The New Language of Luxury: AI and Experience; Insights from Industry Leaders

In a world that’s constantly evolving, the jewellery industry has found itself at the crossroads of tradition and technology. As consumer behaviours shift and market dynamics change, the need for productive discussions around these transformations has never been more urgent.

At a recent exclusive panel discussion titled “The New Language of Luxury: Experience and AI!”Some of the reputed names in the jewellery industry gathered to address these very challenges, sharing their thoughts on the evolving landscape of luxury, the role of AI in modern retail, and how experience has always been, and will continue to be, the key game-changer.

While many believe that luxury is simply about chandeliers and lavish interiors, the reality couldn’t be more different. Luxury is not low-hanging fruit. It’s a meticulous craft that goes beyond superficial appearances. Many people still confuse premium with luxury, thinking that adding a touch of glamour or grandeur is all it takes to elevate their offering. But luxury is about consistency, personalisation, and effortless excellence,  things that extend far beyond what meets the eye.

Rahul Desai, CEO & MD of the International Institute of Gemology (IIG), Founder of RD Consultant, the host of the session, and a visionary in the field, kicked off the conversation by reminding the audience that experience is the real differentiator.

It’s been a part of our culture for generations. In India, where the saying “Atithi Devo Bhava” holds a special place in our hearts, the art of hospitality has always been at the core of every great experience. From offering water or tea to guests, a seemingly small gesture, to delivering an experience that leaves a lasting impression, we’ve always understood the value of thoughtful, personal service. Now, as technology advances, it’s the blending of these two elements, human connection and digital intelligence, that creates something truly extraordinary.

The Role of AI in Jewellery Retail

As the session progressed, the discussion turned to AI, a rising star. While some retailers are hesitant to adopt AI, others are embracing it with open arms. But let’s face the truth: AI is here to stay. It’s not just about tech gimmicks, it’s about real, tangible benefits that are transforming the way jewellery businesses operate.

Isha Patel Aggarwal from The Diamond Boss shed light on how AI has made significant strides in simplifying operations for retailers. She discussed the role of AI in repairing synchronisation, automating karigar operations, and using AI-powered CRM systems to touch base with customers that have proven to be game-changers for businesses looking to maintain consistent communication and enhance customer satisfaction. AI has allowed these businesses to move beyond the traditional, labour-intensive models and embrace more effective, customer-centric approaches.

Sumit Garg, representing House of Rings & Delhi Diamonds, spoke on how he stepped away from traditional business models and focused on getting a fresher perspective on business, particularly in managing inventory more effectively with AI. His approach to adopting AI for inventory tracking, demand prediction, and design assortment is a perfect example of how AI is reshaping business strategy. Sumit’s emphasis was on improving workflow in the next six months by making smart decisions with data rather than relying on gut instinct or traditional methods.

Atul Jain, from Atul Jewellers, and chairman Delhi Jewellers Association, spoke on setting the definition of Luxury rightly and explained how to enhance consumer experience with the help of technology and AI. He also spoke about how OpenAI and Everledger are transforming the jewellery industry. He highlighted how OpenAI is streamlining operations by automating tasks, improving work efficiency, and enabling smarter decision-making. Atul also discussed how Everledger is helping with product traceability, ensuring the authenticity of diamonds and other precious stones. These tools, he explained, are revolutionizing the way jewelers manage inventory and track products, making the entire process more efficient and transparent for consumers, particularly.

Keshav Datta, from Multani Jewellers, emphasized the importance of brand experience and personalization in today’s jewellery industry. He highlighted that true luxury goes beyond chandeliers and products; it’s about creating an experience that speaks volumes. He also noted that while AI helps deliver personalized experiences at scale, craftsmanship remains the core of luxury, ensuring each piece reflects the brand’s artistry and quality.

Mr. Rahul Desai concluded the panel with the key pointers like understanding the importance of the luxury business, giving a seamless and enriched experience to consumers, workflows, uses of tech and AI, relevance of human touch (when to go AI and when to keep human touch), among others.

With the thought leaders at the forefront of this conversation, one thing is clear: the jewellery industry is on the cusp of an exciting transformation. The panel provided a fresh perspective on what the future of luxury retail looks like, and it’s a future where AI and human touch come together to create something extraordinary. The new language of luxury has arrived, and it’s smarter, faster, and more personal than ever.

We extend a heartfelt gratitude to Informa Markets for organizing this insightful panel and to all the participants for their valuable contributions.