Gone are the days when gold & silver was the only choice for choosing jewellery in India. With the adoptive technology & innovations, trends have become the real buzz-makers now. Traditional & western jewellery entrepreneurs are ruling the country and are aptly cashing in on this trend. In the forever-growing Jewellery Domain, where each day brings a new dawn of something creative & unique, it has become imperative for industry stalwarts to keep evolving.
In the current scenario, India’s Gems & Jewellery Sector is one of the largest in the world, contributing 29 percent to global jewellery consumption, it has become both competitive and challenging for entrepreneurs to shift.
The market size of the sector is said to be about $75 billion as of 2018, and is estimated to reach $100 billion by 2025. The market has more than 3,00,000 players in India at present.
Inspired with entrepreneurship, bedecked with enthusiasm, and sheerly passionate about success, let’s take a look at entrepreneurs who are re-defining the Jewellery Landscape with their off-beat innovations, ethics & surviving the cut-throat competitions in such testing times.
1. Emerald Jewel Industry India Ltd. – Mr. K. Srinivasan
Emerald Group is one of the largest manufacturing companies in the world. Under one roof they have almost all the technology in the world. Around 5,000 people are working in the manufacturing of gold, diamond, and platinum jewellery.
Interestingly, every year, India is manufacturing around 900 tons of jewellery. More than 3 lakhs jewellers in India are selling gold, diamond, platinum and silver jewellers. It is manufactured by handmade, casting, electroforming, stamping, electrofusion, milling & drilling, and machine-made chains. Now hallmarking is voluntary and around 40% is sold with hallmarking. Very soon they’re going for compulsory hallmarking. Jewellery sales through the retail chain are rapidly increasing. Beyond this, polarisation is even happening in the industry. 10% of Indian jewellery is going for export. Soon India’s export is going to progress as all western countries prefer INDIA. Jewellery tourism is also possible if we address the practical issues of the industry.
2. Waman Hari Pethe Jewellers – Mr. Ashish Pethe
Started in 1909, it is a 112 years old firm established in Mumbai by Late Shri. Waman Hari Pethe and Late Shri. Ganesh Hari Pethe. Presently, the fifth generation Pethe is involved in the business. It has 25 showrooms spread across three states and employs more than 900 people.
The exceptional jewellers of Waman Hari Pethe Jewellers have consistently delighted generations with the foremost quality of gold & startling designs. Girgaum, the heart of Mumbai was where these two visionary brothers started their venture and opened the first store of Waman Hari Pethe (WHP) Jewellers. 1935 marked the beginning of a turning point for WHP jewellers, when they moved from a modest store to a company owned grand store.
In Mr. Ashish Pethe’s opinion, “I think it is important that the G & J industry understands that the world is moving at a breakneck speed and all the industries are going through tremendous change especially during the pandemic. It is important for our trade also to formalize and move towards professionalism.
He added, “The next generation of our customers as well as the next generation of jewellers also want an industry that is organized and the one that moves from just being traded to a very organized industry. This is the responsibility of the current generation towards the next generation. I think the captains of the industry should motivate the youth to participate in the gem and jewellery industry so that the youngsters will come together, bring new ideas, brainstorm, and take this industry to the next level. In the next 5 years, our industry would be embracing the new technologies and the digitalization wave that is sweeping across the country. The online share in the gem and jewellery business will substantially go up.”
Under his leadership & famous for its premium collection & quality, the brand has been the earliest proponents of hallmarking and certification. The company prides itself on its design leadership in Maharashtra. “Navinya” being one of the iconic and popular designer collections of Waman Hari Pethe Jewellers.
3. Candere, A Kalyan Jewellers Company – Mr. Rupesh Jain
Coined in 2012, Candere A Kalyan Jewellers Company was started as a small venture has now grown into a full-fledged jewellery e-commerce company with 130+ employees and has expanded its horizon both in terms of catalogue and consumers.
Candere joined hands with Kalyan Jewellers on a merger of 60:40 ratio.
With a vision of giving personal touch to the customer, Candere was then acquired by Kalyan Jewellers in 2017.
According to IBEF, the Indian gems and jewellery sector contributes around 7% to the country’s GDP and 15% to India’s total merchandise export. It’s one of the fastest-growing sectors that currently employs over 4.64 million people. The number is estimated to reach 8.23 million by 2022. The primary role of a jeweller is to manufacture and deliver authentic jewellery to its customers, the authenticity of any jewellery is guaranteed by hallmarking and certification by third-party laboratories. Gold jewellery hallmarked by the Bureau of Indian Standards, an Indian government initiative to make hallmarking of fine jewellery mandatory to ensure the trust and reliability of the jeweller. Diamond and gemstone jewellery is certified by international third-party laboratories like IGI, GIA, CGL, etc. The jeweller’s role is to bring the trending designs to the customer and manufacture jewellery as per the buyer’s whims and fancies. They should also suggest the best design suited to each customer’s taste and preference that helps build a long-term relationship with every customer.
Acknowledging the growth in this sector, they’ve left no stone unturned in manoeuvring the industry with their authentic jewellery & certification by third-party laboratories.
4. Uma Ornaments – Mr. Sumit Kamalia
A well known & established entity in the manufacturing of Diamond Jewellery since 2005. Reinforced with strong management skills and a clear vision, their vast range of products are highly revered and complemented in the Indian Market.
The gems and jewellery sector plays a significant role in the Indian economy, contributing around 7% to the country’s GDP and 15% to India’s total merchandise export. It employs over 4.64 million people, which is expected to reach 8.23 million by 2022.
It is one of the fastest growing sectors, it is extremely product oriented and labour intensive. The gems and jewellery sector is witnessing changes in consumer preferences due to adoption of western lifestyle. Consumers are demanding new designs and varieties in jewellery, and branded jewellers have managed to fulfil their changing demands better than the unorganised players. Beyond this, an increase in per capita income has led to an increase in sales of jewellery as jewellery is a status symbol in India. We as jewellers play an important and pivotal role in enabling the Retailers and chain stores to meet the demand and supply chain. We help them with newer concepts and designs which in turn helps them with their marketing plan and ideas and cater to the consumers in a much efficient manner.
They victoriously take pride in the state-of-the-art machinery set up, team of experienced designers and craftsmen, competitive pricing, excellent customer service, expertise in designing and manufacturing contemporary as well as traditional forms of diamond jewellery at great quality.
5. Royale Diamonds – Mr. Amit Nahar
Ruling the industry since 1985, Royale Diamonds has been a measure of excellence for more than 35 years now. Began with a vision of making beautiful jewellery accessible, affordable and forever wearable, they’re combining stunning designs with a twist of timeless & exceptional craftsmanship. They’re offering the finest quality diamond jewellery, nationally & internationally.
Royale Diamonds has always focused on giving women access to modern, fine jewellery that was also wearable every day. Jewellery is often considered a fashion accessory for completing an outfit. However, for many, a look is not complete until the right jewellery is worn. A “classic” look, for instance, demands diamonds for completion. Jewellery has played a paramount role in human life for ages. We can learn from history that ancient civilisations appreciated jewellery, and it highlighted the natural beauty of its wearers. Moreover, various jewels were worn to symbolise multiple messages such as strength, knowledge, elegance, and wealth. Many women like to wear their jewellery as a symbol of femininity or to showcase social status. However, jewellery can also make a woman feel confident and beautiful. Some pieces of jewellery that women own have a sentimental value much higher than their monetary value. For example, an engagement ring worth Rupees fifty thousand can have infinitely greater intrinsic worth and be something to cherish forever.
Given the current time, recently they’ve launched their e-commerce website for making this jewellery adorning experience, happy & hassle-free.
6. Laxmi Diamonds – Mr. Chetan Kumar Mehta
Established in 2005, Laxmi Diamonds was founded with the sole objective of supplying South Indian traditional Jewellery, which is a thousand year old legacy. Supported by uncompromised ethics & highly-skilled professionals, their workers are successfully giving an edge in providing traditional close setting 22kt Diamond jewellery in the past few years.
He deliberated, “In the given pandemic situation it’s challenging for every jeweller to maintain the inventory and sales. As a special case Laxmi Diamonds understands the consumers desire traditional jewellery, to cater to the younger generations, it prompted us to start with a new set of jewellery for all generations under a brand called Heritage.”
Beyond this, in times like these, Mr. Chetan Kumar Mehta
has taken a special initiative in taking care of the workers & their family during this pandemic situation as they are the backbone of our industry.
Being an IIGIAN, he solely dedicates his success to Shreeji Rajendra Diamond Classes presently known as IIG under the teaching of Shri. Kantibhai Desai. Qualified in Diamond Graduation from Shreeji Rajendra Diamond Classes under the teaching of Shri. Kantibhai Desai. Today being a stalwart in the industry, education has played an important role in his life.
He added, “Under the guidance of Shri. Kantibhai Desai, we all had learnt the art of Jewellery designs, aspects of Diamonds & the process of building a company. Every minute spent here was imbibed with learning not only subjects but latest trends on technologies and etiquettes of fast-paced businesses. We at Laxmi Diamonds are running a diamond manufacturing company with the fortunate blessing of Shri. Kantibhai & his inspirations. IIG is one of a renowned institution for the upcoming generations as they teach with creativity & modern technology.”
The world has truly paused for a while, but their roaring ambitions haven’t. To discover more such articles, keep reading this space for more.
