Ishu Datwani, Founder, Anmol Jewellers is a man in a hurry. For a first generation jeweller, he learnt the ropes of the business in a short span of time and has not looked back since. While still in college, Ishu pursued a course at the Gemological Institute, armed with which he later established Anmol Jewellers in 1986. Fr om then on, it was one fast race for this young entrepreneur, who with sheer grit and determination took the brand ‘Anmol Jewellers’ to unimaginable heights. Today, Anmol Jewellers is one of most sought after jeweller by one and all - celebrities, Bollywood stars and jewellery connoisseurs in general.
Ishu Datwani, a strong believer in transparency, has built business relations over the years based on trust. With over sixty employees manning his stores in Mumbai and Delhi, he believes his strength lies in his employees, who are treated as members of the ‘Anmol family’. Not surprising that now Ishu is the driving force behind Anmol Jewellers.
Here, Ishu Datwani speaks to Rough&Polished in his inimitable style, about his early struggling days in the Indian jewellery market to the present day… and of course his dreams for the future.
Coming fr om a non-jewellery background, what was that which drew you to jewellery business? For the benefit of the readers, please recall a few of your experiences as a young newcomer to a field, which was already crowded with giants.
When I entered the jewellery industry, I was too young and naïve to even realize that there were very big players around. I was not intimidated with that thought because at that time I was oblivious to the might and supremacy of these giants, as I was figuring out my own path in this industry. My initial reason for getting into the business was solely commercial and monetary. But as I dug my heels deeper into the world of jewellery and after opening my own jewellery store, my inclination towards jewellery gradually turned into a passion. So, it would be untrue to say that I started off with a passion, because it was more like an arranged marriage, wh ere you marry first and then fall in love.
Can you run us through your company Anmol Jewellers... right from the inception, its growth graph over the years, to its present standing as a leading jewellery retailer?
The initial 3 to 4 years of my journey were extremely difficult because of the Gold Control Act in India at that time. Unfortunately, we did not have a gold license, which was mandatory for jewellers under this Act, and it was a huge hurdle for me to carry on with my business. Inspite of incurring a major loss in business, I held on to it against all odds and my perseverance paid off as we managed to acquire the gold license. Soon after we got the gold license, the whole licensing system was abolished. But, by then we had started our turnaround process and business gradually picked up and things began to fall into place. We somehow managed to get our next-door stores one after the other and gradually we expanded and grew, both as a store and as a brand. Today, Anmol is not a very big place in terms of the area of our store and we are still a boutique kind of a store, but we do the right branding and work hard on designs, which have helped in our positioning among the top jewellery brands in the country. It is very humbling, but true… and the most important factors that have led to this growth are our exclusive designs and the quality and finish of our products. Design is the most important aspect of our jewellery.
Anmol Jewellers is known more as a high-end, couture jeweller catering to celebrities and film stars. How did this transformation take place? Does Anmol now cater to the average jewellery buyers too?
The image that Anmol somehow has acquired is that of being very elitist, which is actually not true. It is true that we cater to a lot of Bollywood actors, for which the credit is more to being at the right place, at the right time and being able to cultivate one-on-one relationship with these celebrities, which we strive to do with every client of ours anyway. Today, we are privileged to cater to the Divas of the Bollywood industry, but it is not true to say that we only cater to the celebrities and hi-end jewellery buyers. We do have a lot of clients who are in the middle bracket and upper middle bracket and we do cater to this segment as well and have jewellery which would appeal to them. The image of Anmol as a high-end, couture jeweller is more a perception created in the minds of the consumer.
Is Anmol’s jewellery manufactured at your own unit or sourced from various manufacturers? Does Anmol create customized jewellery for special clients?
At least 65% to 70% of our jewellery is manufactured in our own factories. We do source a little jewellery from outside manufacturers as we also need to keep ourselves abreast and open to different ideas & thought processes, which are being explored by other players. We customize all kinds of jewellery for our clients. In fact, we consider it a challenge to stretch our limits and find it very creatively fulfilling.
Can a jewellery connoisseur recognize ‘Anmol’ jewellery? And how important is the ‘design’ aspect in an ‘Anmol piece’?
An ‘Anmol’ regular will be able to recognize an ‘Anmol’ design, but maybe not every connoisseur would be able to. The reason being, we don’t follow a distinctive styling for every product unlike our European counterparts like Cartier and other such brands. In overseas markets, the consumers are open to wearing similar products, whereas the sensibilities are different in India. Indian consumers who have a discerning taste always want things, which are exclusive and one-of-kind and are very conscious that other people should not have a similar item. Keeping that in mind, it is a little difficult to have a very distinctive stamp on every piece, which would give it an instant identification. We keep changing our designs to a very large extent to retain the exclusivity of every piece. As a result, it may not be easy for any consumer to recognize our product on somebody else, but a regular Anmol client would be able to do so.
Having been in the retail sector for more than two decades, what are the changes and growth you have seen in the Indian domestic jewellery market? The Indian domestic diamond demand is expected to exceed even the US market in the coming years. Your comment.
We have been in this industry now for 28 years, which is almost three decades. In the first two decades, the progress was there, but slow. I think the biggest change that I have seen has been in the last 5 to 6 years. Things have changed more because the clients’ taste has evolved and even their thought process behind buying has changed. In the last 5 years, things are a lot more different as the consumers have become more aware about the international markets and trends as they are more exposed and well travelled. They have become a lot more discerning as they now understand a lot more about the intricacies of design, craftsmanship and finish and especially the ‘Anmol’ consumers are the most discerning.
Over the years what transformations have you seen in jewellery demand in the local market - in terms of design, diamond content, gold content, etc.; and what is the trend at present?
One of the biggest changes, which is actually brought about more by us than the client, is that we have realized that it is important to have less weight of gold in a piece. The finishing of the piece and the ratio of gold to diamond is done accordingly and the diamond weight is also reduced. We make sure that the flexibility is good and the finish is impeccable not only from the front but also the back and the setting is perfect. The quality of jewellery polishing has also improved tremendously and we are getting a lot better finished products especially in diamond jewellery. We are now trying to get as close to Italian finish as possible. Things have improved even in gold jewellery, but the change has not been as drastic. Though the finishing has been better than earlier, gold jewellery is still mostly handmade and we do have to go some more as far as 22 K gold jewellery is concerned.
Now that the gold import curbs are being eased, how has it benefitted you, in particular and the domestic market in general? Do you feel it will be a deterrent to ‘smuggling’ activities? Do you expect import duty on gold to be reduced in the near future?
It has not made any particular difference to us in any direct manner. I agree that the price has come down a bit and it has also improved the availability. It is always a good sign when the price comes down and there is stability in the market. Whenever there is instability due to fluctuating prices, people want to speculate before buying. We can foresee a stable factor and with the festive and wedding season round the corner, I am very optimistic that the business will be profitable and good for us.
I definitely feel that the import duty on gold will be reduced. The Government will take it's time to make sure that it is not a knee-jerk reaction and the impact is not adverse like last time when the balance of payments was severely affected. I am expecting that the duty would reduce in sometime, later rather than sooner and that will definitely help the country. Subsequently smuggling will definitely either reduce or come to a stop, depending on percentage of reduction.
Is it true that diamond studded silver jewellery is becoming popular in India too in the entry-level jewellery? Do you foresee a future when diamond studded silver couture jewellery will be in demand in India? Will it translate into higher polished diamond demand by investors in particular?
No, I don't see that happening at least as far as Anmol is concerned. Silver is one metal, which can tarnish very fast, especially in a tropical country like India and a city like Mumbai wh ere there is a lot of moisture in the air. When one is spending a lot of money of diamonds, it certainly does not make sense to set it in silver.
What changes have you seen in the Indian consumers’ diamond jewellery preferences in last few years? Is diamond jewellery making a mark for itself in the gold-loving Indian consumers’ psyche?
Diamond jewellery is definitely making a mark on the gold loving customers. As people go up the ladder and start making more money, they do aspire to own diamond jewellery. If they want to spend a big amount on jewellery, they have very limited options when it comes to gold jewellery and may end up buying heavier stuff, which would make them look overdressed like a Christmas tree. On the contrary, one can spend a lot more money and get bigger diamond pieces at big value. People are definitely going in for diamonds, especially as they move up the ladder.
Does Anmol Jeweller have plans to get into jewellery export business in the future? Or is there a plan to make Anmol a brand/retailer in overseas markets on the cards? If so, when and which countries do you plan to enter initially?
We do export our jewellery and also participate in international exhibitions, which give us an opportunity to cater to foreign buyers. We may explore the possibility of having a branch overseas and it is definitely on cards…but it will take time to materialize.
Aruna Gaitonde, Rough&Polished correspondent in India
