India has been a jewellery-loving country where gold has become part of the fabric of its culture and an inseparable part of the belief of its people since time immemorial. The domestic Gems and Jewellery industry had a market size of INR 251,000 Cr in 2013, with a potential to grow to INR 500,000–530,000 Cr by 2018. Considering its immense potential and contributions, the Indian Government has also declared the sector as a thrust area for export promotion.
The art of making beautiful jewellery, with delicacy and acumen, has been developed through the historical times in India. The gold crazy country offers jewellery for almost all body parts, including hair parting, neck, ear, nose, arms, ankles, fingers, waist etc. India’s domestic market is flooded with hosts of branded and unbranded jewellery to suit to the pockets of every section of consumer.
But in an era of cut-throat competition among jewellery manufacturers, collections with innovative and exclusive design attract more consumers. Manufacturers and designers here feel that good designs coupled with innovations and value additions always propel business even in an economic situation that is not conducive.
India’s Jaipur based Savio Jewellery has recently introduced a necklace that can be worn in six different styles by allowing the consumer to change the stones in three different colours - rubies, emeralds and sapphires. The pendant attached to the necklace can also be worn separately along with a diamond-set chain. Partner of the Company Mr. Ashish Sand says, “The concept of utilizing one piece of jewellery in different ways ensures that the jewellery is not just kept in lockers, so it offers our customers value for money.
Innovation with value for money sells
The Creative Director & Forecaster, PDLG Ms. Paola de Luca, who conceptualized a clutch of new collections for Nazraana, a Rio Tinto Jewellery brand says, “Designing is not poetic but it is about analyzing and scanning the market. The next step is to identify environmental conditions; the third step would be to identify competitors, positioning and targeting the market. Market analysis includes studying social influences, consumer attitudes, geographic segmentation, demographics and psychographics.”
Ms. Luca also stressed that the manufacturers should follow merchandizing principles and categorize every collection based on concepts and each concept in turn should have price range that varies from high, mid and low. This would help retailers pick up and choose their inventory easily. Lack of consistency in collections can cannibalize the product range.
Strong design philosophy, impeccable workmanship coupled with affordable prices drive the jewellery demand these days. Creator of the Angaaraa brand jewellery Mr. Saurabh Mody says, “Design is an ever-evolving process. Even the smallest of the object can inspire you. I particularly like anything classic as it would always be considered as a heirloom and therefore treasured for life. Passion is the catalyst to success. If you are passionate about what you do, it surely reflects in your work. I also believe that travelling and reading can also help to open your mind in doing the things in a better way. Lastly, inputs from customers too can teach you improve on a constant basis.”
So, it's like doing the common things in the most uncommon way. Consumers are always in search of a surprise element in their tests, those who provide it, can easily survive.
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