Jewellery Brands Make Their way Past a Century Have a look at these entrepreneurs who survived in the jewellery industry over these years
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Jewellery is an integral part of Indian tradition. An industry that began as an unorganised sector has now transitioned to an industry.
Indian entrepreneurs have been into this business from hundreds and thousands of years now.
Gone are the days when jewellery was considered as an investment or something to be purchased only on the festivals or the weddings, now it is considered as more of a luxury. Entrepreneur India lists 10 legacy brands of India that have not only made their digital foray but have also evolved with the new trends. The next gen entrepreneurs share their secret recipe for the survival of these brands for so many decades.
“Marketing is The Key”
From the times of Mughals and Nawabs to the modern times where jewellery is no more an investment, LALA JUGAL KISHORE is setting their mark since 1857. When Entrepreneur India spoke to Tanya Rastogi, Director of the brand, she spoke about the story of her 161-years old legacy business and the evolving scenario of jewellery industry.
Talking about the strategy for the survival in a market she said, "Marketing is the key. Marketing should be extremely correct that's how we see it. Get packed not only your happening jewellery design but also pack it in a beautiful way and bring it to the notice of the customer because it is travelling to the people who stake you in making".
Adapting the Trends can Help in Long Run
Kalasha jewels was established in 1901. It witnessed behavioural change in customers from last decade. Abhishek chanda, Director, Kalasha Fine Jewels said that decades before jewellery for purchase was mostly seen by the elders of the family but now with women being independent they choose for themselves. His take on the rising competition in the jewellery industry, "DESIGN is the KING & SERVICE is the QUEEN in jewellery retail industry. Adapting to the evolving design trends and evolving market dynamics is the most effective way to create a share of voice in the cluttered market." This south India based brand took forward their legacy by strengthening CRM and aiming to cross a turnover of 150crores.
Jewellery: Investment and Fashion
Transforming Old school business to the professionally run corporate entity, Saurabh Gadgil, Chairman & Managing Director – P.N.Gadgil Jewellers, instrumented his 186 years inherited the business. The new age director says that people now are more design oriented. He said, "People have become more open to western designs and whole focus is gone from jewellery as a piece to be kept in the locker, to jewellery as the piece, which can be adorned."
On how he will battle this competition he said, "It's always good to have a healthy competition. The first important thing, which we have to look forward is, what we have to do for the legacy and what is the need of the market today to fill that gap. Secondly, to be consumer-oriented and the only way to survive in this market is to focus on the customer."
Transparent Policies are Essential for the Sustenance
70 years of engagement in the jewellery business, Aisshpra Gems and Jewels Director, Saumitra Saraf is leading the legacy with a motto of transparency. While explaining the story of his brand, Saraf mentioned about the gold purity issue, saying that they were the first one to inform the customers that there is no such thing that 23/18 karat is the purest gold form. When we asked him about his strategy of sustaining into the market he said, "We are transparent with our policies and we are very flexible with our customers . Secondly, we do not believe in heavy price in the tags and then giving certain discounts. We actually believe in a competitive price, so that jewellery becomes very affordable for the customer."
With the expansion of their stores, Aisshpra Gems and Jewels are reaching to the public with the decent price and transparent policies.
Prioritise Customers Over Everything
Aditya pethe is the Director of Waman Hari Pethe Jewellers. This brand was established in 1909. They just introduced a new brand named Izaara and are looking forward for its affluence in the market. In an interaction with Entrepreneur India, Aditya Pethe emphasized the lightweight jewellery and silver emerging with its edginess in design and affordability. Their focus is on the customers. He said, "It is essential for a brand to adapt to the current market dynamics and listen to your audience's needs. Any Indian looking for good jewellery in gold or diamond or even silver at reasonable price from a trusted source is our customer. Our clientele is a blend of all social strata who has been coming to us for generations and for us each customer is equally important."
With the rush to be in the top and excel in the field, WHP jewels are entering into e-commerce, aiming at the youth and women of age 18-35 years.