With gold price rising, tech support and lower making charge will influence the jewellery market

Jewellery is still a matter of touch and feel, but brilliant tech support has enabled Krayem Golds Group to sort inventory and manage workload better during the pandemic. Mosaed … shares his views about Suntech’s technology with Retail Jeweller World.

1. The Retail Jeweller (TRJ): In the last 5 years, how has technology helped you to enhance your business?

Technology has helped our business by bringing attention to price rise and rapid change in governmental legislations such as the one since December 2016 that forced us to hire Saudi nationals. With the existing technological support from Suntech, we could monitor business better through inventory optimization and compete in different markets through branch expansion.

TRJ: How has Suntech’s technology helped you in improving your processes and sales? Are there specific instances that come to mind?

Suntech has specialized services beyond accounting, inventory management or CRM. Understanding specialized needs of the jewellery industry, Suntech uses the metal price change to reflect actual cost and has helped us navigate VAT in a hassle-free manner. Financial statements are easier to generate and submit to auditors and the government, thanks to Suntech. The tools have allowed us to assign authorities to particular parts of the workforce, thus increasing efficiency with constant tech support.

TRJ: How would you advocate Suntech’s product portfolio when it comes to a retailer’s holistic improvement — both at the front end and back-end?

: On the front end, the user interface is really easy and gives no resistance to even an inexperienced user. Recently they launched a dashboard which helps the company monitor data with highest level of details. Such a service deserves appreciation for the back-end team of Suntech.

TRJ: What is your vision for the jewellery industry for 2025? What is your message to your fellow jewellers?

: I think the value of gold will determine the future of the industry. Previously, neither the government nor the market allowed usage of lower caratage of gold in jewellery. With price of gold rising, markets may need to allow gold below 18 carat purity to enter the market. Also, many manufacturers are still working in an old fashion, but the government is standardizing their invoice systems which will reduce management costs for manufacturers and in turn, impact the making charge of gold jewellery. A lower making charge will be the main factor along with tech—enabled processes to influence the market.

As far as 3D printing is concerned, there has been governmental support to allow entrepreneurs to work on these techniques of design. In the same way, we see a strong shift in interest of online commerce. Our analysis reveals that 20% of consumers order online while 60% prefer to procure products from stores. The rest of 20% keep items in their basket. Jewellery is still thriving on the touch and feel segment, regardless of which there is significant shift online. I believe that it will take time for consumer behavior to change enough for a total shift to online jewellery retail.

Courtesy: Retail Jeweller World News