How India Overcame All Odds to Register Shining Jewellery Exports

We used the free time and the lockdown to think of new ideas and designs, and engage ourselves creatively. Thus, we could emerge stronger than ever. We also focused on how we can assist in making the supply-chain smoother and faster. Our processes are now more streamlined and effective than earlier, where we would meet our partners and associates infrequently, maybe every quarter or once in six months Ashish Doshi, Oopal DiamondIndia was the last to recover from the Covid-19 pandemic, and the second wave was worse than the first in several ways. The silver lining was that people were better-informed about the nature of the virus, and the precautions that needed to be taken. Hence, mortality was lower. All the same, the economy was crippled.

Role of Technology
As the months dragged on, businesses found a way to manage. Companies understood the need to resort to technology in an ever-bigger way, and this turned out to be the saving grace. The realms of real and virtual blended seamlessly. “Zoom and online technology were particularly useful, especially during the lockdown,” recalls Vipul Sutariya, Dharmanandan Diamonds Pvt Ltd.

Technological innovations proved to be a huge support during the lockdown – virtual shows were held, virtual buyer-seller meets were organized, and individual businesses too reached out to their clientele over several technologyenabled platforms.

Our primary intention has been to ensure that our clients and their families stay safe and healthy. We have been in constant touch with our clients to meet their diamond requirements. The use of WhatsApp, Email, Snapchat and Whatsapp video calls continue to support us in boosting our sales,” says Dinesh Lakhani from Kiran Gems Pvt Ltd.

Technology prevented stagnation and enabled businesses to move forward. Indian diamond exporters conducted many meetings over Zoom and other similar platforms with big names in the jewellery business in strategic markets to evaluate and discuss possibilities of production of loose diamonds and gems, and finished jewellery.

“We had built our expectations, based on our research and experience, and we concentrated on what new shapes we could create with all that we had. We used the free time and the lockdown to think of new ideas and designs, and engage ourselves creatively. Thus, we could emerge stronger than ever. We also focused on how we can assist in making the supply-chain smoother and faster. Our processes are now more streamlined and effective than earlier, where we would meet our partners and associates infrequently, maybe every quarter or once in six months. With the technological intervention, the world has definitely become smaller and our R&D team is always on its toes. Growth is evident, there is a newness in our processes and our planning is more precise than before,” says Ashish Doshi from Oopal Diamonds.

Some diamond exporters have been able to bag major local orders as well, while keeping their export business intact. Says Vijay Chordia from Valentine Jewellery India Pvt Ltd., “We reached out to all our clients in India and abroad over Whatsapp video calls. We showed them the latest offerings and sent them brochures, explaining the product details over email and Whatsapp. As a result, we could get a lot of orders. In India too, we found a good demand for our export quality products, and so, we started sending our office staff to deliver orders in person. This helped our business to do really well in the last quarter.”

We reached out to all our clients in India and abroad over Whatsapp video calls. We showed them the latest offerings and sent them brochures, explaining the product details over email and Whatsapp. As a result,we could get a lot of orders. In India too, we found a good demand for our export quality products, and so, we started sending our office staff to deliver orders in person. This helped our business to do really well in the last quarter Vijay Chordia, Valentine Jewellery India Pvt Ltd.According to Alkesh Shah, Vice- Chairman, Gold Star Jewellery, businesses had to adapt to technological offerings of this day and age in order to sustain themselves. “We had several business meetings scheduled over Zoom, Google Meets, and so forth. This is how we overcame the problems created by the pandemic and the resultant social distancing and lockdowns,” Shah adds.

Fast Moving Goods
Diamond and jewellery exports have done well, despite the hurdles posed by the pandemic. Growth has been noted across sizes, colours and shapes. After several years, diamond traders have realized that almost all categories of goods are in demand. All the same, diamonds from pointers 0.30cts to 5.00cts VS-SI are the fastest moving ones. In terms of shapes, ovals are doing extremely well compared to princess and other fancy shapes.

Fighting Hurdles
The pandemic-induced lockdown posed several challenges for exporters: migration of labourers back to their villages, logistical problems due to cancellation of flights, and phased opening of markets. “There were delays in shipments as not many flights were taking off during the height of the pandemic. But our team met this challenge by advance planning. The state government and central government supported the diamond industry. We are blessed with clients who understood that the world was going through unprecedented times. They worked with us closely in planning the shipment schedules so that we could deliver our products ,” explains Lakhani.

By now, most logistical issues have been sorted out by the Indian government. But problems persist. “In countries like Nepal and some others, we didn’t have direct flights; for some time, we faced some logistical difficulties, but we soon overcame them and planned our supplies accordingly,” says Sanjay Jain from Manoj Ornaments, Mumbai.

We have speeded-up our manufacturing process. Since many of our craftsmen were local, the government allowed us to function with strict Covid protocols and with limited resources. We had pre-planned to meet these challenges, and therefore, we could fulfill orders in time. This time, international couriers were working, and so, our goods reached clients with minimal delay Anju Jain, Exqusite Fine JewelleryClients have been supportive, and during lockdown 2.0, the government too was better equipped to facilitate trade and exports. Recalls Anju Jain from Exquisite Fine Jewellery, “We have speeded-up our manufacturing process. Since many of our craftsmen were local, the government allowed us to function with strict Covid protocols and with limited resources. We had pre-planned to meet these challenges, and therefore, we could fulfill orders in time. This time, international couriers were working, and so, our goods reached clients with minimal delay. Clients too understood the situation.”

Many manufacturers and suppliers of diamond jewellery are servicing local clients as well. “We are supplying to some domestic clients, like Joyalukkas, GRT, etc., and to some Dubai-based companies, such as Dhakan, Jawhara, and so forth. We did face some shortage of labour and time was a problem. So, we focused on clients who really needed delivery in time – we paid our workers on time, and ensured that they completed all orders in time ,” explains Jain

Some G&J exporters had to tackle several unexpected challenges. “We are taking one day at time. I remember those days when we woke up with a new challenge everyday. We followed the Covid protocol, irrespective of its adverse effects on business. When markets opened up, we toiled harder, following all rules and parameters, to fulfill the demands and needs of the business. Today, we are stronger and better than where we were one year back,” says Doshi.

Indian gems and jewellery are in high demand all over the world, particularly in the US and Europe. Says Sutariya, “Both China and USA were responsible for higher demand this year. Chinese consumers usually spend a lot of money on holidays, but they have not been able to go on holidays in the past two years. Hence, they had more disposable income to spend. In the USA, the stimulus package fueled consumer spending. Thus, demand in both these countries was higher than usual. ”

Both China and USA were responsible for higher demand this year. Chinese consumers usually spend a lot of money on holidays, but they have not been able to go on holidays in the past two years. Hence, they had more disposable income to spend. In the USA, the stimulus package fueled consumer spending. Thus, demand in both these countries was higher than usual Vipul Sutariya, Dharmanandan Diamonds Pvt Ltd.Absence of Physical Shows
Jewellery shows and events help determine the trends in the market and set new paradigms in the business. They also enable the various stakeholders to build networks and establish connections among business persons. Besides, trade shows are a medium to meet new clients periodically. This time, in the absence of physical shows, companies resorted to virtual shows and buyer-seller meets, which turned out to be real game-changers.

Says Chordia, “Physical trade shows have a place of their own when it comes to business, but since they had to be cancelled, we had to make do with virtual ones. We researched a lot and spoke to our clients from all over the world in order to find out about the latest design and demand trends, and thus we managed to overcome this challenge

The pandemic has forced businesses to adapt to new ways to interact. Travel time has been saved, and for many family-run businesses, where the owner plays multiple roles – purchasing diamonds being one of them–the pandemic was almost a blessing in disguise. The business owners could focus on other aspects as travel was mandatorily cut down. “This, in turn, has led to the growth of organized diamond suppliers, with a ‘grow together’ approach,” explains Lakhani.

Jewellery buying is truly an experience in itself. The touch and feel of diamonds and diamond-studded jewellery has its own charm. “We all know that health and life precede business, and therefore, we reached out to our clients over Zoom calls. We shared our designs and high resolution images of our products, which bagged us quite a few orders. We had to find a way around the fact that physical trade shows are not going to be held,” reveals Jain.

Staying Cautious
“Owing to the pandemic, people were not in a position to travel or spend on extravagant weddings. The unspent money was utilized for purchasing diamonds and jewellery,” opines Lakhani.

The lockdowns also forced everyone to save money that would have been spent on vacations and eating out, watching movies at multiplexes, and so forth. The world-over, people, particularly the upwardly mobile social strata, saved a lot of disposable income. “Weddings were postponed to the end of this year. All the same, families booked orders for jewellery as soon as markets opened because they foresee a rise in prices towards end of the year. Moreover, retailers from all over the world who anticipated this had already stocked up their inventory in the previous quarter, so exports did quite well,” says Shah.

Weddings were postponed to the end of this year. All the same, families booked orders for jewellery as soon as markets opened because they foresee a rise in prices towards end of the year. Moreover, retailers from all over the world who anticipated this had already stocked up their inventory in the previous quarter, so exports did quite well Alkesh Shah, Goldstar Jewellery Pvt Ltd.Moreover, diamonds are looked upon as a good investment option as well. Hence, many high net worth individuals from all over the world bought diamonds as an investment.

In the USA, and many other parts of the world, the government supported its citizens with monetary assistance. “This was considerable, yet people didn’t have any outlet to spend it. There were no holidays, malls, theatres, and the like. This caused many people to turn to jewellery, and thus, a sudden splurge took place. Disposable income, and no place to spend it, really benefitted the gems and jewellery industry,” explains Shah.

For organized players, the digital approach has worked beautifully. “At Kiran, we have made consistency and continuity a combination in all our processes and offerings. This, along with the trust we have built with our clients, has created a deep understanding and mutual comfort level with our buyers. This has been instrumental in enabling us to see through these testing times, and has helped us emerge stronger.” The study of the latest trends, and a close watch on markets and demand patterns will prove to be crucial. “When markets open up totally and life comes back to normal, and luxury spending resumes, demand for diamond jewellery may see a downturn, so we need to be watchful and have a strategy in place so as to overcome the new challenges of a newly opened market as well,” cautions Shah.