The BDB Leadership Series: Polishing the Future held at the Bharat Diamond Bourse Convention Hall in Mumbai, addressed India's rising prominence and the evolving market landscape. The event featured discussions on global diamond industry and the challenges, key trends such as sustainability, digital transformation, consumer preferences especially with reference to Gen Z.
Industry analyst Paul Zimnisky delivered an analysis of the global diamond market, pointing out the rapid decline in China's demand for diamonds and the critical role India will play in stabilizing global demand in the coming years.
Amit Pratihari, MD De Beers-India set the tone by providing an overview of the Indian market size, increase in consumer categories and spending and increase in per capita income.He stressed that the the GJ market in India holds profit for investors, and consumers.
He forecast the jewellery sector to increase from $85 billion in 2021 to $120 billion by 2030. He noted that a rapidly expanding middle class and the penetration of digital payments are revolutionizing consumer behavior, with online jewellery sales on the rise.
Moving on, Amit Pratihari dwelt on customer expectations including relevance, social validation, elevated experience, engagement and sustainability.
Ananthanarayan Hariharan, Head- Retail and Merchandising, Novel Jewels-Aditya Birla Group underlined that to achieve growth, industry players must understand customer aspirations, investment destinations and acceptability and affordability of diamonds.
The growth story in India is visible in expansion of mega retail chains as they carpet bomb territories across the country with their outlets.There are challenges: consumer have alternate choices, global weakness in markets, geopolitical tensions and consumer uncertainty.
He said that despite the stormy winds, it is imperative to retain the romance of diamonds.And imperative to understand the dynamics of consumer segmentation which comprises: luxury class, mid premium class, economy class.
To drive the natural diamond market and retail sector, De Beers will undertake category marketing, differentiate between LGD and natural diamonds and create enhanced value by developing brands.De Beers is also partnering with mega retail chains, including Signet in US, Tanishq in India , Chow Tai Fook in China, to connect more consumers with the rarity and preciousness of natural diamonds.
David Bouffard, a former executive at Signet, stressed the growing consumer demand for sustainability in the U.S. market, citing that 60% of consumers now factor sustainability into their purchasing decisions. He warned that brands failing to meet ethical sourcing standards risk losing market share.
In his presentation titled GCC Market: Beacon of Hope,Tawhid Abdulla, Chairman, Dubai Jewellery Group and CEO, Jawhara underscored the potential of the GCC region for the Indian GJ industry.With a 60 mn consumer base and huge purchasing power,a per capita income of $34,300 this is market you can't ignore. Huge spending on jewellery for religious and family occasions, cultural affinity to jewellery and jewelry gifting makes it an attractive market.
Abdulla implored the Indian GJ industry to explore setting up manufacturing facilities in GCC especially Saudi Arabia.The attractive incentives to players establishing manufacturing facilities is a big draw.He invited delegations to visit Dubai, Saudia Arabia ,Qatar and other regions.
The BDB Leadership Series:Polishing the Future ended on a optimistic and positive note. The key takeaway was the critical need to collaborate and co -operate, to deep dive into the consumers mind, harness technology and being sustainable seize future opportunities within the diamond and jewellery sectors.
For more Updates Do follow us on Social Media
Facebook Page https://bit.ly/3blw5Rg
Instagram https://bit.ly/3MsRHbP
YouTube https://bit.ly/3LjGj2L
Twitter https://bit.ly/3E9IO5U
Linkedin https://bit.ly/3M17Xlk
WhatsApp Group https://bit.ly/JewelBuzz-2
Comentarios