Retail Jeweller Dubai Forum 2023 Insights: Collaboration is key to growth, say industry experts

Industry today warrants close communication between its stakeholders, experts point out, highlighting importance of design innovation and catering to tastes of young consumers

Leaders of the jewellery retail sector in Dubai got together recently to decode how they can ride the next growth wave, charting the road to success and profitability. Amit Dhamani, MD & CEO of Dhamani Jewels Group, asked the participants to discuss the industry through three parameters: consumer changes and how customer experiences are so important today; product changes and how they comply and supply with these new changes; and social media and marketing.

Tawhid Abdullah, Chairman of the Dubai Gold & Jewellery Group and CEO of Jawhara Jewellery, introduced the topic by pointing out that social media and contemporary designers serve as the industry’s primary sources of inspiration. “Designers are innovating; they take into account consumer needs when creating products. We are simply improvising on what they have done,” he said. Abdullah also discussed how social media is a great illustration of the grit and inventiveness of the younger generations and how it has made even well-established brands like Jawhara play catch-up. He did, however, add a word of caution, saying, “At the same time, we would like to continue our way of doing business because we are a capital-intensive business.”

The humble beginnings of Malabar Gold and Diamonds, which started in a small shop in Kerala in 1993, and how the industry has changed significantly since then were discussed by KP Abdul Salam, vice chairman of the Malabar Group. “When we first started selling jewellery, gold was primarily purchased for its monetary value. It was considered to be an investment, and we used to refer to it as a wearable investment,” said Salam.

While Abdullah and Salam were clear about the current course of action they were taking, Chandu Siroya, Director of Siroya Jewellers LLC, had a more urgent concern: “Is the sector prepared for a growth wave?” He explained that although the purity of gold in Dubai was the same everywhere, the only way jewellers could stay ahead of the competition was by utilising design innovation. He agreed with Abdullah’s statement about catering to their tastes: “The younger generation will be your customers for the next 50 years, and their tastes will influence those of their children as well,” he said.

Design innovation is unquestionably important, given that modern consumers are extremely image-conscious and don’t always buy jewellery as a financial investment. The most recent trends advocate purchasing jewellery more as a statement piece and to fit different occasions.

Anurag Sinha, Managing Director of Liali Jewellery LLC, said that this trend was nothing new. He talked about how, over the course of 25 years, he built the Liali brand through Dubai’s growing network of malls. “Our challenge was to develop product lines that spoke to the entire audience at once because, with freehold properties, nationalities and communities that had previously been segmented started to live in the same areas. And the unifying force for us became our designs,” he stated. This emphasis on design, in Sinha’s opinion, has helped set Liali apart from its rivals and penetrate the residential jewellery market in Dubai.

Despite being a relative newcomer to the Dubai jewellery scene, Zeeshan Hanif, CEO of Hanif Jewellers, has decades of experience creating one-of-a-kind handmade jewellery pieces for collectors all over the world. “So many of our pieces are in private collections, and we have a solid base of partners with whom we have collaborated for many years. With the assistance of the Golden Jewellery Group, we are confident that we will also be able to craft our growth story in Dubai, which is a different kind of opportunity for us,” Hanif said.

Abdullah made a suggestion at the end of the session to form a council for designers and ateliers that would be similar to the Dubai Gold & Jewellery Group. According to him, this would significantly enhance communication with the designers and the larger industry.

(This article is part of a series of insights from the recently held 4th edition of Retail Jeweller Dubai Forum. To register your interest for the 5th edition of the Forum to be held in February 2024, write to rjmarketing@retailjewellerindia.com)