Gems and jewellery industry is reeling under the pressure of the coronavirus lockdown, like all other industries world over. Jewellery is not an essential commodity and therefore buying jewellery may not be a priority even after the lockdown is lifted. In a situation, which is literally taking the world apart, the topmost worry as of now, is the uncertainty that the industry facing. When will things be back to normal and what will the new normal be like?

Stay connected to your clients

Uncertainty is a norm that businesses will have to get used to. Being prepared will help many manufacturers to tide over this uncertainty. That apart the only thing that is important is safeguarding the business and all the people who work for this industry. 

Manufacturers will need to be in touch with their staff along with external business associates, and clients. “We engage in virtual conferences and also do one-to-one video calls with our staff members. We are also in touch with our clients and customers. We message them, enquiring about their wellbeing,” explains Amish Kothari, Rosentiques Fine Jewellery. What the future beholds, is something no one can predict accurately. At the same time, all businesses have been affected. Challenges faced by business owners, at the macro level, are going to be similar. Each manufacturer will have to develop his own strategies to overcome these challenges. 

“It is not right for me to comment about the future. All industries are facing difficult times and we are trying our best to meet these new challenges. However, over time, things will settle and everything will recover,” opines Sumit Kamalia, Uma Ornaments. 

Plan ahead to meet new challenges

Using the time available to enhance product designs and work on improvements will prove to be important in the long run. “Our product development team is working on new designs. There are a lot of webinars happening. We are signing up for those and trying to keep updated with market trends and discussions,” says Amish Kothari. 

Most manufacturers are using this time to rework on their business strategies. “At present we have not finalised anything, but as the lockdown is lifted, we would surely come up with something competitive and attractive for our clients,” shares Sumit Kamalia. 

Many jewellers are preparing to meet demands of the new market scenario, as and when it opens up. “We have connected with over 3,000 customers over email and made inquiries about their wellbeing and also shared our upcoming product range with them. Every alternate day, we have video calls with our staff, and we are constantly updating ourselves with new techniques to manufacture jewellery; so that when the lockdown is lifted, we are ready to meet the demands of the new market scenario effectively,” says Rushab Sanghvi, Payal Gold Pvt Ltd.

Keep your teams motivated

Irrespective of external situations, maintaining one’s calm and concentrated efforts can work wonders. Therefore, in this situation remaining unperturbed by the pressures exerted by the situation will help every business to meet the challenges efficiently. According to Kothari,  “We are trying to keep our teams motivated. We are in touch with our long standing clients and hoping for the best. These are testing times, for all industries not just for the gems and jewellery industry.” At present all business is at a standstill. 

Everyone understands that even after the lockdown is lifted, customers may not rush in to buy gold. It is a difficult scenario. “In India, the markets will open faster. I believe, India would be the first country to recover from the current scenarios,” says Vijay Chordia of Valentine Jewellery with optimism. Engaging in creative pursuits – hobbies, art, reading, music, etc is a good way to keep calm in these testing times. 

Enhance the knowledge quotient

Most jewellers are trying to enhance their knowledge quotient. They log in for webinars and are building on their customer relationship techniques. They are doing the best they can to keep connected digitally and keep themselves inspired to do the best. 

“We read a lot of books, and watch videos related to sales, team management, time management, etc,” adds Sanghvi. The first two months after lockdown is lifted will decide the future. The challenges will be manifold. “We will have to watch the business closely in the coming two to three months. Markets will become active from September. We are making plans to support the retailers,” explains Pramod Mehta, Shine Shilpi. 

Currently, nearly 90 percent of jewellery business is offline, but soon after this crisis wears down, many jewellers will focus on increasing the share of their online business – as it is the need of the hour. The topmost priority on the minds of people should be safety of human life.

Humane approach needed

Migrant artisans who have been forced to stay back, because of the lockdown, as jobless and these daily wage earners are facing really difficult times. Government efforts aren’t enough as the numbers are higher. It is time, that employers adopt a humane approach and provide them with basic necessities. 

“The biggest worry for me, at present, is how do I retain my karigars. These are the people who have been giving their best to our business – now is the time to make up for their commitment from our side. We are supporting them in the best way we can. For us it may not be a matter of life and death, but for them it is. They may die from starvation more – than the virus,” explains Chetan Thadeshwar, Shringar House of Mangalsutra Pvt Ltd.

Those who have gone back to their villages, need to return in time, when the lockdown is lifted. It is important for the business. “Many artisans have gone back to their native villages and hopefully they should come back in time, to help us begin manufacturing process in time to capture the demand of the market when it opens,” explains Chordiya. Many migrant workers may return only when the virus threat subsides. This may lead to shortage of workers for a while. “If there is a shortage of workers, wages will increase and this may add to unnecessary burden on employers. But increase in wages will eventually get artisans to return,” feels Thadeshwar.

The road ahead

Jewellery is a luxury product and soon after the lockdown too, people may be more interested in buying basic necessities. Jewellery purchase will be need-based. The touch point will be different – minimalistic designs could be more in demand as against heavy, chunky pieces. There is going to be tremendous shift in the design priority. 

“The crucial question is how do businesses survive, till the phase of boom sets in. I feel, probably in the last quarter of this year some recovery may set in. Normalcy will set in only next year,” opines Thadeshwar. 

The other thing is the uncertainty in the overseas markets, how the exports will bounce back and how soon, the industry will be able to book profits is what everyone is waiting for with baited breath. “We will be able to grow in future – it is during the in-between phase that we need to look after our artisans,” says Thadeshwar on an optimistic note.

We will be able to grow in future – it is during the in-between phase that we need to look after our artisans

~ Chetan Thadeshwar, Shringar House of Mangalsutra Pvt Ltd.