With everyone talking about economy, recession, job cuts & what have you; the scenario sounds depressing, whereas it actually is not.

Talking about this with friends from various industries, though primarily from the Jewelery business, advising them, I decided to pen down the basics, because even in such times a winning strategy can be executed, keeping the fundamentals of business in mind always.

Some basic mantras that can help tide you over:

1. PRODUCT - stick to the basics

i. Focus on profit, not volumes - The time is to rein in the volume push, concentrating on profits. It would be better to maintain profitability on existing volumes, rather than grow volumes.

ii. Innovate within existing Formats - Take cognizance of the different formats of sales/distribution. Aligning & offering more products, offers at a S-I-S (shop in shop) may be much better than trying to push a high street/stand alone store during these times.

iii. Maintain standards - Continue maintain laid standards, do not start switching off AC’s, lights (instead tone them down; use reflective visual merchandising to help). Do not compromise on service levels, staffing drastically.

iv. Let product innovation take a back seat - Continue investing in innovation, but do not invest time, effort, money into completely new products that may only be on the shelves after a couple of months or next season.

2. Promotion - Focus & Creativity

i. Do not blindly take decisions on cutting down advertising & promotion. Take a step back, analyze & implement.

ii. Yes all experiments may be held in abeyance OR better still targeted at niche, catchment areas before being rolled out.

iii. Above all do not get into deep discounting, just because everyone is doing so. It is the worst decision to get into herd mentality.

3. Price - Be determined.

i. Sure, create a lead in price but always keep competition in mind. Studies, Analyze but never blindly follow them.

ii. A good idea would be create closer price ladders in similar products, designs.

iii. And create, increase opportunities for standard pricing across designs, sub brands, collections.

4. Proposition

i. Communication is the key here. During tough times, customers look for a tangible benefit & hence imperative to give them a good - great value proposition.

ii. Also deliver a much higher perceived value by add on and other related adjacencies.

5. People - recognize, own, connect, cherish, celebrate, reward - This goes for consumers as well as own people.

i. Take the lead in identifying changes of consumer behavior.

ii. Keep a constant & consistent dialogue about brand, product, and industry.

iii. Consolidate distribution

iv. Continue investing in the team; creating a sense of joint ownership.

v. Celebrate people’s (own & consumer) achievements.

vi. Infuse pride in people.

I am sure, there would be more points & would welcome inputs, thoughts.

The Art of Jewellery magazine did a study in December 2008 trying to find out from industry as well as people who had brought organized retail to the industry.

I was one of them & was quoted extensively in the article.

A difficult question to answer, particularly in India.

Whist it is true that the branded market is growing, with the plethora of brands having been introduced in the last half decade, presumably people are spoilt for choice.

Whilst the jewelers - branded & otherwise are pushing this, there are some basic differences between India & the USA which holds nearly 45% of the world diamond market. Read the rest of this entry »

Some days ago, I met up with Hemant Shah an outsider, but veteran of the Jewelery business who had started his own business of Jewelery Retail - casual, chic, semi precious, precious.

He wanted some input on how this would be received via his unique ‘Jewellery on Wheels’ idea as well as the website.

My instinct reaction was - Brilliant idea, who is going to execute it? On hearing his answer that they would do it internally, my heart sank.

Since he had asked as a friend, I did not really push it much, but cautioned him about the pitfalls in terms of Consistency, Change, Coverage of area, backup.

Then, whilst I saw the enthusiasm that he was brimming with, wished him all the best!

Hemant Shah with his proud Vehicle

They launched it with 3-4 custom made vehicles by Dilip Chhabaria. Worked on the novelty value for a while & then due to other factors also, had to shut it down.

In Bombay Times September 13th Katrina Kaif the brand ambassador of Nakshatra diamond jewellery says Diamonds are not girl’s best friend anymore.

Way to go lady!!! Read the rest of this entry »

During the recently concluded IIJS in Mumbai the Retail Jeweller held its 4th Awards.An excellent initiative started a couple of years ago, which should turn into a good property for the magazine in years to come. Read the rest of this entry »

HR translates into Human Resources, but for the Jewellery Industry that requires & provides employment to thousands, it is not a high priority. Read the rest of this entry »

An Industry shrouded in secrecy, handed down from father to son over decades both employers & employees. A parallel “Jo Hukum” Raja Darbar functioning.

Everyone is a ‘Bhai’. Rameshbhai, Arunbhai, Pappubhai BUT not those Bhais this is a term of respect & belongingness.

Read the rest of this entry »

April 2005 –

Finally decided to take a plunge into an Industry that is around 70,000 crores (according to various studies & reports). Out of this only 3% is the branded segment, though the industry as a whole is growing at 20% + year on year. Read the rest of this entry »

In May 2007 JCK India had launched and wanted to do an Executive Profiling of a Non Industry person anaggh-desai now in the Jewellery Trade.