Gold & Silver

All India Gem & Jewellery Domestic Council rolls out initiative to enable small enterprises connect with customers

TE Raja Simhan Chennai | Updated on June 01, 2020 Published on June 01, 2020

The StayInTouch programme to help retailers showcase their inventory

The gem and jewellery industry always preferred offline sales. However, Covid-19 has disrupted this practice and has ensured that digital presence is the only way to clear the huge inventory, at least in the short run. The StayInTouch is one such measure initiated by the All India Gem & Jewellery Domestic Council to enable retailers, especially small enterprises and family-owned units, connect with their customers and showcase their inventory.

“Business normalcy is at least six to 12 months away. The more time we lose, the worse impact we will have,” said N Anantha Padmanaban, Chairman, All India Gem & Jewellery Domestic Council, and Managing Director of NAC Jewellers, Chennai. “The future is going to be digital. We all need to go digital,” he added.

The StayInTouch programme ― designed by iLoveDiamonds.com ― will prepare retailers to showcase their inventory and connect with buyers. Customers can book products over a call with the retailer and make payment at the store or via digital mode.

The top priority for retailers is to stay connected with their customers and showcase their ready inventory. The retail market will be unpredictable and is expected to take a hit of 25-50 per cent at least. Retailers will have to be digitally fit, because consumers won’t ignore digitalisation post Covid-19, he said.

Pankaj Kamal Chetan, Founder & CEO, iLoveDiamonds.com, Chennai, and Managing Director of Khwaahish Diamonds, said that the organised sector is ready with their digital format. However, StayInTouch is designed for family-run retailers, that account for 96 per cent of the industry players, and who are not ready with any basic digital platform to showcase their inventory.

“We want to sort out their problems by giving them digital and marketing services, so that they can start the recovery process,” he added.

In the iLoveDiamonds.com portal, every participating retailer has got his own dedicated page. It is like a ‘store in a store’ format. A consumer can access various retailers’ sites and see the inventory each jewellery has in the store and select the product.

Not every jewellery shop has its own website, which is expensive and difficult to manage. There are 3.5 lakh gold and diamond jewellers in the country and nearly one lakh gold and diamond retailers. However, there are not more than 25 web stores ready today, he said.

In the StayInTouch programme, no capital investment is required. Retailers can avail technology and marketing services at ₹6,000 per month + GST. This is an honorary service for around six months, extended to support the jewellery industry during the Covid-19 crisis, he said.

Published on June 01, 2020

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