Indian Bullion & Jewellery Association (IBJA) conducted a virtual conference, which addressed the industrial concern about the lockdown’s impact on silver jewelry business. A mammoth number of 400 silver jewelers across the country attended this online conference and shared major tips for boosting the silver jewelry industry in India.
Vijay Agrawal bets on the affordability of silver jewelry
Mr. Vijay Agrawal, Silver Division Director at IBJA, believes that silver is a much-loved investment for Indians to date. This love for silver will help the silver jewelry industry boost post-COVID-19 Lockdown, as the common people will invest in silver (the precious metal being comparatively economical than gold). The love for silver, paired with the economic flexibility that it offers, will encourage people to purchase more silver jewelry when the lockdown ends.
Dhan Kumar Jain believes that silver jewelry is here to stay
Mr. Dhan Kumar Jain, from C.B. Payal Agra, urged people to stay safe by developing hygienic habits to stay in times of the epidemic. While talking about boosting the silver jewelry industry, Jain shared that since wearing and using silver is customary practice in India, silver also provides numerous health benefits to those who wear it – so it is unlikely that silver trade will be affected to a great extent due to the ongoing lockdown.
Nirmal Jain talks about prioritizing the stability of the business
Mr. Nirmal Jain, from Jain Payal Agra, quoted Jack Ma as he shared his number one tip to boost silver jewelry business post lockdown:
In addition to this, Mr. Jain also suggested people focus on stabilizing the business in the first six-months post-COVID-19 Lockdown, and once all recovery is, focus on the expansion of the business. Jain recommended businessmen to reform their business policy such as avoid giving credits, introducing buy-back options, and avoid trading duplicate products.
Dishant Goswami recommends boosting business with quality over quantity
Mr. Dishant Goswami from Dashrath Silver Arts (DSA) Rajkot recommends manufacturers, retailers, and wholesalers to opt for Hallmarking procedures and to sell silver jewelry made exclusively in 810 and 925 standards. He further recommended that silver jewelry businessmen can use the lockdown period to educate themselves in the subject of export and study the export guidelines thoroughly to boost business prospects.
Mr. Sahul Bhai from DSA seconded this and added that hallmarked jewelry has the potential to change the landscape of e-commerce.
Jayesh Rathod suggests jewelry upgrades for boosting silver jewelry business
Mr. Jayesh Rathod from Ornament Creations Mumbai recommends upgrading existing jewelry patterns to innovative light-weight silver jewelry in line with gold jewelry, as its market will suffer due to the lockdown.
Mr. Rathod also cautioned everyone to be alert while selling silver jewelry on e-commerce portals as there are many cases of theft during the delivery of products via these portals. He thinks that the government’s support in developing secure delivery channels will boost the silver jewelry segment multifold.
Anurag Rastogi suggests using e-commerce as an alternative
Mr. Anurag Rastogi, North Head at IBJA, urges wholesalers and retailers to sell their silver jewelry through e-commerce sites during, and post lockdown, as most of the Indian population has now become habitual to online shopping.
Mr. Rastogi also suggests the syndication of businesses under a single brand for better and longer success in a post-lockdown scenario. He further advises manufacturers, wholesalers, and retailers to follow the footsteps of big brands such as ACPL, Derewala, and more to understand how a brand makes a mark in the industry.
Moti Chand Agrawal suggests reforms in the way jewelers interact with the customers
Mr. Moti Chand Agrawal from Chetmani Jewelers Pvt. Ltd, Varanasi suggests that major reforms in the way jewelry retailers and wholesalers interact with the customers can really help the jewelry industry boost its standing post-COVID-19 Lockdown.
Mr. Agrawal also shared that maintaining proper sanitization at various levels in wholesale and retail will help build trust in the minds of the consumers and dealers, and eventually boost business.
Lalchand Jewelers plan to go digital to boost its silver jewelry business
Mr. Guddu from Lalchand Jewelers Lucknow believes that post COVID-19 Lockdown, people will avoid coming out from their homes to nearby markets frequently, and it may affect the sales of jewelry from physical stores. To avoid this, Lalchand Jewelers thinks that going digital is the best way to remain relevant post the lockdown by establishing a presence on e-commerce sites, and social media platforms such as Whatsapp, Telegram, Instagram, and much more.
We, at Silver Charms, believe that though the epidemic is a tough phase for everyone, one could focus on developing healthy habits, better work culture, and stronger policies during this phase along with learning new business tactics and strengthening presence on the e-commerce platforms to support their business post-lockdown.