An insight into the world of Precious Stone Jewellery and the future
The ongoing pandemic has affected every segment of the community. But did the rising gold prices have any effect on diamond jewellery and other gemstone studded jewellery. How have jewellers coped with the lockdown and how are they embracing the markets slowly opening up. We got in touch with Mr. Vaibhav Saraf, Director, Aisshpra Gems and Jewels, Mr. Ishu Datwani, Founder, Anmol, and Mr. Manan Shah, Co-Founder, N S Jewels by Nine Star and grilled them with some industry related questions.
Question 1: How have the demands for Gemstone studded jewellery, diamond and pearl jewellery evolved over the years? How has the ongoing pandemic situation and the eventual lockdown affected business? How have your regular customers reacted to the same?
Vaibhav Saraf: Gemstone and diamond jewellery are aspirational purchases and have seen a steady growth over the years. The sudden spurt in gold prices due to the pandemic have given a choice to consumer to buy diamond jewellery for the price of gold jewellery. The lockdown has affected the business severely with sales still not at the normal level. Most of the stores are still operating for 12 days a month. Only serious buyers with actual demand are coming in to buy jewellery.
Ishu Datwani: With retail operations being shut for over 2 months, the biggest challenge has been to sustain our business without any scope for making sale & generating revenue as can be expected during this time of uncertainty. We have to brace ourselves for a 'New Normal'. This 'New Normal' has & will bring a radical shift in consumer behaviour & buying patterns. There is going to be need-based buying rather than indulgence as consumers would have limited disposable income.
Manan Shah: Owing to the worldwide pandemic, along with other industries, the jewellery industry has also been hit hard. With the postponement of almost every event, weddings, exhibitions or shows, the jewellery industry has seen a drastic fall in footfall. With the major diamond players being hit hard by the pandemic, the potential buyers and the existing clientele has been scared a little. However, we live in a country where jewellery and its demand can never go low.Once the channels of the business activity are well aligned, we are sure to go back to its peak flourish period.
While we talk of the pearl jewellery industry, it has seen a downfall over the few years. The market momentum has fallen largely due to the questionability of its authenticity overtime.
Question 2: Please share some latest trends inputs on precious stone jewellery? Diamonds rule the chart when it comes to precious stone jewellery but how have other precious stones carved a niche for themselves and attracted customers?
Vaibhav Saraf: Classic precious gems like rubies and emeralds have always been in demand. With the colours matching all colour pallets, they are a go to choice when it comes to buying gemstone jewellery.
Ishu Datwani: Emeralds, rubies, sapphires & tanzanites have carved a niche for themselves, but it depends a lot on the client's personal taste. We are doing our bit to promote these precious gemstones on a regular basis.
Manan Shah: Diamond jewellery has always been on the top of the chart in the jewellery sector but at the same time the usage of the precious stones has come into the latest trends. In recent times, customers are attracted towards a customized combination of precious stones and diamond jewellery that give them the finesse, brilliance, luster and uniqueness that they desire from their jewellery. Having said so, the dual combination is sure to add vibrance and colour to any jewellery piece, making it more appealing to the viewers eyes.
Question 3: What are the ongoing trends in diamond jewellery? Vaibhav Saraf: Open polki jewellery, light weight jewellery both embellished with precious stones are in demand.
Ishu Datwani: The ongoing trend is of classic diamond jewellery with a twist.
Manan Shah: Individualistic diamond jewellery goes a long way. Handcrafting them to suit the customers’ needs, is something many buyers are looking out for at the moment. What we have also noticed is that many of our customers want is a jewellery piece that can be worn on different outfits in different ways. Another such trend that has evolved overtime is the use of rose gold in the jewellery industry. Markets are flourishing with the onset of rose gold jewellery.
Question 4: What does the future look like for gemstone-based jewellery?
Vaibhav Saraf: Low cost gemstone jewellery is in increasing demand due to ease of wearability.
Ishu Datwani: The future for gemstone-based jewellery looks good as things open up.
Manan Shah: Prices of gemstones paired with diamond jewellery having been increasing over the last decade. In fact, it could even soar up in the coming times owing to its vibrance of colours that it provides the jewellery with. The younger generations want something more colourful, unique and of intrinsic value. Hence, they look for option combining the two, making it a potential profit-making market.
Question 5: With markets slowly opening up, where do you see the demand coming from and how much time would it take for normalcy to return?
Vaibhav Saraf: The major demand is coming from rural areas where situation is under control and people are usually self-employed or in the Agri business. Things are not going to be normal for quite a while and we will have to live with the “new normal” for the next 1 year at least.
Ishu Datwani: We are expecting normalcy to return post September/October and initially the major demand will be coming from weddings.
Manan Shah: With the momentum of the markets slowly but steadily going back to normalcy, we predict there'll be a larger demand of the diamond jewellery that people will be buying. Since the postponement of all major events, the third quarter of the year looks like a time where there will be maximum events happening. Thereby, soaring up the demand of any jewellery. Although, due to the lockdown, it will definitely take some months to go back to normalcy.