Gone are the days when family jewellers ruled the rooster. It is now time to sit up and pay attention due to the influxes and popularity of corporate jewellery houses. Trust factor, brand image, variety and service, the jewellers are vying for attention in these spheres and more. Priyanka Desai speaks to leading jewellers to understand who will be the leader in the race. Will it be the family jewellers or the corporate jewellery houses? Read on to know more. %% As our country makes speedy advancement in the retail sphere, the Indian jewellery market is experiencing a gradual metamorphosis from unorganised to organised formats. Jewellery retailing is moving from a ‘storehouse of value’ to a ‘precious fashion accessory’. Consumers are more quality conscious than ever before and this is giving rise to the ‘branded’ jewellery fad. We all have had heard in various seminars and debates that the family jeweller faces the daunting risk of falling behind in this is race. But, is it all true? As the jewellery segment undergoes metamorphosis, the family jewellers too have undergone a facelift in the past few years. From the small, intimate family shops to swanky showrooms and number of branches, the so-called family jeweller is now on his way to become a brand in his own sense. %% When quizzed if the family jeweller is losing his clientele to the corporate giants, we got a resonating ‘no’ as an answer from most while some begged to differ. “I do not think the family jeweller is losing his clientele to the corporate giants. In fact, corporates are losing their place because of lesser stock and limited design variety. Also, they (corporate jewellery houses) use a lower colour and clarity to make the product more reasonable so I would like to tell the consumers be aware and educated!” exclaimed Rajesh Tulsiani, Director, DwarkadasChandumalJewellers. Samir Sagar, Director, ManubhaiJewellers concurred to Tulsiani and stated, “Customers believe in the relationship and history and thus continue to turn to a traditional family jeweller. It is their bond that brings them to their family jeweller first before turning to other brands for options. In fact, at ManubhaiJewellers, some of our customers drop by just to visit the staff. It is just not about the jewellery but the bond. The consumers do visit branded jewellery showrooms, too. With a change in the generations, the younger women today seek more variety. Competition is aggressive and with organised, planned retail markets in most cities, the customers today have more choices. It is not necessary that he/she will buy from branded store, but will surely visit a large branded retail store.” %%

SaurabhGadgil, Director, P.N. Gadgil Jewellers shared, “If one sees percentage wise, the traditional jewellers are not at all losing their clients. On the contrary, traditional jewellers like us are expanding and converting and are now known as ‘branded traditional jewellers’. We see a bit of inclination towards corporates in tier II and tier III cities as corporate giants have their presence there and they cater to working cosmos class, which does not have brand loyalty. But that percentage again is quite less.” However, C. Vinod Hayagriv, Managing Director, C. Krishniah Chetty & Sons has a different opinion. He explains, “There is a considerable percentage of family jewellers who are losing their clientele to the corporates and there are various reasons for it. Firstly, the corporate jewellery chains are better managed and less prone to whims of a ‘boss’. They are more dependable as they are repeatable and this process is visible to a customer.”Vikram Shah, Director, Ciemme Jewels (a subsidiary of C. Mahendra Exports) also has a similar viewpoint. “The traditional family jewellers do not keep sufficient ready stock. There is no brand aspiration in buying their products. There is no differentiation factor as their designs are mostly a remake from some image in a magazine. Most of them do not have in-house designers. Due to the lack of state-of-the-art equipment they fail to achieve the look and feel desired by the patrons. Consumers below the age group of 40 are now more inclined to the jewellery available at corporate jewellery houses,” he states in a matter-of-factly way.%% If this is the case, we wondered if it is because of the ‘brand image’ that the corporate jewellery houses create for themselves with various means such as regular advertising, promotions, events, offers, etc. that attracts more consumers to them? Hayagriv explained, “A brand should be dependable and repeatable. Having a repeatable process can at times look monotonous to the owners. But to the outside world it is fresh and reliable. Trust really is that...” Shah adds, “A branded jewellery brand must differentiate itself from the others. There is no point of wearing a brand where there is no exclusivity. Jewellery being a luxury and a high investment product people want to have something different and special. When the brand carries this unique identity,it is natural for customers to place their trust in it.”%% Talking about trust, we wondered if the Indian mindset has truly changed andif they have started trusting the corporate giants wholeheartedly? “I would say that the family jewellers are trusted more than the corporates. The reason being the personal connect which is missing in the corporate brands. Consumers do buy from corporates but when it comes to bigger occasions or a big ticket purchase, they always prefer their family jeweller,” articulates Gadgil. Hayagriv takes the practical approach and says, “In my opinion, the consumer is oblivious of whether it is a family jeweller or a corporate brand. They trust repeatability.” Shah gives the bigger picture and explains, “If the family jeweller is generations old, then it is tough to break the ice. But traditional jewellers are more local and their exposure is very low. So if a customer has tried a brand once and likes the experience then he/she will not go back to the traditional jeweller. I believe that brands have a higher trust value than family jewellers. For example, if you see, the individual shoemakers and tailors are out of business as the corporate fashion labels have taken over.In the long run, if the traditional jeweller does not change his model then he can have a hard time too.”%%

In this day and age of Louis Vuitton, Prada, Hermes and many more, the jewellery segment is now competing with other such luxury verticals and many more. Is this is a bigger challenge for the family jewellers to overcome, was our next question. Hayagriv states, “That challenge will persist and this is what every jeweller needs to understand and overcome. Reinventing the business is the key to overcome this challenge. Do not be just a ‘jeweller’. Be responsive to the customer’s needs. This is a deep statement I am making here.” Shah mentions, “Competition is tough at every level, more than ever before. I cannot say if traditional familyjewellers can sustain this but the bigger giants can only sustain it if there is enough branding done rightly and aggressively.” %% Tulsiani is not very worried about this competition and explains, “Jewellery has its own place and standing in every individual's life. It cannot be compared to other luxury segments as these last for a shorter period. Jewellery stays with one for a lifetime and is passed over from generations to generations.” Samir Sagar concurs and adds, “Every occasion in India is tied to jewellery and precious metals. We are population that loves wearing jewellery, so the love for it will never die out.” Be it the corporate jewellery houses or the family jewellers, the variety they house becomes the crucial deciding point for the most urban consumers. In this debate of branded versus non-branded jewellery, we decided to culminate this talk with the question: do the corporate jewellery houses stock a wider range of variety that makes them popular for the younger generations? Shah readily agrees and states, “Yes, it is absolutely correct. Corporate giants have a very big basket to select from, presenting multiple choices of selection.” Tulsiani disagrees and shares, “No, in fact, the family jewellers have a larger variety than corporate giants.” Samir Sagar articulates, “Many traditional family jewellers as well as ManubhaiJewellers do house a huge variety of jewellery. The consumer market has undergone a serious change in the last decade and this change has forced many family jewellers to either step up to the challenges or exit the scene. Thus by following the consumer trends, many jewellers have shifted their focus and created niche markets with selective demand.” Hayagriv concludes the debate by saying, “The width and depth in the selection offered is crucial but pure quantity without quality will fail, be it family jewellers or corporate jewellery houses.” %% After the detailed talks with each of the mentioned jewellers, one thing is for sure: the family jewellers are not taking the competition lying down. They are geared up to reinvent and to create a brand for themselves. The competition is stiff but serious efforts are being made to stay at the top of the game. %%

Gone are the days when family jewellers ruled the rooster. It is now time to sit up and pay attention due to the influxes and popularity of corporate jewellery houses. Trust factor, brand image, variety and service, the jewellers are vying for attention in these spheres and more. Priyanka Desai speaks to leading jewellers to understand who will be the leader in the race. Will it be the family jewellers or the corporate jewellery houses? Read on to know more. %% As our country makes speedy advancement in the retail sphere, the Indian jewellery market is experiencing a gradual metamorphosis from unorganised to organised formats. Jewellery retailing is moving from a ‘storehouse of value’ to a ‘precious fashion accessory’. Consumers are more quality conscious than ever before and this is giving rise to the ‘branded’ jewellery fad. We all have had heard in various seminars and debates that the family jeweller faces the daunting risk of falling behind in this is race. But, is it all true? As the jewellery segment undergoes metamorphosis, the family jewellers too have undergone a facelift in the past few years. From the small, intimate family shops to swanky showrooms and number of branches, the so-called family jeweller is now on his way to become a brand in his own sense. %% When quizzed if the family jeweller is losing his clientele to the corporate giants, we got a resonating ‘no’ as an answer from most while some begged to differ. “I do not think the family jeweller is losing his clientele to the corporate giants. In fact, corporates are losing their place because of lesser stock and limited design variety. Also, they (corporate jewellery houses) use a lower colour and clarity to make the product more reasonable so I would like to tell the consumers be aware and educated!” exclaimed Rajesh Tulsiani, Director, DwarkadasChandumalJewellers. Samir Sagar, Director, ManubhaiJewellers concurred to Tulsiani and stated, “Customers believe in the relationship and history and thus continue to turn to a traditional family jeweller. It is their bond that brings them to their family jeweller first before turning to other brands for options. In fact, at ManubhaiJewellers, some of our customers drop by just to visit the staff. It is just not about the jewellery but the bond. The consumers do visit branded jewellery showrooms, too. With a change in the generations, the younger women today seek more variety. Competition is aggressive and with organised, planned retail markets in most cities, the customers today have more choices. It is not necessary that he/she will buy from branded store, but will surely visit a large branded retail store.” %%

SaurabhGadgil, Director, P.N. Gadgil Jewellers shared, “If one sees percentage wise, the traditional jewellers are not at all losing their clients. On the contrary, traditional jewellers like us are expanding and converting and are now known as ‘branded traditional jewellers’. We see a bit of inclination towards corporates in tier II and tier III cities as corporate giants have their presence there and they cater to working cosmos class, which does not have brand loyalty. But that percentage again is quite less.” However, C. Vinod Hayagriv, Managing Director, C. Krishniah Chetty & Sons has a different opinion. He explains, “There is a considerable percentage of family jewellers who are losing their clientele to the corporates and there are various reasons for it. Firstly, the corporate jewellery chains are better managed and less prone to whims of a ‘boss’. They are more dependable as they are repeatable and this process is visible to a customer.”Vikram Shah, Director, Ciemme Jewels (a subsidiary of C. Mahendra Exports) also has a similar viewpoint. “The traditional family jewellers do not keep sufficient ready stock. There is no brand aspiration in buying their products. There is no differentiation factor as their designs are mostly a remake from some image in a magazine. Most of them do not have in-house designers. Due to the lack of state-of-the-art equipment they fail to achieve the look and feel desired by the patrons. Consumers below the age group of 40 are now more inclined to the jewellery available at corporate jewellery houses,” he states in a matter-of-factly way.%% If this is the case, we wondered if it is because of the ‘brand image’ that the corporate jewellery houses create for themselves with various means such as regular advertising, promotions, events, offers, etc. that attracts more consumers to them? Hayagriv explained, “A brand should be dependable and repeatable. Having a repeatable process can at times look monotonous to the owners. But to the outside world it is fresh and reliable. Trust really is that...” Shah adds, “A branded jewellery brand must differentiate itself from the others. There is no point of wearing a brand where there is no exclusivity. Jewellery being a luxury and a high investment product people want to have something different and special. When the brand carries this unique identity,it is natural for customers to place their trust in it.”%% Talking about trust, we wondered if the Indian mindset has truly changed andif they have started trusting the corporate giants wholeheartedly? “I would say that the family jewellers are trusted more than the corporates. The reason being the personal connect which is missing in the corporate brands. Consumers do buy from corporates but when it comes to bigger occasions or a big ticket purchase, they always prefer their family jeweller,” articulates Gadgil. Hayagriv takes the practical approach and says, “In my opinion, the consumer is oblivious of whether it is a family jeweller or a corporate brand. They trust repeatability.” Shah gives the bigger picture and explains, “If the family jeweller is generations old, then it is tough to break the ice. But traditional jewellers are more local and their exposure is very low. So if a customer has tried a brand once and likes the experience then he/she will not go back to the traditional jeweller. I believe that brands have a higher trust value than family jewellers. For example, if you see, the individual shoemakers and tailors are out of business as the corporate fashion labels have taken over.In the long run, if the traditional jeweller does not change his model then he can have a hard time too.”%%

In this day and age of Louis Vuitton, Prada, Hermes and many more, the jewellery segment is now competing with other such luxury verticals and many more. Is this is a bigger challenge for the family jewellers to overcome, was our next question. Hayagriv states, “That challenge will persist and this is what every jeweller needs to understand and overcome. Reinventing the business is the key to overcome this challenge. Do not be just a ‘jeweller’. Be responsive to the customer’s needs. This is a deep statement I am making here.” Shah mentions, “Competition is tough at every level, more than ever before. I cannot say if traditional familyjewellers can sustain this but the bigger giants can only sustain it if there is enough branding done rightly and aggressively.” %% Tulsiani is not very worried about this competition and explains, “Jewellery has its own place and standing in every individual's life. It cannot be compared to other luxury segments as these last for a shorter period. Jewellery stays with one for a lifetime and is passed over from generations to generations.” Samir Sagar concurs and adds, “Every occasion in India is tied to jewellery and precious metals. We are population that loves wearing jewellery, so the love for it will never die out.” Be it the corporate jewellery houses or the family jewellers, the variety they house becomes the crucial deciding point for the most urban consumers. In this debate of branded versus non-branded jewellery, we decided to culminate this talk with the question: do the corporate jewellery houses stock a wider range of variety that makes them popular for the younger generations? Shah readily agrees and states, “Yes, it is absolutely correct. Corporate giants have a very big basket to select from, presenting multiple choices of selection.” Tulsiani disagrees and shares, “No, in fact, the family jewellers have a larger variety than corporate giants.” Samir Sagar articulates, “Many traditional family jewellers as well as ManubhaiJewellers do house a huge variety of jewellery. The consumer market has undergone a serious change in the last decade and this change has forced many family jewellers to either step up to the challenges or exit the scene. Thus by following the consumer trends, many jewellers have shifted their focus and created niche markets with selective demand.” Hayagriv concludes the debate by saying, “The width and depth in the selection offered is crucial but pure quantity without quality will fail, be it family jewellers or corporate jewellery houses.” %% After the detailed talks with each of the mentioned jewellers, one thing is for sure: the family jewellers are not taking the competition lying down. They are geared up to reinvent and to create a brand for themselves. The competition is stiff but serious efforts are being made to stay at the top of the game. %%

Gone are the days when family jewellers ruled the rooster. It is now time to sit up and pay attention due to the influxes and popularity of corporate jewellery houses. Trust factor, brand image, variety and service, the jewellers are vying for attention in these spheres and more. Priyanka Desai speaks to leading jewellers to understand who will be the leader in the race. Will it be the family jewellers or the corporate jewellery houses? Read on to know more. %% As our country makes speedy advancement in the retail sphere, the Indian jewellery market is experiencing a gradual metamorphosis from unorganised to organised formats. Jewellery retailing is moving from a ‘storehouse of value’ to a ‘precious fashion accessory’. Consumers are more quality conscious than ever before and this is giving rise to the ‘branded’ jewellery fad. We all have had heard in various seminars and debates that the family jeweller faces the daunting risk of falling behind in this is race. But, is it all true? As the jewellery segment undergoes metamorphosis, the family jewellers too have undergone a facelift in the past few years. From the small, intimate family shops to swanky showrooms and number of branches, the so-called family jeweller is now on his way to become a brand in his own sense. %% When quizzed if the family jeweller is losing his clientele to the corporate giants, we got a resonating ‘no’ as an answer from most while some begged to differ. “I do not think the family jeweller is losing his clientele to the corporate giants. In fact, corporates are losing their place because of lesser stock and limited design variety. Also, they (corporate jewellery houses) use a lower colour and clarity to make the product more reasonable so I would like to tell the consumers be aware and educated!” exclaimed Rajesh Tulsiani, Director, DwarkadasChandumalJewellers. Samir Sagar, Director, ManubhaiJewellers concurred to Tulsiani and stated, “Customers believe in the relationship and history and thus continue to turn to a traditional family jeweller. It is their bond that brings them to their family jeweller first before turning to other brands for options. In fact, at ManubhaiJewellers, some of our customers drop by just to visit the staff. It is just not about the jewellery but the bond. The consumers do visit branded jewellery showrooms, too. With a change in the generations, the younger women today seek more variety. Competition is aggressive and with organised, planned retail markets in most cities, the customers today have more choices. It is not necessary that he/she will buy from branded store, but will surely visit a large branded retail store.” %%

SaurabhGadgil, Director, P.N. Gadgil Jewellers shared, “If one sees percentage wise, the traditional jewellers are not at all losing their clients. On the contrary, traditional jewellers like us are expanding and converting and are now known as ‘branded traditional jewellers’. We see a bit of inclination towards corporates in tier II and tier III cities as corporate giants have their presence there and they cater to working cosmos class, which does not have brand loyalty. But that percentage again is quite less.” However, C. Vinod Hayagriv, Managing Director, C. Krishniah Chetty & Sons has a different opinion. He explains, “There is a considerable percentage of family jewellers who are losing their clientele to the corporates and there are various reasons for it. Firstly, the corporate jewellery chains are better managed and less prone to whims of a ‘boss’. They are more dependable as they are repeatable and this process is visible to a customer.”Vikram Shah, Director, Ciemme Jewels (a subsidiary of C. Mahendra Exports) also has a similar viewpoint. “The traditional family jewellers do not keep sufficient ready stock. There is no brand aspiration in buying their products. There is no differentiation factor as their designs are mostly a remake from some image in a magazine. Most of them do not have in-house designers. Due to the lack of state-of-the-art equipment they fail to achieve the look and feel desired by the patrons. Consumers below the age group of 40 are now more inclined to the jewellery available at corporate jewellery houses,” he states in a matter-of-factly way.%% If this is the case, we wondered if it is because of the ‘brand image’ that the corporate jewellery houses create for themselves with various means such as regular advertising, promotions, events, offers, etc. that attracts more consumers to them? Hayagriv explained, “A brand should be dependable and repeatable. Having a repeatable process can at times look monotonous to the owners. But to the outside world it is fresh and reliable. Trust really is that...” Shah adds, “A branded jewellery brand must differentiate itself from the others. There is no point of wearing a brand where there is no exclusivity. Jewellery being a luxury and a high investment product people want to have something different and special. When the brand carries this unique identity,it is natural for customers to place their trust in it.”%% Talking about trust, we wondered if the Indian mindset has truly changed andif they have started trusting the corporate giants wholeheartedly? “I would say that the family jewellers are trusted more than the corporates. The reason being the personal connect which is missing in the corporate brands. Consumers do buy from corporates but when it comes to bigger occasions or a big ticket purchase, they always prefer their family jeweller,” articulates Gadgil. Hayagriv takes the practical approach and says, “In my opinion, the consumer is oblivious of whether it is a family jeweller or a corporate brand. They trust repeatability.” Shah gives the bigger picture and explains, “If the family jeweller is generations old, then it is tough to break the ice. But traditional jewellers are more local and their exposure is very low. So if a customer has tried a brand once and likes the experience then he/she will not go back to the traditional jeweller. I believe that brands have a higher trust value than family jewellers. For example, if you see, the individual shoemakers and tailors are out of business as the corporate fashion labels have taken over.In the long run, if the traditional jeweller does not change his model then he can have a hard time too.”%%

In this day and age of Louis Vuitton, Prada, Hermes and many more, the jewellery segment is now competing with other such luxury verticals and many more. Is this is a bigger challenge for the family jewellers to overcome, was our next question. Hayagriv states, “That challenge will persist and this is what every jeweller needs to understand and overcome. Reinventing the business is the key to overcome this challenge. Do not be just a ‘jeweller’. Be responsive to the customer’s needs. This is a deep statement I am making here.” Shah mentions, “Competition is tough at every level, more than ever before. I cannot say if traditional familyjewellers can sustain this but the bigger giants can only sustain it if there is enough branding done rightly and aggressively.” %% Tulsiani is not very worried about this competition and explains, “Jewellery has its own place and standing in every individual's life. It cannot be compared to other luxury segments as these last for a shorter period. Jewellery stays with one for a lifetime and is passed over from generations to generations.” Samir Sagar concurs and adds, “Every occasion in India is tied to jewellery and precious metals. We are population that loves wearing jewellery, so the love for it will never die out.” Be it the corporate jewellery houses or the family jewellers, the variety they house becomes the crucial deciding point for the most urban consumers. In this debate of branded versus non-branded jewellery, we decided to culminate this talk with the question: do the corporate jewellery houses stock a wider range of variety that makes them popular for the younger generations? Shah readily agrees and states, “Yes, it is absolutely correct. Corporate giants have a very big basket to select from, presenting multiple choices of selection.” Tulsiani disagrees and shares, “No, in fact, the family jewellers have a larger variety than corporate giants.” Samir Sagar articulates, “Many traditional family jewellers as well as ManubhaiJewellers do house a huge variety of jewellery. The consumer market has undergone a serious change in the last decade and this change has forced many family jewellers to either step up to the challenges or exit the scene. Thus by following the consumer trends, many jewellers have shifted their focus and created niche markets with selective demand.” Hayagriv concludes the debate by saying, “The width and depth in the selection offered is crucial but pure quantity without quality will fail, be it family jewellers or corporate jewellery houses.” %% After the detailed talks with each of the mentioned jewellers, one thing is for sure: the family jewellers are not taking the competition lying down. They are geared up to reinvent and to create a brand for themselves. The competition is stiff but serious efforts are being made to stay at the top of the game. %%