consumers-like-to-invest-in-diamonds

Consumers like to invest in diamonds and coloured gemstones rather than pure gold: Ishu Datwani, Founder of Anmol Jewellers

Ishu Datwani, Founder of Anmol Jewellers, one of the most renowned luxury designer jewellery brand celebrated three decades in the industry on April 2. With great pride and enthusiasm, he shares his experience in last 30 years in the industry with Rika Aash Pathak.

Anmol Jewellers, the premium, luxury, designer jewellery brand celebrated three sparkling decades of design, at an exclusive soiree on 2nd April 2016 at Taj Lands End, in collaboration with Knight Frank. In last 30 years, Anmol has set new horizons for a jewellery brand through their creativity and innovation and their voyage to success is just as incredible. While congratulating Datwani on this milestone, he expressed, “It feels amazing and the journey has been incredible! Anmol has grown and evolved as a brand over the last 30 years. The relationships we have built over the years make it even more special.”

Anmol Jewellery has been the jewellery hub for all and one of the most preferred brands among the crème de la crème across industries. Having seen this industry closely for the last 30 years, Datwani has witnessed a gradual shift from family jewellers and professionalism in the industry. He explains, “The jewellery industry has become more professional and organized over the last 30 years. It is gradually moving away from the concept of family jeweller and a lot of new jewellery brands have entered the market.” According to him, there is lot more scope for growth and activity as the industry has branched out into areas like marketing, PR, advertising, branding, visual merchandising, fashion, CRM, HR, IT apart from designing, production and sales, making space for people even with non-jewellery background.

In last three decades, technology has played a crucial role for some of the greatest developments in the gems and jewellery sector. “Technology has greatly influenced all major aspects of the jewellery sector – right from designing & production to sales, inventory management, retailing & marketing and has made all the processes faster, easier, more cost-effective and more precise,” adds Datwani. The preferences of consumers too have evolved from gold to diamonds in last few years. Reasoning the changing preferences, Datwani states that the luxury buyer today is very well-travelled with a global mindset and is exposed to international trends in jewellery and international luxury brands.

“They have an evolved & refined taste, even in terms of their approach towards Indian luxury brands. They understand the true meaning of luxury and appreciate good design in jewellery,” explains Datwani. Consumers are willing to indulge & invest in the design aspect of jewellery while purchasing a product. “Their preference is gradually shifting towards investing in diamonds and coloured gemstones rather than pure gold.” In line with shift, Anmol Jewellers plans to launch exceptional designs that are elegant, classic and collection of diamond jewellery with big size diamonds.

As Anmol Jewellers celebrates its success in last 30 years, it plans to go ahead with their expansion plans by taking one step at a time. With an outlet in Delhi and a shop-in-shop in Gurgaon, Datwani plans to stabilize these two first. He adds, “We wish to make Anmol into a brand comparable to the best in the jewellery segment, raise the bar in terms of design and take the brand overseas and internationally. We believe not in the number of stores we launch, but the volume each store generates as we want to continue with our personalized selling and recreating the strong comfort factor for our clients.” Datwani prefers going slow and making sure that they are able to sustain quality and then expand subsequently. “We will not expand and compromise on the way we would do our business.”

Since last few years, the industry has been facing numerous challenges due to various government reforms. “The industry was already going a lot of challenges with fixed cost increasing and the margin & sales not increasing in the same ratio,” tells Datwani. In Budget 2016, 1 per cent excise duty imposed on gold and silver has created stir in the sector. Commenting on this move, Datwani states, “The 1 per cent excise duty is a regressive step which will be time consuming and will only increase paperwork. It will not only add to administrative cost, but will also affect sales. The Gems & Jewellery industry employs over 1 crore artisans, whose livelihood is under threat because of decrease in business. As a nation, we need to be more forward thinking and the lesser controls we have the more the industry will flourish giving impetus to employment to the artisans.”