The Seminar sessions at the IGJME turned the spotlight on some issues that are of critical importance to the gems and jewellery trade – particularly the one that focused on Synthetic Diamonds and another that discussed the challenges of marketing to the millenial generation.  A third key session was one that covered the proposed project to set up a Jewellery Park on the outskirts of the city.

The panel at the seminar on Synthetic Diamonds – challenge or opportunity – comprised senior members  of the trade Sanjay Kothari, representing the NDMC of GJEPC, Bakul Mehta, Chairman GII, and retailers Suraj Shantakumar of Kirtilal Kalidas Jewellers and Vijay Jain of Orra. The session was moderated by Nirupa Bhatt, MD GIA India & Middle East.

The panelists all agreed that synthetic diamonds could be developed as a separate business channel with its own value proposition and positioning, but mixing sythentics with natural diamonds constituted an unethical practice and should be opposed. It was necessary to give high priority to enhancing awareness among the trade in India – especially the smaller diamantaires and retailers, the panel agreed. Some of the concerns expressed related to the high costs of screening devices and the lack of any testing equipment for stones set in jewellery, though Kothari, Mehta and Bhatt assured the retailers that both issues are being addressed and solutions are expected to emerge soon.

The session on “Understanding the ‘iDiamond’ generation” presented by Roni Ben-Ari, a VP at Sarine Technologies offered some interesting insights into the minds of the millennial shopper and focused on a new technological platform that the company had created that was aimed at addressing the way they made purchase decisions.

Ben-Ari said that millennials constitute a population of about 50 mn in the US and were expected to spend US$ 200 bn by 2020. He said that while some of the other industries had begun attempting to reach out to this potential market through appropriate communication strategies and use of technology, the jewellery industry was lagging behind.

When communicating with the millennials, brands need to follow a ‘many to many’ model where instant comments and feedback flow in mutliple directions. They should not only talk, but also listen; have a 24x7 accessibility and communicate information intelligently so it can be authenticated and trusted – ‘Be Relevant, or Be Silent’, was the message.

Ben-Ari noted that while earlier diamonds sold an ‘experience’, now it was necessary to speak both to the millennials’ hearts and minds.  He explained how the new technology platform Sarine Profile, being offered by the company sought to combine both these aspects.

Another important presentation was made by GJEPC regarding the proposed Jewellery Park project near Mumbai. Speaking about this project GJEPC Chairman Praveenshankar Pandya had said that traditional jewellery manufacturers in locations such as Zaveri Bazaar faced a lot of constraints in modernising and expanding their businesses. An integrated manufacturing park with state-of-the-art infrastructure could go a long way in helping them overcome this obstacle and adopt more scientific, safer and environmentally friendly methods.

The presentation also focused on some of the benefits of such a complex in both financial terms and for ease of doing business, and said that a new location on the outskirts of the city will also be able to offer better residential, health and training facilities for the workforce. An added advantage would be that smaller units could have access to modern techniques without major investments through Common Facility Centres within the complex.

Jewellers were informed that a possible site in Navi Mumbai was being looked at which would have almost 1 lakh sq ft of manufacturing space with provision for small units of 300 sq ft and larger units that could have 500 sq ft or larger space in multiples of 500 sq ft units.

The presentation concluded by saying that the Council could play the role of a coordinator, with the authorities, for completion of the project and as a one point contact for any issue.