JEWELLERY EDITORIAL
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2014/07/29

India’s gold jewellery sector is yet to recover from a series of the earlier and present government measures introduced to curb the gold demand and to control the ever swelling Current Account Deficit (CAD). Now the sector is again facing dawn fall in domestic jewellery demand on the eve of Diwali, this time because of the likely poor monsoon.

 

Monsoon plays a decisive role in the Indian economy. Country’s agriculture sector accounts for 20% of the economy, with two-thirds of its population reliant on farming. Mr. Haresh Soni, Chairman, All India Gems and Jewellery Trade Federation (GJF) says, “We fear that the jewellery demand would come down in the rural areas which is dependent on agricultural income. However, we are still hopeful that the monsoon may recover in the later part and remain for an extended period to make up for the deficits.”

 

While on one hand, the industry appears to have lost hopes of rural demand, the situation in metros and urban areas, on the other hand seems to be no different. With the India Government increasing the tax exemption limit in its recent interim budget by ₹50,000 to ₹2.5 lakh, many people are now opting to invest in productive assets than buying gold, feel analysts.

India’s jewellery sector still under pressure

India’s jewellery sector still under pressure

 

High inflation has also compelled India’s middle class consumer to opt for low cost jewellery with lower gold content. Traders here say that light-weight jewellery is becoming more popular among consumers. Though they tend to prefer conventional gold jewellery for weddings, middle and upper middle class customer are now opting for jewellery with lesser gold content.

 

As far as investment options are concerned, equity markets and mutual funds have turned out to be more dividend payers. Traders here say that gold investors lost heavily last year because of the volatility in prices. Moreover, the sharp fall in gold prices during recent months has made them extra vigilant.

 

But it would be interesting here to note growth figures of some of the listed jewellery companies during 2009-10 when India had last received deficient rainfall. Titan’s sales during 2009-10 grew by 22% and its profit rose to 53%; Tribhovandas Bhimji Zaveri (TBZ)’s sales and profit went up by 32% and 62% respectively. Other big jewelers like Gitanjali Gems, PC Jeweller, Thangamayil Jewellery and Tara Jewels also achieved robust growth.

 

Some of the factors which might have led to their startling growth are, in the wake of the world-wide financial crisis, gold prices had gone up sharply during that period which helped jewellers make up in terms of value what they had lost during the first half of the year.Secondly, volume growth had made a comeback in the second half of 2009-10 with stimulus measures supporting economic growth in India and customers readjusting themselves to higher gold prices and resuming purchases. Thirdly, with listed jewellery companies remaining focused on metro cities and urban markets, they might have remained unaffected from the impact of lower discretionary spending by the rural consumer, who remains the most affected by poor monsoon.

 

So, with the situation remaining the same for listed jewellery companies (they remain focused on the big cities and towns), this year also they are unlikely to be affected by dwindling rural India’s purchasing power, if in case the economic growth picks up with the help of non-farming sectors.

 

But there are still two factors which could prove be dampeners. One, unlike 2009-10, gold prices are weaker at present than the year before, with the world-wide demand for the yellow metal waning. This would keep realizations low. Moreover, India government’s decision to continue with the gold import curbs may put a spanner in the demand growth.

 

 


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2014/07/23

Oversized cat eye sunglasses, maxi dress, sandals...wait...upgrade your vacation style with the most flattering jewellery too. One develops her personal style and expression through her vacation outfit and accessories as you can wear anything you really like in your leisure time. 

Vacation Style Lookbook by JewelleryNetAsia

Photo Source: Shutterstock

Hoop Earrings

Hoop earrings are just essentials for causal look. Your hair must be clean with a tied-up or all-back ponytail, otherwise it will get tangled with the hoops. Hoops come with different ranges of width for different occasions. Whilst sunbathing at a seaside, a pair of oversized hoops in silver will do. Also, the camera will love you a lot if you invest in a pair of diamond hoops for your evening events during the trip. 

925 Silver Hoop Earrings by Yuncheng Jewelry Factory Chang'an Town Dongguan City, China Pave Style Hoop Earrings by JCL Design LLC, USA
 

Left: 925 Silver Hoop Earrings with cubic zirconia by Yuncheng Jewelry Factory Chang'an Town Dongguan City, China; Right: Pave Style Hoop Earrings with 600 stones by JCL Design LLC, USA

Dabaar Hoops by H.Ajoomal Fine Jewellery, India 14K Yellow Gold Rose Cut Diamond Pave Setting Hoop Earring by Gemco International, India
 

Left: Dabaar Hoops by H.Ajoomal Fine Jewellery, India; Right: 14K Yellow Gold Rose Cut Diamond Pave Setting Hoop Earring by Gemco International, India

Diamond Hoop Earrings by MKS Jewelry International Co Ltd, Thailand

Diamond Hoop Earrings by MKS Jewelry International Co Ltd, Thailand

 

Long Necklace and  Multi-Strands

You know a long or multi-strands necklace can make a vacation maxi dress perfect. No matter whether it is opaque or not, a choice of natural stones, coral or pearls will be ideal in holidays for a scent of nature and seduction.  

Coral Necklace by Collaro Salvatore Srl, Italy

Coral Necklace by Collaro Salvatore Srl, Italy

Amethyst Long Necklace 38' /18k Gold Plating by Eastern Accents Jewelry Co Ltd, China Infinito by Bizzotto Gioielli, Italy

Left: Amethyst Long Necklace (38"/18k Gold Plating) by Eastern Accents Jewelry Co Ltd, China; Right: Infinito by Bizzotto Gioielli, Italy

Fashon Jade Jewellery Pendant by Kunming Shiqun Trade & Economy Co Ltd, China

Fashon Jade Jewellery Pendant by Kunming Shiqun Trade & Economy Co Ltd, China

 

Stacking Rings and Bangles

Multiple and stacking bangles are added with ethnic colours. The sound of the bracelet slipping one by one off your wrist is just amazing. And the most important thing is that this kind of beautiful stacking jewellery can seldom be worn in the workplace where you will crack it easily with your keyboard.So seize the days with these stacking accessories with full of joy!

 

Bracelet by Daverivicenza Srl

Bracelet with Black Stones by Daverivicenza Srl, Italy

Diamond Stack up Rings by Winda Lee, Hong Kong 18K Gold Diamond Bracelets by House of Jewels, Hong Kong

Left: Diamond Stack up Rings by Winda Lee, Hong Kong; Right: 18K Gold Diamond Bracelets by House of Jewels, Hong Kong

 

18K Gold Bangle by Bally Jewellery Limited, Hong Kong Etienne Perret Ceramique Maxine Ring by Etienne Perret, USA

Left: 18K Gold Bangle by Bally Jewellery Limited, Hong Kong; Right: 18K Gold Diamond Bracelets by House of Jewels, Hong Kong

Right: Etienne Perret Ceramique Maxine Ring (Orange diamond in 18K Gold & black gem ceramic ) by Etienne Perret, USA 

 

Spark Set by Firma Corundum sp. zo. o., Poland

Spark Set (Made with Alcantara, sterling silver 925 and exclusive SWAROVSKI ELEMENTS crystals) by Firma Corundum sp. zo. o., Poland


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2014/07/23

Selling is both an art form and a skill. Some people have an innate ability to persuade; others need to practice hard to achieve results. Selling jewellery is particularly challenging because of the cost involved for nearly invisible differences so don’t lose the sale by ignoring the basic techniques of selling. Here are 6 common mistakes that kill sales.

6 common ways to kill a sale

  1. “May I help you?” We’ve all used this greeting at some time in our careers and it is a sale killer. It is too easy for the customer to say “No thanks, just looking.” You need to engage your customer in conversation. Greet them as if they were coming into your home; ask if they need anything or if they just want to play with some pretty jewels for a while.
     
  2. Don’t ask questions. It is our job to find out what the customer wants and likes. If they are looking for a ring, ask which finger? Do you like yellow or white gold? How about rose gold? What is your favourite gemstone or colour? Keep asking until you can narrow it down to a few choices. If you don’t ask them they aren’t going to tell you.
     
  3. Don’t listen. It does no good to ask questions and not listen. Your customer will constantly be giving you clues about how to sell to them. Listen attentively to everything they say. They more they talk, the better chance you’ll make the sale.
     
  4. Make assumptions. Never assume anything about a customer. As soon as we start thinking to ourselves that this person can’t afford an item, or won’t like a style; we begin the process of down-selling our transaction. We will show something less expensive or less flashy. Show your best. Show your wildest. Your customers will often surprise you and buy it. At the very least, they will enjoy trying on something they can only dream about.
     
  5. Leave it in the showcase. Jewellery will never sell from a showcase yet in almost every store I see someone pointing to an item and describing instead of taking it out for a better look. Rather than telling someone about an item, show it to them. Get it in their hands, let them try it on. With jewellery it is often a case of love at first touch.
     
  6. Wait for the customer to say yes. Customers will not close the sale for you; you need to ask them for the sale. There are hundreds of books on ways to close a sale. Read a few of them to get some ideas and keep practicing on live customers. Don’t fear the rejection, it’s part of the game. But you won’t get their money without asking for it.

 

Most experienced sales people will find these mistakes to be old news, too basic to think about. But because of that we tend to forget about them. How many times does your sales crew fall into these traps? Maybe it is time to go over the basics again.

 

 


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2014/07/22

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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2014/07/22

To continue on the eCommerce theme I started last week, here’s another reason why many in the US jewellery industry should either be shaking in their shoes or trying to create strategies to take advantage of new selling opportunities. The two largest social media sites, Facebook and Twitter, are testing ways to have its millions of users buy products on their sites.

 

Last week Facebook announced that it is beta testing a “Buy” button to help businesses drive sales through news feeds and company pages. With this feature, Facebook said people on desktop or mobile can click the Buy button on ads and Page posts to purchase a product directly from a business, without leaving the social media site. 

 


A look of the new Facebook “buy” button that is being tested on the social media site.

 

The test is limited to a few small and medium-sized businesses in the US, Facebook said. And of course it will launch in the US first. 

 

This isn’t the first time Facebook has experimented with eCommerce. There were two half-hearted attempts to produce such offerings that were killed after lacklustre results. 

 

Meanwhile, on the same day of Facebook’s announcement, Twitter announced that it is purchasing, CardSpring, a payments infrastructure company that describes itself as a company that allows businesses to “build apps for payment cards.”

 

Twitter is also experimenting with its own buy button to create purchases but is doing it in a more stealth-like manner. A few observant Twitter users saw that a “Buy Now” button appeared on multiple tweets recently. The button wasn’t activated and it appears only on the mobile app, not on Twitter’s web page, according to various tech writers on the website Mashable. The company has yet to make a comment about the button. However, it has been open about looking for ways to getting into eCommerce.

 

The fact that these two companies are doing this at the same time is no coincidence, in my opinion. I don’t think these efforts are going fade like previous ones. ECommerce isn’t new and there are plenty of successful shopping websites. However, it hasn’t been successfully used in efforts, such as publishing and social media sites.

 

Now there seems to be momentum for this sort of eCommerce cross-over. Some of the biggest talk on the tech sector today is about this. I believe that with sites like Facebook and Twitter leading the way, new models and technology will appear that will allow businesses to more easily build and integrate eCommerce platforms at more places online.

 

Jewellers generally have a habit of treating any new way of doing business with fear or dread. It’s already proven that people will buy just about anything online. The only thing left is for jewellers is to see how this new eCommerce strategy plays out and then try then implement it into their businesses.

 

That’s what I’m trying to do with my blog.

 

 


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