditional jewellery can never<br />

go out of style especially for the special<br />

occasions. Therefore we contemplate<br />

on creating scaled down jewellery with<br />

traditional approach ,” says Anand Shah of<br />

Anand Shal Jewels.<br />

Nature, nature & nature<br />

Nature has always been the eternal<br />

muse for different artists, and so also for<br />

talented jewellery designers and artisans.<br />

“Nature holds immense importance,<br />

ancient jewellery too holds a lot of value<br />

in terms of inspiration. We are striving<br />

to revive ancient design. For bridal<br />

jewellery, necklaces will be in demand. In<br />

diamonds we are concentrating more on<br />

earrings. We prefer ruby and emeralds for<br />

our jewellery,” explains Amish Kothari.<br />

Flowers, birds, animals, the sun, moon,<br />

stars, leaves, et al have caught on to the<br />

fancy of one and all. Says Shashwat,<br />

“Almost 90 per cent of our pieces, will<br />

have peacocks, parrots, lotus, etc. our work<br />

has always been heavily inspired from<br />

Nature. We usually draw inspiration from<br />

Nature – Mother Earth. Multipurpose<br />

jewellery – transformable jewellery is<br />

surely in demand. One would want to<br />

buy more of such jewellery. It is usually<br />

cost effective. Although the demand for<br />

such jewellery is yet to pick up in India.”<br />

Designs with mass appeal here<br />

to stay<br />

With the lockdown and fewer walk-in<br />

clients, all retailers want to go online, and<br />

they are asking manufacturers to render<br />

all the designs they had approved in the<br />

past. They want to showcase all available<br />

designs on their website. Informs Toshiba<br />

Jariwala, “Right now we are getting<br />

mixed orders. The masses want their<br />

traditional designs. It’s only the evolved<br />

and aesthetically inclined buyers who<br />

Currently there is a huge demand for light weight jewellery<br />

and this will persist in the coming years as well. Traditional<br />

jewellery can never go out of style especially for the special<br />

occasions. Therefore we contemplate on creating scaled<br />

down jewellery with traditional approach<br />

Anand Shah, Anand Shah Jewels<br />

Right now we are getting mixed orders. The masses<br />

want their traditional designs. It’s only the evolved<br />

and aesthetically inclined buyers who would go in for<br />

geometric, architectural or Nature-based designer pieces<br />

of jewellery<br />

Toshiba Jariwala, Zundaa<br />

40 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 41


Special Feature<br />

Necklace: Umrao Jewels<br />

Necklace: Zundaa<br />

When gold prices increase,<br />

gold weight needs to<br />

be reduced by 5-10 per<br />

cent in a particular piece.<br />

Bridal jewellery enquiries<br />

are more. Necklaces<br />

and chokers are in great<br />

demand. Nature-based<br />

designs will always be<br />

preferred in India<br />

Vikas Mehta, Achal Jewels<br />

We have launched smallscale,<br />

kids and gifts<br />

jewellery range especially<br />

for Rakshabandhan.<br />

In our new designs we<br />

have introduced Natureinspired<br />

floral designs. In<br />

our traditional jewellery<br />

also we have brought in<br />

Nature-inspired designs<br />

Vineet Vasa, Lotus<br />

<strong>Jeweller</strong>y Creation<br />

would go in for geometric, architectural<br />

or Nature-based designer pieces of<br />

jewellery .”<br />

Smart designs with less gold<br />

“When gold prices increase, gold weight<br />

needs to be reduced by 5-10 per cent in a<br />

particular piece. Bridal jewellery enquiries<br />

are more. Necklaces and chokers are in<br />

great demand. Nature-based designs will<br />

always be preferred in India ,” adds Vikas<br />

Mehta of Achal Jewels. In the wake of<br />

Coronavirus-induced lockdown, market<br />

may sink for a while. Natural stones,<br />

like rubies, diamonds will be in demand<br />

– as buyers will want to be safe in their<br />

purchases.Most buyers are going for<br />

online shopping, as they cannot step out<br />

of their houses. Informs Vineet Vasa, Lotus<br />

<strong>Jeweller</strong>y Creation, “We have launched<br />

small-scale, kids and gifts jewellery range<br />

especially for Rakshabandhan. In our<br />

new designs we have introduced Natureinspired<br />

floral designs. In our traditional<br />

jewellery also we have brought in Natureinspired<br />

designs .” Most retailers are asking<br />

for lightweight chains, earrings, etc. “We<br />

are working on three different collections<br />

– which we will launch during the next<br />

wedding season,” adds Vineet.<br />

Temple jewellery popular<br />

across India<br />

Once the pandemic subsides, the demand<br />

for all kinds of jewellery will bounce back.<br />

The last wedding season, many jewellers<br />

lost a lot of business, this invariably means<br />

that the next wedding season will flood<br />

the market with demand. The new trends<br />

are in fusion jewellery – amalgamation<br />

of traditional and contemporary designs.<br />

Says Mehul Solanki, “Temple jewellery<br />

is in demand right now. Earlier, temple<br />

jewellery was in demand mostly in<br />

Southern India, at present we see demand<br />

for this type of jewellery from across<br />

India.”<br />

Ring: Anand Shah Jewels<br />

Gold over diamonds<br />

With some weddings which are<br />

happening now, families are going in<br />

for light weight jewellery. Spending on<br />

jewellery has reduced, owing to hike<br />

in gold price. Many manufacturers<br />

are focusing on light-weight, trendy<br />

jewellery as compared to heavy bridal<br />

jewellery, which used to be purchased in<br />

the past. <strong>Jeweller</strong>y buyers can be classified<br />

into: wedding buyers, which comprise<br />

about 50-60 per cent; occasion-based<br />

buyers comprising about 20 per cent and<br />

Necklace: Anand<br />

Shah Jewels<br />

about 15 per cent buyers are for gifts. The<br />

wedding buyers from 50 per cent have<br />

come down to 20 per cent. “We are getting<br />

into lightweight diamond jewellery. The<br />

current consumer mindset is that they<br />

are more interested in investing in gold as<br />

compared to diamonds. Many customers<br />

are comfortable with gold purchase. They<br />

feel gold prices will keep rising, giving<br />

them better returns on their investment,”<br />

explains Ashish Kotawala, GDK Jewels.<br />

There are many gifting enquiries. There<br />

are no social gatherings so the casual<br />

buyer is no longer there in the market.<br />

<strong>Jeweller</strong>y with colour<br />

gemstones<br />

Many customers are buying coloured<br />

gemstones as well. In case of studded<br />

jewellery, the value of the product goes<br />

down, however, colour stones add more<br />

to the design whereas plain diamond<br />

jewellery doesn’t look very attractive after<br />

some years. “Earrings and large tops and<br />

bracelets are mostly in demand. Demand<br />

for necklaces have reduced,” informs<br />

Kotawala. <br />

Temple jewellery is in<br />

demand right now. Earlier,<br />

temple jewellery was<br />

in demand mostly in<br />

Southern India, at present<br />

we see demand for this<br />

type of jewellery from<br />

across India<br />

Mehul Solanki,<br />

Solanki <strong>Jeweller</strong>s<br />

The current consumer<br />

mindset is that they<br />

are more interested<br />

in investing in gold as<br />

compared to diamonds.<br />

Many customers are<br />

comfortable with gold<br />

purchase. They feel gold<br />

prices will keep rising,<br />

giving them better returns<br />

on their investment<br />

Ashish Kotawala,<br />

GDK Jewels<br />

42 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 43


Special Feature<br />

Ease of exporting<br />

The curious case of<br />

duTy on re-imporT<br />

What is required at this juncture is not a set of haphazard short-term<br />

policies, but a coherent and planned development strategy for the<br />

whole G & J sector, says R Sugandha<br />

The <strong>Indian</strong> economy faces a<br />

challenging task of reviving growth<br />

in the post-pandemic scenario. The<br />

early onset of domestic slowdown and<br />

global disruptions has affected the G &<br />

J industry, both in terms of demand and<br />

supply factors.<br />

The demand-supply tug-of-war<br />

What is required at this juncture is not<br />

a set of haphazard short-term policies,<br />

but a coherent and planned development<br />

strategy for the whole G & J sector<br />

through demand infusion and effective<br />

stimulus, because the slowdown started<br />

much earlier and is structural in nature.<br />

As the economy is going through<br />

unprecedented crises due to the pandemic<br />

and the subsequent lockdown, strategies<br />

to revive growth in a phased manner are<br />

attracting attention.<br />

The Gem & <strong>Jeweller</strong>y Export<br />

Image courtesy: Gem Plaza<br />

factory, Jaipur<br />

Promotion Council’s Chairman Colin<br />

Shah, Vice Chairman Vipul Shah, and<br />

Executive Director Sabyasachi Ray held a<br />

video meeting with the Hon’ble Finance<br />

Minister, Smt. Nirmala Sitharaman on<br />

6th <strong>July</strong>, and made a presentation on the<br />

critical issues concerning the gem and<br />

jewellery industry.<br />

Some of the concerns presented during<br />

the meeting included, E-commerce policy<br />

for the gem and jewellery sector; making<br />

MyKYCBank platform mandatory for all<br />

gem and jewellery entities; sale of rough<br />

diamonds in India by miners to Special<br />

Notified Zones (SNZs); requested a<br />

clarification on Online Equalisation Levy<br />

for B2B international diamond auctions;<br />

reduction in import duty on polished<br />

diamonds, and Gold Monetisation<br />

scheme, amongst others.<br />

According to Alkesh Shah of Gold<br />

Star <strong>Jeweller</strong>y, “Ecommerce can help<br />

regain certain percentage of sales, small<br />

ticket items and fashion jewellery can be<br />

sold over ecommerce quite successfully.<br />

Bridal jewellery may be difficult to get<br />

sold online. Ecommerce is surely very<br />

important. Many exporters have already<br />

been using ecommerce platform .”<br />

The most important issue is to outline<br />

an approach to put the economy back on<br />

track. It is here that a deeper understanding<br />

of the current crisis is necessary as the<br />

economy had started to slow down much<br />

earlier.<br />

Irregularities of Regulations<br />

Says Dheeraj Menda, Studio Rêves,<br />

“Regulations in India aren’t conducive<br />

for growth of ecommerce. There is no<br />

provision for returned goods. When a<br />

customer (in a B2C scenario) returns<br />

goods, these goods are treated as reimports<br />

and 25 per cent duty is levied<br />

on these goods. This duty needs to be<br />

waived off totally. The people who are<br />

part of SEZ get many exemptions. This<br />

duty on re-imports is also exempted for<br />

companies located in a Special Economic<br />

Zones (SEZs) and brought to any other<br />

place in India.”<br />

The Council’s standpoint<br />

GJEPC has urged the Finance Ministry<br />

to reduce polished diamond import<br />

duty from 7.5 per cent to 2.5 per cent<br />

to help India to strengthen its status as a<br />

polished diamond hub, as all distribution<br />

Ecommerce can help regain<br />

certain percentage of sales,<br />

small ticket items and<br />

fashion jewellery can be<br />

sold over ecommerce quite<br />

successfully. Bridal jewellery<br />

may be difficult to get sold<br />

online. Ecommerce is surely<br />

very important. Many<br />

exporters have already been<br />

using ecommerce platform<br />

Alkesh Shah, Gold Star<br />

<strong>Jeweller</strong>y<br />

Regulations in India aren’t<br />

conducive for growth of<br />

ecommerce. There is no<br />

provision for returned goods.<br />

When a customer (in a B2C<br />

scenario) returns goods,<br />

these goods are treated<br />

as re-imports and 25 per<br />

cent duty is levied on these<br />

goods. This duty needs to be<br />

waived off totally<br />

Dheeraj Menda, Studio<br />

Rêves<br />

44 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 45


Special Feature<br />

We need to take measures and bring in reforms that would<br />

strengthen the ease of doing business in the industry, and at the<br />

same time make the industry self-reliant or Aatmanirbhar. Finance<br />

Minister Nirmala Sitharaman has assured us that she will look into<br />

the issues and address the concerns through periodical reviews<br />

Colin Shah, Chairman, GJEPC<br />

The industry has access to about Rs 66,580 crore of bank credit, which<br />

amounts to 0.68 per cent of the total bank credit of Rs. Rs.98,91,788<br />

crore, which is minuscule in comparison to the socio-economic<br />

contributions made by this sector. We have also raised our concerns<br />

over the limited financial support extended by the private banks<br />

Vipul Shah, Vice Chairman, GJEPC<br />

would be from India, leading to increase<br />

in duty collection due to greater volumes.<br />

India imports almost 1/3rd of world’s<br />

gold bullion up to 900 Tons. While<br />

1/3rd of the gold imported is for nonproductive<br />

investments the balance 2/3rd<br />

is for consumption. This adds to the trade<br />

deficit and increases rupee depreciation.<br />

Exports from SEZ have witnessed a<br />

decline of (-) 8.07 per cent during the last<br />

5 years, with $5.8 billion sales in 2014-<br />

15 dropping to $3.8 billion in 2018-<br />

19. Due to seasonal nature of demand,<br />

majority of exports occur in 6 months<br />

and hence, there is over-capacity built up.<br />

This leads to the under utilisation during<br />

lean periods. To mitigate this effect, SEZ<br />

units may be permitted to do job work<br />

for DTA units by following certain<br />

safeguards and on payment of GST on<br />

labour charges, especially post Covid.<br />

The Gem & <strong>Jeweller</strong>y Export Promotion<br />

Council, has put forth concerns to the<br />

FM with the vision to bring in “Ease of<br />

Doing Business” in the industry in these<br />

trying times.<br />

What the <strong>Indian</strong> G & J industry<br />

needs?<br />

The <strong>Indian</strong> gem and jewellery industry is<br />

one of the leading exporters in the world,<br />

significantly contributing to the GDP of<br />

the country, 13 per cent to merchandise<br />

exports and employing around five<br />

million people.<br />

“The problem in India lies in Domestic<br />

Tariff Areas (DTAs). Companies located<br />

in Seepz and SEZs get all the exemptions,<br />

rules are conducive to businesses located<br />

in these zones,” asserts Menda. If you<br />

want the whole country to develop, the<br />

government needs to create a conducive<br />

environment for the whole industry<br />

and not just those companies who are<br />

located in selected zones; only then the<br />

country on the whole can prosper. Duty<br />

exemption on re-imports (on goods<br />

returned by individual customers abroad)<br />

is the need of the hour.<br />

Whereas, Colin Shah, Chairman,<br />

GJEPC, said, “We need to take measures<br />

and bring in reforms that would<br />

strengthen the ease of doing business in<br />

the industry, and at the same time make<br />

the industry self-reliant or Aatmanirbhar.<br />

Finance Minister Nirmala Sitharaman<br />

has assured us that she will look into the<br />

issues and address the concerns through<br />

periodical reviews .”<br />

The Covid-19 hurdle<br />

Covid-19 has led to a paradigm shift in<br />

consumer behaviour across geographies.<br />

With e-commerce gaining momentum, a<br />

massive rise is seen in online purchases, and<br />

introduction of a supportive E- Commerce<br />

policy for the gem and jewellery sector<br />

will drive online jewellery purchases.<br />

Additionally, the GJEPC has also stressed<br />

upon the need for a dedicated systemdriven<br />

Fast Track Customs Clearance<br />

of shipments for the gems and jewellery<br />

goods valued below US$800.<br />

The Council has further urged the<br />

Government that the gem and jewellery<br />

sector be granted as Priority Sector Status<br />

in order to bring in operational benefits<br />

to the sector.<br />

Speaking on the availability of Bank<br />

Finance to the trade, Vipul Shah, Vice<br />

Chairman, GJEPC said, “The industry has<br />

access to about Rs 66,580 crore of bank<br />

credit, which amounts to 0.68 per cent of<br />

the total bank credit of Rs. Rs.98,91,788<br />

crore, which is minuscule in comparison<br />

to the socio-economic contributions<br />

made by this sector. We have also raised<br />

our concerns over the limited financial<br />

support extended by the private banks .<br />

In case of multiple banking/consortium,<br />

if private banks decide to freeze funds,<br />

then other PSBs are also at risk. GJEPC<br />

has proposed that banks should follow all<br />

RBI circulars and notifications, and banks<br />

should be directed to not withdraw credit<br />

limits.”<br />

SEZ: Special Exemptions Zones?<br />

Setting up of SEZ (special economic<br />

zone) is a good move, as it will help bring<br />

together all exporters on one platform,<br />

it will also help the council to put forth<br />

demands to the government effectively, so<br />

that it benefits the whole industry. India<br />

needs G & J export, now more than ever<br />

– in order to regain losses incurred during<br />

the lockdown.<br />

The exports business fell because of<br />

Covid-19 crisis, not because ecommerce<br />

wasn’t effective. “The real difficulty that<br />

all exporters are facing is that arising out<br />

of the pandemic and the disturbances<br />

arising in logistics. There isn’t any other<br />

difficulty that B2B exporters are facing.<br />

Ecommerce is an effective way of<br />

conducting business. Exporters would<br />

not have been able to expand their G &<br />

J business worldwide, had it not been for<br />

ecommerce,” explains Alkesh Shah.<br />

Lessons from the past<br />

Analyses of the earlier episodes of<br />

industrial growth slowdown identify the<br />

factors constraining growth mainly in<br />

terms of “supply constraints” and shortages<br />

in savings as the binding constraints. For<br />

the subsequent episodes, “inf¬rastructural<br />

bottlenecks” had been iden¬tified as an<br />

important factor limiting ind¬ustrial<br />

growth.<br />

Despite the 2008 slowdown, and several<br />

socio-political upheavals that India and<br />

the world have been through in the past,<br />

nothing is as challenging as the current<br />

Covid-19 induced economic crisis. G & J<br />

industry is facing serious decline demand<br />

in both B2B and B2C sectors, as well<br />

as domestic and export business. Never<br />

before has the industry faced such an<br />

enormous crisis and therefore measures<br />

to combat it will have to be enormously<br />

effective.<br />

Health, wealth and wellbeing of the<br />

whole of humanity is at stake. Time will<br />

prove to be the only deciding factor and<br />

the true healer.<br />

46 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 47


In focus<br />

In focus<br />

Hôtel Particulier necklace<br />

Hôtel Particulier necklace -<br />

Boucheron<br />

Hôtel Particulier necklace is set with a<br />

21,80 cts yellow sapphire, rock crystal,<br />

mother-of-pearl and moon stones,<br />

paved with yellow sapphires and<br />

diamond, with black lacquer, on white<br />

gold. The Maison’s first address, 152<br />

Galerie de Valois, is central to the family<br />

history as the place where Frédéric<br />

and Gabrielle Boucheron started their<br />

business in 1858. This incredible<br />

necklace evokes both the atmosphere<br />

that reigned there and the view<br />

afforded by its various windows.<br />

Architecture-inspired<br />

An Ode to<br />

Architecture<br />

<strong>Jeweller</strong>s have long been in love with<br />

architectural silhouettes. Here are some<br />

of our favourite masterpieces that take<br />

inspiration from some of the world’s<br />

most renowned edifices<br />

Silk Collection -<br />

Boghossian<br />

From China to Venice,<br />

Boghossian explores the<br />

historic silk route in its beautiful<br />

collection. The journey also pays<br />

tribute to the gorgeous vistas<br />

of Samarkand. The azure walls<br />

and turquoise mosaic have been<br />

represented quite eloquently in<br />

these jewellery pieces.<br />

Lady<br />

Arabesque<br />

necklace<br />

Barocko Colore collection -<br />

Bulgari<br />

Capturing the iconoclast spirit and<br />

rock attitude of an era, Bvlgari’s<br />

Barocko High Jewelry collection, is<br />

bold, colorful and precious thread<br />

woven between the Maison, the<br />

city of Rome and the Baroque style.<br />

Part of the Barocko Colore collection<br />

is this Lady Arabesque necklace<br />

magnificently set with 1 pear purple<br />

sapphire (3,42 ct), 1 pear purplish pink<br />

sapphire (3,55 ct), 2 cushion purple<br />

sapphires (3,72 ct - 3,72 ct), 14 oval<br />

and cushion pink and purple sapphires<br />

(28,64 ct), 11 fancy-shape paraiba<br />

tourmalines (16,35 ct), 15 round<br />

emeralds (3,38 ct), 5 pear diamonds<br />

(3,70 ct), 157 fancy shape diamonds<br />

(8,71 ct) and pavé-set diamonds<br />

(16,94 ct).<br />

Trésors d’Ailleurs<br />

Shéhérazade ring in yellow<br />

gold and lacquer, set with<br />

round sapphires and one<br />

sculpted cabochon-cut<br />

lapis lazuli, by Chaumet<br />

is inspired by Islamic<br />

architecture<br />

Byzantine mosaic<br />

inspired cuff –<br />

Giampiero Bodino<br />

Genius jewellery designer<br />

Giampiero Bodino is<br />

known for his love for<br />

art and architecture,<br />

especially from Italy.<br />

In this white gold cuff<br />

inspired featuring<br />

white chalcedony and<br />

diamonds, he pays<br />

homage to Byzantine<br />

mosaics.<br />

Les Trésors d’Ailleurs -<br />

Chaumet<br />

The Shéhérazade ring in lapis<br />

lazuli, sapphires, yellow gold and<br />

lacquer is one of 16 unique high<br />

jewellery rings in the Trésors<br />

d’Ailleurs collection created by<br />

Chaumet to mark the reopening<br />

of its Place Vendôme boutique.<br />

The ring portrays the star-shaped<br />

architecture and cupola found in<br />

Islamic architecture.<br />

Giampiero Bodino Mosaic white<br />

gold cuff inspired by Byzantine<br />

mosaics featuring white chalcedony<br />

and diamonds<br />

50 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 51


In focus<br />

Diamond studded<br />

chain, ORRA<br />

<strong>Jeweller</strong>y in<br />

floral and animal<br />

motifs - Garden of<br />

Wonders collection,<br />

Forevermark<br />

Long Necklaces<br />

Gold tourmaline and diamond<br />

pendant necklace, Amrapali<br />

Long & Light<br />

Light, wispy but stunning in designs, these long<br />

necklaces will be all the rage in the near future<br />

as consumers will prefer wearing something<br />

conspicuous yet light<br />

Light weight chain<br />

crafted in 18K<br />

gold with green<br />

beads, ANMOL<br />

Long chain<br />

crafted in<br />

white gold with<br />

celestial motifs<br />

and studded<br />

with diamonds,<br />

Aisshpra Gems<br />

and Jewels<br />

Sleek<br />

multilayer<br />

necklace, OM<br />

<strong>Jeweller</strong>s<br />

Long chain with statment<br />

emerald and diamond<br />

pendant, Diacolor<br />

The charisma<br />

pendant, Bluestone<br />

52 | june-july <strong>2020</strong> | INDIAN JEWELLER


In focus<br />

Necklace with<br />

carved emerald<br />

centre & coral,<br />

Kashi <strong>Jeweller</strong>s<br />

Necklace with<br />

carved coral<br />

pendant, Jewel<br />

Saga<br />

Necklace with<br />

carved emerald<br />

and lashings of<br />

diamonds, Tallin<br />

Carved Gemstones<br />

Carved &<br />

Charmed<br />

Carved emerald and sapphires<br />

earrings, Kohinoor <strong>Jeweller</strong>s Agra<br />

Haar crafted in 18K gold studded<br />

with pearls,rubies,kundan work,<br />

finecut diamonds and precious<br />

Gemstone carving is a skill<br />

that requires decades of<br />

practice. Jaipur is known for<br />

its artisans who come with<br />

a plethora of knowledge<br />

and skill when it comes to<br />

carving gemstones. From<br />

beautiful emerald leaves to<br />

a spectacular coral Ganesha,<br />

here are some of our<br />

favourite pieces<br />

Necklace with<br />

carved emerald<br />

leaves, Ghatiwala<br />

<strong>Jeweller</strong>s<br />

Butterfly earrings with carved blue<br />

onyx wings, tourmaline flowers,<br />

emeralds and diamonds, Mirari<br />

Carved emerald and diamond<br />

earrings, Rosentiques<br />

54 | june-july <strong>2020</strong> | INDIAN JEWELLER


In focus<br />

Magnificent gold choker curated in 22 K<br />

gold with Polki and Nakshi work studded<br />

with fine-cut diamonds and semi precious<br />

stones, Aisshpra Gems and Jewels<br />

Temple haar crafted in 22K gold with<br />

Intricate nakshi of Ganesha idol,<br />

Aisshpra Gems and Jewels<br />

Nakshi work<br />

Temple necklace with carvings of <strong>Indian</strong><br />

God curated in 22 K gold, Anmol<br />

Heritage Personified<br />

Nakshi or Nokshi means carving in Bengali where gold is intricately carved.<br />

This art is predominantly used in both Kundan and temple jewellery. From<br />

gods, goddesses to delicate flowers and architecture, many motifs intrinsic to<br />

<strong>Indian</strong> heritage are used in Nakshi work<br />

A Statement ring crafted 22k gold<br />

studded with precious stones<br />

and intricate nakshi work, Shobha<br />

Shringar <strong>Jeweller</strong>s<br />

Nakshi work gold bangle, Vummidi<br />

Bangaru <strong>Jeweller</strong>s<br />

Kada crafted 22k gold with<br />

Intricate nakshi work , Shobha<br />

Shringar <strong>Jeweller</strong>s<br />

Necklace crafted in 22K<br />

gold with intricate nakshi<br />

of Elephants, Aisshpra<br />

Gems and Jewels<br />

22K gold choker with kundan, nakshi<br />

& meenakari work studded with semiprecious<br />

stones, WHP <strong>Jeweller</strong>s<br />

56 | june-july <strong>2020</strong> | INDIAN JEWELLER


ExpErt column<br />

Aftab Bandukwala<br />

Founder, Principal<br />

Architect, V-Design<br />

Architectural<br />

Solutions Pvt Ltd<br />

DESIGN DIRECTIVE<br />

The CAwnpore ChroniCles pArT 5<br />

From Visualisation<br />

to reality!<br />

In this series, Aftab Bandukwala’s Cawnpore<br />

project finally takes shape, one brick at a time<br />

Slowly the form starts to appear and in<br />

another few days with the finishes coming<br />

on and painting, polishing and floor polishing<br />

under way, the project finally starts to look like<br />

the store one has imagined!<br />

We have been<br />

‘building up’ this<br />

building on paper<br />

long enough and<br />

I think it’s time to<br />

move on site with<br />

the interiors!<br />

Needless to<br />

say, while we’ve<br />

been detailing<br />

the interiors<br />

drawings, the<br />

building has been<br />

coming up on site<br />

By the time you read this I hope<br />

we have managed to assimilate<br />

the ‘terror’ of Covid19 into our<br />

reality and with soaring morale and heads<br />

held high we are getting on with life and<br />

living every second of it, with adequate<br />

care and measures.<br />

We have been ‘building up’ this building<br />

on paper long enough and I think it’s<br />

time to move on site with the interiors!<br />

Needless to say, while we’ve been detailing<br />

the interiors drawings, the building has<br />

been coming up on site. The architectural<br />

construction can be a bit slow and boring<br />

since it’s en masse so I haven’t spent too<br />

much newsprint on writing about it. It is<br />

a process whereby slab after slab comes<br />

up with intermittent period of no activity<br />

while the previous slab is allowed to cure<br />

and the steel and formwork for the next<br />

slab is being slowly and securely erected.<br />

This being a steel and RCC composite<br />

structure, the construction was very fast<br />

and the main structure was up in a jiffy,<br />

relatively. We allow for the third level<br />

to come up before starting the interior<br />

construction for the first level so that<br />

there is a buffer of one floor at all times<br />

between the interior construction and<br />

the actual structural construction.<br />

Detail drawings are ready by now<br />

and we have already issued the basic<br />

construction drawings to the site team<br />

so the walls, partitions and panelling are<br />

already being put up on the respective<br />

levels as and when they are released<br />

for the purpose. Before this, however,<br />

the layout that was thus far on paper<br />

is actually ‘printed’ on the floor to do<br />

a final accuracy check if the drawings<br />

issued and construction is started after<br />

any minor tweaking.<br />

The excitement and frenetic<br />

activities start in right earnest! This is in<br />

complete contact to the slow and almost<br />

monotonous pace of the structural<br />

work and the project suddenly seems<br />

to come alive! Now the site transforms<br />

on almost a daily basis and schedules<br />

and timelines are far more stringent<br />

and uncompromising.<br />

It’s the services such as airconditioning,<br />

electrification and<br />

plumbing that move in first, even before<br />

construction of partitions because they<br />

need a clear path to run their ducts,<br />

conduits and pipes. After giving them<br />

a head start and with the walls and<br />

partitions in place the next activities<br />

are the flooring and false ceiling. This<br />

work is usually ongoing and ends<br />

just around the time the finishing<br />

work starts. There are many detailed<br />

construction activities that happen all<br />

along as well, such as facade cladding,<br />

staircase construction and cladding and<br />

railings to make a few.<br />

Slowly the form starts to appear and<br />

in another few days with the finishes<br />

coming on and painting, polishing and<br />

floor polishing under way, the project<br />

finally starts to look like the store one<br />

has imagined!<br />

You may think it’s over, but oh no!<br />

Not yet! Next issue, we will have a<br />

look at the climax look. Till then stay<br />

healthy and stay cautious!<br />

60 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 61


Spinel<br />

Spinel is irresistible: it comes in many<br />

colours including a rare vivid red colour<br />

that rivals ruby. In fact, many of the<br />

famous “rubies” of history are actually<br />

spinel. Burmese lore says spinel crystals<br />

were “polished by the spirits” because<br />

they are often such a beautiful shape.<br />

It is known to be a symbol of power,<br />

victory and new hope.<br />

Colour<br />

Spinel comes in a range<br />

of hues – orange, intense<br />

red, pastel to vibrant pink, all<br />

shades of purple, blue and violet<br />

through bluish green. Traces<br />

of chromium cause intense red<br />

and pink colours. Orange<br />

and purple are caused by<br />

a mixture of chromium<br />

and iron. The presence of<br />

iron creates violet to blue<br />

spinel, but if cobalt is present<br />

too, it can produce a rare,<br />

saturated blue colour.<br />

Clarity<br />

Lighter colours of spinel are usually relatively free<br />

of inclusions. Saturated reds and blues are rare and<br />

sometimes included. Some spinel has interesting<br />

inclusions that reflect the gem’s octahedral crystal<br />

growth. Groups of these microscopic inclusions can<br />

resemble human fingerprints.<br />

Treatments<br />

Some spinel may be heat treated to improve clarity, but<br />

it is a stable treatment. In rare cases, spinel may also be<br />

fracture filled to improve its apparent clarity.<br />

Sources<br />

Fine large red spinel crystals, historically referred to<br />

as “Balas rubies,” were mined in central and southeast<br />

Asia. Key mining locations are Myanmar (formerly<br />

known as Burma), Tajikistan, Sri Lanka, Vietnam,<br />

Tanzania and Madagascar.<br />

To learn more about spinel and other popular gemstones<br />

visit GIA.edu/gem-encyclopedia<br />

This article is provided by GIA (Gemological Institute of America ® ).<br />

GIA.edu<br />

Learn More About GIA Education Programmes and Laboratory Services in India<br />

GIAindia.in Email: labindia@gia.edu Email: eduindia@gia.edu<br />

©GIA 2019. GIA® and Gemological Institute of America® are registered trademarks of Gemological Institute of America, Inc.<br />

Butterfly Image Courtesy of: Bernadine Johnston and Buzz Gray<br />

62 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

ADT190091_India_Advertorial_Spinel_singlepg_Final.indd 1<br />

8/26/19 10:45 AM


Policy & Market UPdate<br />

Policy & Market UPdate<br />

Govt. increases duty<br />

drawback on gold by 16%;<br />

and reduces silver by 5%<br />

india to<br />

benefit from<br />

U.S.-china<br />

trade war<br />

President’s executive order<br />

ending Hong Kong’s<br />

preferential economic treaty<br />

under U.S. law effectively ends<br />

the territory’s separate customs<br />

treatment from China. Which<br />

means, the goods exported from<br />

Hong Kong will now be considered<br />

as goods made in China for duty<br />

purpose.<br />

Colin Shah, Chairman GJEPC said,<br />

“India possesses natural benefit of<br />

ready availability of raw material,<br />

manpower and skill sets, a sector<br />

with 5 million workforce and a ready<br />

infrastructure to cater to the global<br />

demand. <strong>Indian</strong> gems& jewellery<br />

sector has an opportunity ahead to<br />

take a quantum leap to become the<br />

global leader and a trading hub in<br />

the gems and jewellery.” <br />

Gold price hits all-time high<br />

Gold prices in India hit a record high on <strong>July</strong><br />

22, tracking a global rally, as expectations of<br />

more stimulus to resuscitate pandemic-hit<br />

economies lifted the metal’s appeal as an inflationhedge.<br />

Domestic gold futures reached an all-time<br />

high above the Rs 50,000 mark in early trade, taking<br />

their gains to 28 per cent in <strong>2020</strong> after rising a<br />

quarter in 2019. However, the price rise dampened<br />

retail demand for gold in the country, which is the<br />

world’s second largest consumer of the precious<br />

metal. <br />

Gem, jewellery exports dip<br />

34.72% in <strong>June</strong><br />

The country’s gem and jewellery exports<br />

contracted by 34.72 per cent to USD 1.64 billion<br />

(around Rs 12,333 crore) due to dip in global<br />

demand on account of the COVID-19 pandemic. The<br />

exports stood at USD 2.52 billion (around Rs 18,951<br />

crore) in <strong>June</strong> last year.<br />

“There has<br />

been a steady<br />

decline in exports<br />

as the demand<br />

has been going<br />

down following<br />

global economic<br />

slowdown and<br />

several restrictions in many countries to curb the<br />

spread of Covid-19 pandemic. However, we are<br />

seeing demand picking up in China, Europe and<br />

Australia,” GJEPC chairman Colin Shah told press<br />

persons. <br />

The duty drawback rate on gold has been<br />

increased by 15.6 per cent from Rs.372.9 per gm<br />

to Rs.431.1 per gm, which will enable exporters<br />

to get higher returns on duty and taxes that were paid<br />

for the raw materials against the exported products.<br />

Meanwhile, the duty<br />

drawback on silver jewellery<br />

has been reduced by 5 per<br />

cent from Rs.4,332.2 per kg to<br />

Rs.4,105.6 per kg.<br />

The previous revision in the<br />

gold duty drawback rate was<br />

done on 28th January, <strong>2020</strong>, following which the gold<br />

price has risen steadily. The GJEPC represented the<br />

matter to the Department of Revenue and urged it to<br />

revise the drawback rates. <br />

India’s Q2 Gold <strong>Jeweller</strong>y<br />

Demand Falls 74%<br />

<strong>Indian</strong> Q2 jewellery demand fell 74 per cent year-onyear<br />

to 44 tonnes -- the lowest quarterly total due<br />

to the nationwide lockdown, lost festival demand<br />

and the higher gold price, according to the World Gold<br />

Council’s (WGC’s) latest Gold Demand Trends report.<br />

India’s H1 jewellery demand<br />

was down 60 per cent to an<br />

all-time low of 117.8 tonnes.<br />

The WGC report noted that<br />

the strict lockdown imposed<br />

in late March ran through until<br />

mid-May, encompassing the<br />

all-important gold buying festival of Akshaya Tritiya<br />

– one of the most auspicious days for buying gold in<br />

India. This year, however, the country-wide lockdown<br />

meant that physical store sales were not possible, and<br />

only those retailers with an online presence were able<br />

to cater to demand. Sales were trivial in comparison<br />

with the previous year, it added. <br />

New rules<br />

for electronic<br />

retailers come<br />

into effect<br />

The new rules for electronic<br />

retailers, including mandatory<br />

display of ‘country of origin’<br />

on their products, will come into<br />

force by the end of this week, Union<br />

minister Ram Vilas Paswan said on<br />

<strong>July</strong> 20 and emphasised that the<br />

entities will face penal action for<br />

any non-compliance.<br />

The ‘Consumer Protection<br />

(E-Commerce) Rules, <strong>2020</strong>’ will be<br />

applicable to all electronic retailers<br />

(e-tailers) registered in India or abroad<br />

but offering goods and services to<br />

<strong>Indian</strong> consumers, he said.<br />

“Most rules framed under the<br />

Consumer Protection Act 2019<br />

have come into force from <strong>July</strong> 20.<br />

The e-commerce rules are<br />

“mandatory in nature” and violation<br />

of these will attract penalties. <br />

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AssociAtion & trAde bodies<br />

ASSoCiAtion & trAde bodieS<br />

GJePc explains<br />

Parichay<br />

card benefits<br />

to Karur<br />

gold smith<br />

association<br />

GJEPC’s regional office<br />

met the Karur Gold Smith<br />

Association and explained<br />

the benefits of the Parichay Card<br />

as part of its ongoing process to<br />

enroll karigars and artisans. The<br />

Karur Gold Smith Association<br />

president Senthilvel, Secretary<br />

Tamil Selvan and Treasurer Sakthi<br />

Saravanan participated in the<br />

meeting along with the working<br />

committee of the association.<br />

Parichay Card is an initiative<br />

of the GJEPC to ensure proper<br />

authentication to cover social<br />

security aspects of the unattached<br />

workers of the <strong>Indian</strong> gem and<br />

jewellery industry. The objective of<br />

this project is to create a verified<br />

and well-crafted database of<br />

artisans, which will be utilised to<br />

provide them various benefits in<br />

the future. <br />

GJEPC’s 6 new CFCs<br />

to be operational by<br />

Dec <strong>2020</strong><br />

The Common Facility Centres (CFC) Project<br />

Steering Committee, which includes<br />

representatives from the Ministry of Commerce<br />

& Industry and the GJEPC, met on <strong>July</strong> 8 to review<br />

the status of the upcoming six new CFCs.<br />

The six locations for setting up CFCs in Phase II<br />

are Coimbatore, Kolkata, Jaipur, Delhi, Rajkot and<br />

Hyderabad. The Committee meeting that was held<br />

under the chairmanship of Colin Shah, observed that<br />

the fit-out work of CFCs in Coimbatore and Kolkata<br />

is likely to be completed by October <strong>2020</strong>, while<br />

the other four centres are expected to be made<br />

operational by December <strong>2020</strong>. <br />

GJEPC donates Rs.75 lakh towards<br />

Covid-19 isolation ward at Surat hospital<br />

The GJEPC continued its<br />

charitable work in the<br />

fight against Covid-19 by<br />

offering financial assistance<br />

(through the Surat Diamond<br />

Association) to the SDA-<br />

Diamond Hospital & Medical<br />

Research Center (Matrushree<br />

Ramuba Tejani & Shantaba Vidiya<br />

Hospital for purchasing medical<br />

equipment for an isolation ward.<br />

The financial aid has enabled the<br />

hospital to acquire ventilators,<br />

ICU beds, and multi-parameter<br />

patient monitors among other<br />

equipment.<br />

In a letter, the hospital informed<br />

that it had no dedicated ward or<br />

equipment to provide healthcare<br />

services to the people affected<br />

by Covid-19. GJPEC has donated<br />

Rs.75,42,378 ($101,085) to<br />

Colin Shah: promoting ease of doing<br />

business a top priority<br />

GJEPC chairman Colin Shah expounded on the way<br />

forward for boosting manufacturing and exports.<br />

Shah noted that the Council will focus on promoting<br />

ease of doing business for the sector, through measures<br />

such as the elimination of paperwork and simplification of<br />

import-export procedures, especially amid the pandemic.<br />

“It is a big laundry list. These steps will make it easier for<br />

‘Make in India’ and exports,” he said.<br />

The immediate priorities would be increasing gold supply<br />

for exports and promoting the trade through e-commerce,<br />

supported by a proper e-commerce policy. <br />

the Surat Diamond Association<br />

(SDA) to fulfil the requirements<br />

of the hospital. <br />

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Retail & ecommeRce<br />

Retail & ecommeRce<br />

Bobby Kothari of<br />

Jewelex invests<br />

in augmented<br />

reality app<br />

mirraR<br />

<strong>Indian</strong> fashion tech startup<br />

StyleDotMe announced that it<br />

has raised a total of INR 3.5 crore<br />

in a pre-series funding round led by<br />

Survam Partners followed by Bobby<br />

Kothari, Director Jewelex India as a<br />

Strategic Investor & with continued<br />

participation from existing investors<br />

from IAN (<strong>Indian</strong> Angel Network).<br />

StyleDotMe’s<br />

powerful<br />

Augmented Reality technology,<br />

mirrAR has revolutionised the<br />

<strong>Jeweller</strong>y Industry by enabling<br />

virtual try ons in real time. With a<br />

strong client portfolio consisting of<br />

150+ jewellers like Tanishq, Kalyan<br />

<strong>Jeweller</strong>s, Senco, HazooriLal Legacy,<br />

etc. across 28 cities, mirrAR is now<br />

ready to enter the global market. <br />

Aisshpra Gems & Jewels<br />

offers Exclusively Yours<br />

home jewellery service<br />

Exclusively Yours is an appointment only<br />

service that the brand will be providing to their<br />

premium clientele in Uttar Pradesh where the<br />

customer can experience the creations from the<br />

house of Aisshpra from the comfort of their homes.<br />

The Exclusively<br />

Yours Service<br />

integrates MirAR,<br />

an augmented<br />

reality app where<br />

the customer can<br />

also experience<br />

unlimited designs<br />

on the IPAD.<br />

The process is<br />

simple where service a customer can simply brief<br />

about her requirement to the store executive via<br />

WhatsApp/ Zoom video call. Says Vaibhav Saraf<br />

Director, Aisshpra, Gems and Jewels, “Considering<br />

the expected lifestyle changes in the New Normal, it<br />

was essential to adapt.” <br />

Senco Gold & Diamonds focusing<br />

on omni channel sales<br />

Senco Gold and Diamonds, is focusing on omni<br />

channels to reach customers during this<br />

pandemic. The brand has introduced various<br />

customer friendly initiatives so that the customers<br />

can do shopping at<br />

the comfort of their<br />

homes, without<br />

any concern of viral<br />

infections. They can<br />

now connect with<br />

stores through video<br />

calling, and access<br />

e-catalogs. <br />

Kalyan adds video calls<br />

for selling gold jewellery<br />

Kalyan <strong>Jeweller</strong>s has launched a live video<br />

calling facility for customers in the UAE. The<br />

service allows them to continue shopping for<br />

jewellery from<br />

their preferred<br />

Kalyan outlet<br />

w i t h o u t<br />

stepping out<br />

from their<br />

homes.<br />

With the<br />

introduction of<br />

video calling,<br />

the brand aims<br />

to provide an<br />

in-store experience to customers and showcasing<br />

even minute details that gives customers the<br />

confidence to make decisions this way. <br />

Tanishq reported that revenues<br />

for the first quarter of the fiscal<br />

year <strong>2020</strong>-21 were impacted<br />

by the pandemic. Having suffered<br />

complete loss of sales in April due<br />

to the lockdown, revenue in May and<br />

<strong>June</strong> months were at slightly below<br />

20 per cent and around 70 per cent<br />

compared to the corresponding<br />

months of the previous year.<br />

As of the end of <strong>June</strong> <strong>2020</strong>, Tanishq<br />

has reopened around 95 per cent<br />

of its stores to date. Customers are<br />

being encouraged to visit stores<br />

by appointment only to avoid long<br />

wait times due to social distancing<br />

protocols, the company noted. <br />

Kalyan <strong>Jeweller</strong>s<br />

revives iPo plans<br />

A<br />

Moneycontrol report with<br />

inputs from anonymous<br />

analysts said the IPO could be<br />

valued at Rs 1,600 - 1,800 crores.<br />

Kalyan jewellers had to defer plans<br />

of an IPO in 2018<br />

but was confident<br />

of pulling an<br />

IPO in current<br />

times owing<br />

to a “healthy<br />

normalcy” in the jewellery sector.<br />

The report also quotes a source as<br />

saying that the company estimated<br />

a growth of 35 percent with its<br />

online businesses and a normalcy in<br />

wedding business. <br />

Tanishq reopens 95% of stores<br />

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Branding & advertisement<br />

Branding & advertisement<br />

Khimji Jewels launches ‘Discover Your<br />

Love’ campaign<br />

<strong>Jeweller</strong>y and lifestyle brand, Khimji<br />

Jewels has launched a global<br />

musical retreat during the ongoing<br />

pandemic. Khimji Jewels and Digital<br />

Dogs collaborated with musicians<br />

from across the world to spread a<br />

message of hope and love.<br />

The video talks about discovering<br />

your love whilst staying at home and<br />

spending time with your near and dear<br />

ones. When was the last time you<br />

discovered something about what you<br />

love? Our current circumstances may<br />

be forcing us to stay indoors. But it is<br />

also giving us unlimited opportunities<br />

to spend quality time and space with<br />

the ones we love. <br />

reliance Jewels wins prestigious<br />

et iconic Brand of india <strong>2020</strong><br />

Reliance Jewels has been recognized<br />

as one of the Iconic brands of India<br />

<strong>2020</strong> by Economic Times for their<br />

constant efforts to understand tastes and<br />

preferences of their customers and build<br />

loyalty. Started in 2017, ET Iconic brands<br />

aim to recognize the successful brands<br />

from India. It brings together the most<br />

iconic brands that have gained traction<br />

not only in India but also globally.<br />

Aligning itself to their vision, Reliance<br />

Jewels has always strived to meet the<br />

needs by providing high quality, sustainable<br />

solutions to one and all. This win marks<br />

a new milestone and recognition for<br />

Reliance Jewels. <br />

C. Krishniah Chetty Group stops<br />

Chinese pearls in their offerings<br />

Bengaluru’s 150-year<br />

old jewellery brand,<br />

C Krishniah Chetty<br />

Group of <strong>Jeweller</strong>s has taken a<br />

definitive step to stop offering<br />

cultured pearls which are<br />

suspected to originate from<br />

China, in their jewellery. China<br />

has dramatically increased<br />

production of freshwater pearls<br />

and has been cultivating pearls<br />

surpassing Japan in quantity<br />

over the last decade. C Krishniah<br />

Chetty gemologists will only<br />

stop procurement and use<br />

of Chinese origin pearls, and<br />

instead will use either Japanese<br />

Kalyan <strong>Jeweller</strong>s strengthens<br />

leadership team<br />

or Venezuelan or <strong>Indian</strong> pearls<br />

in their jewellery. <br />

Kalyan <strong>Jeweller</strong>s has announced<br />

the appointment of its first Chief<br />

Executive Officer as well as the<br />

expansion of its board to include two new<br />

directors. With this announcement, the<br />

company elevated Sanjay Raghuraman<br />

to Chief Executive Officer from his earlier<br />

position as the Chief Operating Officer.<br />

Additionally, Salil Nair joins the company’s<br />

board as Non-Executive Director, while<br />

Anil Nair was named Independent<br />

Director. The company already has four<br />

independent directors with banking and<br />

financial sector expertise. <br />

70 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 71


eTC<br />

eTC<br />

India International <strong>Jeweller</strong>y Show (I<strong>IJ</strong>S)<br />

rescheduled to January 2021<br />

India’s largest jewellery trade<br />

show, the India International<br />

<strong>Jeweller</strong>y Show (I<strong>IJ</strong>S) Premiere,<br />

has been rescheduled due to the<br />

ongoing Covid-19 pandemic. The<br />

Gem and <strong>Jeweller</strong>y Export Promotion<br />

Council (GJEPC), the organisers of<br />

the show, after consultation with<br />

the participants from India and<br />

other countries, have decided to<br />

reschedule the event in January<br />

2021.<br />

I<strong>IJ</strong>S Premiere witnesses the<br />

industry’s biggest gathering of<br />

domestic and international buyers,<br />

and serves as the primary platform<br />

for <strong>Indian</strong> jewellery manufacturers to<br />

network with retailers, enabling both<br />

segments to gain insight into product<br />

design and demand trends.<br />

GJePC Contributes Rs 20 Lakh To UP Govt<br />

GJEPC had allocated a fund<br />

of Rs.51 crore to fight<br />

against Covid-19 and help<br />

the disadvantaged workers of the<br />

industry.<br />

In their continuous endeavour to<br />

support the fight against Covid-19,<br />

GJEPC contributed a sum of INR<br />

20 lakhs to the Uttar Pradesh<br />

Government, which will be used<br />

in the CSR activities by the state<br />

government. GJEPC has also<br />

donated INR 21 crore to the PM<br />

Cares Fund, to support the country’s<br />

challenge against the pandemic. <br />

Industry mourns loss of veteran jeweller<br />

Shaankar Sen of Senco Gold and Diamonds<br />

Veteran jeweller Shaankar Sen<br />

(Vice Chairman, GJC) of Senco<br />

Gold and Diamonds passed<br />

away in <strong>July</strong>. The industry was in<br />

great shock and bereaved the loss<br />

of a man, who contributed greatly to<br />

this industry.<br />

He was one of the founding<br />

members of GJC and played a big<br />

role in making the committee what it<br />

is today. He was always enthusiastic and ready<br />

to help the industry and impart the knowledge<br />

gained by his experiences.<br />

As a publishing house we have such fond<br />

memories of him – he was always enthusiastic<br />

about sharing his thoughts on various topics or<br />

Gemfields launches report on coloured<br />

gemstones in China<br />

Gemfields’ firstever<br />

report<br />

on coloured<br />

gemstones in China<br />

reveals that now is<br />

the time to seize the<br />

opportunity of meeting<br />

Chinese consumers’<br />

expectations of<br />

corporate responsibility<br />

and sustainability.<br />

Titled Sustainability: The Future of Coloured<br />

Gemstones in China, the report also presents<br />

that up to 35 per cent of Chinese jewellery<br />

owners plan to purchase rubies, and 25per<br />

cent wish to acquire emeralds in the near<br />

future, pointing to an opportunity for the<br />

being a part of knowledge seminar.<br />

Sen, 63 is a shining example of<br />

Bengali entrepreneurship and has<br />

been instrumental in putting the<br />

brand Senco Gold and Diamonds on<br />

the National map. From owning just<br />

three jewellery stores in Kolkata<br />

that he inherited from his father, in<br />

the early 1990s to more than 100<br />

across the country today, he has<br />

made Senco Gold and Diamonds, the largest gold<br />

jeweller from eastern India and has expanded its<br />

footprint across 14 states.<br />

Sen will be remembered as a man with a vision,<br />

a dynamic and inspirational leader who always<br />

had a smile on his face and immense. <br />

coloured gemstone<br />

industry if pieces are<br />

correctly marketed.<br />

Sean Gilbertson,<br />

CEO of Gemfields,<br />

commented, “China<br />

is a very important<br />

market to Gemfields,<br />

and integral to our<br />

company’s growth. It is<br />

highly positive that 97<br />

per cent of jewellery owners are willing to pay<br />

a premium for responsibly mined gemstones.<br />

We expect responsible sourcing will continue<br />

to receive ever-increasing attention, and<br />

become progressively more important to<br />

Chinese jewellery buyers.” <br />

72 | june-july <strong>2020</strong> | INDIAN JEWELLER<br />

INDIAN JEWELLER | june-july <strong>2020</strong> | 73

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