Nirupa Bhatt, managing director, GIA India/Middle East made a speech on the importance and role of a family-owned business tradition, which has been an inherent part of the Indian gem and jewellery industry. Bhatt was briefing an audience at conference “Core Strengths – United in the Untied World Conference”, held on May 5, 2009 in Chennai by the Gems and Jewellery Export Promotion Council (GJEPC).
Bhatt said, “A family-owned business built by the family’s forefathers has a history and tradition is followed in all day-to-day functions. Growth and success depend on the business model. The gem and jewellery industry has been built and led by family-owned businesses who have earned the trust and goodwill of many generations. The family business model can be rightly proud of its legacy but a word of caution is due.”
She further added “Customers everywhere are becoming increasingly educated and aware of their many options when making purchase decisions. This is especially true for luxury items. Electronics have made significant inroads as gifts and aspirational goods. In today’s increasingly competitive era, there is no place for complacency. The market is ruthless. We cannot rest on past laurels.” Taking a parallel of successful industries like pharmaceuticals and high technology, which have evolved as a result of continuous product development and research, Bhatt opined that the gem and jewellery industry needs to evolve at a much faster pace.
GIA India has decided to launch its Accredited Jewelry Professional (A.J.P.) programme in Chennai in June. Bhatt added, “Education is essential for business persons deeply involved in their family businesses but who still wish to arm themselves better to face new challenges and seize new opportunities in the highly dynamic new global business environment. Training is not an expense, it is an investment.”
Currently, GIA India offers its courses in over 10 cities in India including Jaipur, Bangalore, Mysore, Hyderabad and Cochin.
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