In line with the virtual conference of silver jewelers held last week, major players from the gold jewelry industry assembled virtually and shared their thoughts on the challenges and scopes that face the jewelry industry post the COVID -19 lockdown. Read on to know what strategies they plan to implement to boost the jewelry industry when the pandemic ends.
Mr. K. Srinivasan shares practical tips to attract the target audience
Mr. K. Srinivasan from Emerald Jewelry Industries Coimbatore shared important learning from COVID -19 Lockdown about how crucial liquidity is as a disaster fund and one should strive to maintain liquidity for coming future. He beware businesses of upcoming volatility in the markets in the next 5-6 months post-lockdown as obstacles such as hesitance in physical trading, uncertain American markets, high supply against nil demands (resulting in increased competition) might disrupt the gold prices and hence Indian jewelry market.
To tackle these obstacles, Mr. K. Srinivasan suggests that jewelers and manufacturers improvise in gold jewelry designs, and paying keen attention to the need for establishing an online presence. Moreover, businesses have to now approach a new target audience – millennials.
Check it Out : Silver anklets for girls
Millennials have to be targeted by designing trendy jewelry, that they can wear and show off on social media platforms. Light-weight, unique jewelry designs are most likely preferred by this age group, and when the same is available under an affordable budget, the jewelry industry in India will surely boom, according to Mr. Srinivasan.
Mr. Srinivasan reminds jewelers that the Indian Government has mandated that jewelers are supposed to sell only 14 Karat, 18 Karat, and 22 Karat jewelry post-January next year. So, warns jewelers to clear stock of other purities as it won’t be feasible from next year. If businesses face any doubts while trading or exporting jewelry, they can rely on the 24×7 helpline for GJEPC by the Ministry of Commerce for help.
Lastly, Srinivasan shares that jewelry shops have to develop sanitization practices and precautions for the staff and the customers so that their physical stores also continue to have increased footfall post the lockdown.
Hiren Kotak shares how eCommerce can help jewelry business thrive post lockdown
Mr. Hiren Kotak from V.K. Jewels Pvt. Ltd. Rajkot agrees that the lockdown time is tough for the jewelry industry as moving outdoors is a challenging task at the moment. So, he suggests that jewelers avoid moving outdoors, and establish their presence indoors through e-Commerce platforms, such as e-Johri. Independent shops should start with creating an online presence on prevalent marketing channels, which will help quite a bit in the long run.
Mr. Kotak also recommends jewelers to buy insurance for their stock, sales, and e-commerce sales too, to safeguard themselves from the risk of theft during deliveries. In these times of need, he suggests that one should prefer cc limit or od limit for faster transactions and gold metal loans at fixed prices for manufacturing purposes.
Hasmukh Parekh urges gold jewelry businesses to create a brand presence
Mr. Hasmukh Parekh from Hasmukh Parekh Jewellers Kolkata states that gold jewelry design patterns have changed. Customers now prefer traditional, but unique jewelry patterns that look simple and sober.
There is also an upward trend for customizable jewelry, so jewelers can also monetize on the same. Furthermore, he feels that the young generation needs to be educated about investing in jewelry owing to its benefits even in the times of lockdown.
Mr. Parekh pointed out that brands like Sabyasachi, a leading designer merchandise firm, grabbed 17% of the jewelry market share just by using its brand image so one should influence customers by developing strategies in line with the existing brands. For this, Jewelers should start exhibiting in local and national exhibitions. it will help them spread awareness about their brand in the minds of the consumers. Mr. Parekh states that if one maintains a wide range of stock, he could influence customers effectively.
Showcasing unique jewelry items to large groups of target consumers will increase the jewelers’ chances of driving sales further.
Abhay Agrawal stresses the importance of issuing invoices
Mr. Abhay Agrawal, from Kanhaiya Lal Jewellers Varanasi, believes that a tax invoice is a certificate of quality and trust and also helps the jewelry seller to maintain their accounts and stock records. He urges the sellers to convince the customers that collecting invoices are advantageous for them, and so, they are a must for both the parties.
Mr. Agrawal also added that great packaging and display advertising will attract more consumers to buy gold jewelry designs that the jewelers intend to sell. So, jewelry shop owners must invest in quality packaging and advertising.
Deepak Soni urges jewelers to focus on packaging
Mr. Deepak Kumar Soni from Manik Chand Nanad Kishor Jewelers believes that sales and packaging play a crucial role in driving sales in the jewelry industry.
Jewelers should opt for attractive, but green packaging of their jewelry products, so that even the eco-conscious consumers buy from them.
Brand promotion and sales training can help drive jewelry sales through the roof. Jewelers must also educate their consumers on how gold investment can really help in times of disastrous situations like this one.
Atul Saraf places an emphasis on transparency
Mr. Atul Saraff, from Aisshpra Jems and Jewellery Gorakhpur, recommends jewelers to gain customer confidence by increasing transparency while dealing with them. Brand promotion, directed to attract and benefit customers, will also help immensely in boosting jewelry business post the lockdown. The promotion should be done in such a way that the consumers realize that jewelry is a great investment option for emergency situations.
Mr. Atul further informs that since the new generation has a shorter attention span, and is least interested in reading hard copies, the promotion of any kind of jewelry should be done on digital platforms for the greatest impact. As it is cost-effective and the future is increasingly digital, 360-degree social media presence is also required.
Avish Saraff shares safety tips to protect gold jewelry business
Mr. Avish Saraff, from Rajendra Ornaments Satna, shares concerns over the possibility of theft and loot due to the pandemic and the resulting lockdown, as jewelry shops are a soft target for thieves. To avoid this, Mr. Avish suggests that jewelry shop owners should prefer selling inside fenced gates. Shopkeepers should install cameras in the shop to safeguard their jewelry when they are not around.
Buying insurance for themselves, their staff, their stock, and for traveling purposes will help to prevent major losses in the case such unforeseen circumstances arise again. To maintain hygiene, post the lockdown, all shopkeepers must insist that their customers and staff use masks and ask the customers not to crowd inside the shops.
Prabhat Agrawal believes hallmarking is the way forward for the gold jewelry industry
Mr. Prabhat Agrawal from PK & PK Jewelers Pvt. Ltd. Mathura believes that purity and hallmarking are signs of good jewelry. It is widely believed that trust is tradition, so one should put effort into maintaining purity, improving presentation, and organizing its work culture to earn trust. Hallmarking not only helps jewelers to easily buy-back but also awards adequate returns to the customers.
Mr. Agrawal feels that people are habitual of buying gold and silver in India, irrespective of the price fluctuations, and the marketing tactics of the jewelers will decide who gets the larger market share.
Jugraj Bohra stresses on business development programs
Mr. Jugraj Bohra from Mangal Mani Jewelers Mumbai believes that one should compete with themselves and pursue a business development program post the lockdown so that the losses incurred can be recovered effectively.
Vipin Berry recommends for a brand ambassador
Mr. Vipin Berry, from Bombay Jewellers Dehradun, recommends using e-platforms to establish a wide presence in the market. Businesses must invest in hardware and software to help them go online and hire a brand ambassador for their products to build social trust in target customer groups.
Businesses exporting to other countries were already facing demand challenges, and due to COVID-19 endemic, Jewelers will suffer the most in this sector. To tackle this, he recommends, one should focus on existing major markets where they have a stronghold.
Anurag Rastogi shares how eCommerce platforms can boost gold jewelry industry
Mr. Anurag Rastogi, North India Head IBJA, ends off with a positive note, remaining hopeful that the world will soon discover a vaccine for the pandemic and every industry will boost soon after that. Moreover, numerous industries, according to his prediction, will move their industries from China to India, and that movement is likely to help the Indian economy flourish by leaps and bounds.
Sharing the ideal strategy to empower and drive forward the jewelry industry after the COVID-19 Lockdown ends, Mr. Rastogi states that businesses and industries need to lure customers by designing ultra-light silver jewelry, that exudes charm, class, and elegance. To drive sales further, social media platforms should be utilized to their fullest potential. Digitized transactions will help people purchase more from the comfort of their homes.
According to Mr. Rastogi, hallmarking and packaging of jewelry with a brand logo will create trust in the consumer’s mind, and he/she is more likely to purchase a piece of jewelry from your shop. Apart from this, B2C exhibitions can help immensely in organic marketing and the promotion of silver jewelry. Promoting jewelry products across all the digital platforms remains an utmost priority, and so is maintaining liquidity as gold rates might fluctuate heavily in the near future.
Display ads, as per Mr. Rastogi, will help immensely as well to drive consumer recall value. He also shares that IBJA will help in the branding of silver jewelry shops and stores across India, and jewelers can use ibjabazar.net to open their online shops in the future.
We, at Silver Charms, are enriched by these valuable tips and are aggressively working towards developing a strong web presence along with adopting a healthy work culture in our silver anklets manufacturing unit at Mathura. Follow us for more designs and stay tuned with tips on maintaining and enhancing your silver and gold jewelry market.
