The Indian consumer, who has traditionally had a strong preference for gold jewellery, is rapidly moving towards diamond jewellery. A solitaire diamond ring and a pair of solitaire diamond ear studs have become staples for most women and are often the first diamond jewellery purchase.
In addition to classic diamond jewellery, diamond jewels with a unique and distinctive design from luxury brands are highly sought after, and this is a trend seen across the globe. A recent McKinsey report, in fact, projects that the market share of branded jewellery will double by 2020 to almost 50 per cent. There are two large factors driving this growth. A jewel is personal expression and women are looking for something that exudes style, which they feel only luxury brands are able to offer. And clients from emerging markets like India, particularly, are looking for assurance of quality and exquisite craftsmanship that, once again, they find only with luxury jewellery brands.
From my personal experience in Nirav Modi boutiques, whether in India, New York or Hong Kong, I have found that clients value the GIA certification we provide for diamonds. It gives them the guarantee that they are investing in top quality and can pass on something valuable to the next generation. We also see a strong preference for distinctive jewels like our embrace bangles and rings; clients immediately recognise the mechanism, which has hundreds of parts and allows the bangles and rings to stretch so that they can be slipped on easily, as having unique artistry and engineering.
Another preference that I see with today’s consumer is an appreciation of the in-store experience and an expectation of a high level of customer service. A large part of this is to do with the fact that consumers are very well travelled and have access to a large variety of brands. Apart from design and quality, which remain the largest differentiators, brands that are able to create a lasting impression through personalised service fare well. Our customers have consistently told us how much they appreciated the warm and knowledgeable sales team, how they felt a jewel was selected for them specifically or how we stayed in touch with them throughout the year. It is critical for brands to define and develop their retail experience.
Women across the globe have moved from wearing jewellery two or three times a year, typically at weddings, to wanting to feel and look spectacular everyday. Apparel brands have also witnessed this change. As a result, women are looking for jewels that are exceptional and at the same time can be worn everyday. They especially like jewels that are versatile and can be worn both at large functions as well as casual lunches. Solitaire studs and rings, the embrace bangles and rings which can be worn as single pieces or stacked for a larger look, or jewels like the Nirav Modi Fluire earrings which can be worn as clips or long earrings, all offer this versatility and have been very popular among our clientele.
The author is a third-generation diamantaire and designer of fine jewellery
(This story was published in BW | Businessworld Issue Dated 16-11-2015)
