Even as India’s gems and jewellery trade loses its market share in the US to iPod’s, plasma and other luxury items, industry bigwigs are strategising new initiatives. Vasantlal Sanghvi of Sanghavi Exports notes in a positive vein, “We must look at new markets to stay ahead of the tide.” Boasting a global network of offices, Sanghavi Exports is gearing up to meet challenges that lay ahead.

Commenting upon the recent trend of customers in the US being no longer interested in designs of an average kind and expecting high-end offerings, Sanghavi offers, “the sizeable middle class working group in the US today is caught up with the challenges of meeting day to day needs. If you look at their income to living expenses ratio, you will understand that many are left with hardly any money to live, let alone being left with money to spend on luxuries.” With the specter of layoffs or downslides in their earning capacities, more and more persons here are looking towards cheaper but utility oriented electronic acquisitions to take care of their daily needs. For the moment, jewellery seems to be fading away from their horizons. Sanghavi adds, “While the number of customers for low end jewellery wanes, the demand for high-end luxury products continues unabated.” Sanghavi explains that this segment is unfazed, as they are immune to the economic fluctuations owing to their prosperity. He said that his company was sensitive to their requirements and were very much innovating to satisfy their demands.

As the nature of demand changes globally, manufacturers endeavor to keep abreast by innovating with designs and adopting a customer centric approach. “Economic performance in a country has a strong bearing on Diamond trade,” says Sanghavi. “And one cannot deny that the slowing down of the US economy has affected the industry.” While the gems and jewellery industry begins making deeper inroads in the domestic market, hunt for newer markets such as the middle east, Japan and even China fall in their radar.