New buying preferences put jewellery biz on edge

ewellery retailers are sceptical of the future of their business.

Stating that the coming years could be challenging for the industry, a senior member of the trade said that the industry itself is seeing a radical change due to technology intervention and people’s preferences.

Changing preferences

“The older generation looked at a piece of jewel as an asset, an investment. But in the last four decades, we have seen a change in the preference and jewellery has been pushed to the fourth place. Youth today prefer to spend on leisure travel, education abroad, investment in property and the like. Yet, we are able to remain in business because of population growth, and the fact that a jewellery is more liquid than any other asset,” said AS Sriram, President, Tamilnadu Jewellers Federation.

He shared his views on the sidelines of a jewellery expo under way here.

5th location

The fourth edition of ‘Preferred Manufacturer of India’ (PMI) expo, hosted by the All India Gem and Jewellery Domestic Council (GJC), provides a platform for manufacturers to showcase their exclusive designs to top jewellery retailers.

Anantha Padmanabhan, Chairman, GJC said that Coimbatore is the fifth location for the B2B convergence event after Pune, Hyderabad, Goa and Jaipur.

“This is the second time that such an event is being organised in Coimbatore. This city is important for us as it houses over 25,000 SMEs and double the number of goldsmiths,” he added.

Marketing platform

Shaankar Sen, Vice-Chairman, GJC, said the PMI marketing platform would help retailers connect with the best manufacturers.

As many as 42 manufacturers showcased their designs.

The organisers, however, could not quantify the business potential. They maintained that this platform provided a perfect blend of business and leisure experience.