From The Desk of Rajesh Bajaj
Drawing a Dawn on 2021 canvas!
Now, the GJ (gem-n-jewelry) trade & industry is firm in 2021. I am not inking anything about the scenario in the wake of pandemic Covid-19 & lockdown anymore!
I have seen the industry & trade sketched dawn on the canvas of 2021 with all those sparkling & glittering rays up to the horizon! Upon unlocking 5,
I met several GJ players on various occasions, leaders & fraternity!
At the bottom of the GJ pipeline, retailers are very vibrant, they are substantial, and they are sure to rock over the year 2021! During the lockdown learned through various webinars & group conversations that, in the year 2008, there was economic mayhem! Where demand was crashed, and the globe faced a rock-hard scenario!
Though it was beyond the imagination of any humankind that anyone or anything can stop the global activities at a time! Yet that happened, and the international activities halted! Perhaps, it was known through such discussion that this Covid-19 had suspended just activities, not crashed a demand! Demand is being broken & delayed!
Now I am visualizing the factual scenario! Upon meeting several GJ players, especially retailers, I learned that buyers are buying jewellery, millennia’s & up to GenZs are preferring diamond jewellery, bridal shopping is on silently! Numbers of portfolio expanded upon precious metal & its’ return!
While I am inking, I have witnessed over half of the dozens of new launches for Akha trip or Akshay Tritiya, which on the Vaishakh, Shukl 3, VS 2077 that is on Saturday, May 15, 2021. Virtually every jeweller has their eye on this festival by offering right now for Valentine Jewellery & collection today!
About half of the dozens of B2B jewellery exhibitions are scheduled during March & April 2021! All those proposed jewellery exhibitions are a physical show, no more a virtual! I witnessed good numbers of visitors rush at just concluded jewellery expo this February!
Now, the buyer wishes to see, touch, and feel a zephyr, every curve-n-craft breeze! Notwithstanding with growing gold price, they are buying bridal collections with their checklist of lightweight jewellery! According to Vice Chairman of GJC, Saiyam Mehra, “Now I hope until 2022 there is a growth-n-growth, no obstacles in business!”
One of the known jewellery manufacturers said, if the market keeps rocking at this pace, I am sure that the business growth volume would be greatly in 2021 over the year 2020! For exports to India, the US market has good news. According to the US Global Port Tracker report, “Following a record year during 2020, imports at the nation’s largest retail container ports are expected to set new monthly records from now into the summer as the nation’s economy continues to recover from the pandemic!”
Two diamond reports are also drawing dawn on 2021 canvas report 1 from NDC & report 2 from Bain & Co with AWDC. The Global Diamond Report, 2020–21, said, ‘Despite the significant drops, $64 billion diamond jewelry retail performed better (in Covid-19)! ‘Prices for higher-quality polished diamonds had outperformed lower-quality diamonds over the past two years (2019 & 2020)!
The Report 2020-21 says, In 2021, performance will depend on how the midstream collectively responds to two factors: downstream demand for polished diamonds after the holiday season and new sales agreements and rough price policies developed by major miners.
Now the ground reality of India's domestic market is vibrant. Surely, domestic demand for diamond would grow significantly; equally, US import is not halted, and it would likely break a record until this summer! Here million dollar question is, to stay prepared, ready to cater better at competitive tag!
GJEPC is leaving no stone unturned, attempting every corner under India's global connections and the government is ensuring vibrating both domestic & exports! Retailers & jewellery manufacturers are also in their paces to influence this domestic Indian market.
I think the big break of Covid-19 has created a huge brainstorming. Now, as of today, the whole of the supply line & entire pipeline is clear with its own concept; what to do, how to do, when to do, where to do. Even a number of manufacturers have grown up and have launched their regional brands to cater to only selected belts or State!
In the era of Post Covid-19, we have accepted, and buyers also have evaluated with their buying experiences! Now they are not shying away from online jewellery buying, especially for daily wear & gifting jewels! They have their own preferences for jewellers Online, who ensure to deliver as jewellery seen!