Akshay Kothari is the Founder and CEO of www.hsk.in, an e-commerce portal, which sells diamond jewellery across India. Having completed his graduation from H.R. College, Mumbai and specialization in Jewellery Gemologist from GIA, Carlsbad, he joined his family business of diamond jewellery manufacturing in Mumbai.
With almost a decade experience in the field, Akshay is a second-generation jeweller with a creative bent of mind. Under his supervision,’Hema S. Kothari’ has seen exponential growth from being a small household jeweller to a designer jewellery label. The brand ’Hema S. Kothari’ has been creating beautiful diamond jewellery for their clients throughout India and abroad for the past three decades.
It is his passion towards his brand that led Akshay to start the e-commerce venture of HSK, a first of its kind that deals in exclusively diamond jewellery.
Speaking with Rough&Polished, Akshay shares his plans for the future in the very competitive arena of e-commerce, which is getting crowded by the day.
Some excerpts:
Can you take us through your company / brand Hema S.Kothari’s ( HSK) history to its present status? Do you manufacture your own jewellery or outsource?
Our company has grown over the last three decades under the guidance of Hema and Sanjay Kothari. Later on I joined this business and wanted to expand the existing base and provide affordable and wearable jewellery for the Indian woman and thus started the e-commerce venture in 2014. From being a small household jeweller to a designer label with thousands of clients across the country, we have seen it all. Yes, we have our own design team and manufacturing unit.
Where are your stores situated in India? Any plans to grow in the future? Do you have an overseas presence currently?
Currently our designer boutique is in Mumbai. Eventually we wanted to expand our brand presence all over the country and offer wearable and affordable jewellery to every woman, thus we start the e-commerce venture of Hema S. Kothari, a first of its kind e-commerce portal that deals in exclusive designer diamond jewellery.
No, at present we don’t have any overseas presence. We are not planning anything on this right now as our focus is now on the Indian market and we are coming up with jewellery designs keeping in mind the requirement of Indian women.
Can you give us a brief description of your jewellery? You deal in couture/high-end jewellery or deal in jewellery for everyday in mid or entry-level price points too?
Since ages, we are well known for our Diamond Jewellery and have established ourselves among the well-established jewellery designers who deal into diamond and precious jewellery. As always, our main focus is on exquisite Diamond jewellery along with precious gemstones. Also, this year we have introduced our latest collection of Jadau jewellery.
Besides, these fine jewellery pieces, we also have a vast range of lightweight ear studs, hoops, rings and slick bracelets, which is for everyday purpose. We have designed these pieces, keeping in mind the corporate who indulge in slick yet stylish jewellery. You can wear them in office, in party or in any other occasion. The price range of this kind of jewellery starts from 10,000 onwards.
From where do you source your raw materials from, especially polished diamonds? In your couture jewellery category, how important is the diamond content versus precious coloured stones?
We source the raw materials from the manufacturers of rough diamonds from India and other countries as well. For polished diamonds, we import it from other countries.
Precious coloured stone is important in terms of design aspect. While making fine diamond jewellery we use various coloured stones to make the piece more attractive. It is more for the design part that these stones have been used in one jewellery rather than the value aspect.
Your views on the Indian domestic jewellery sector’s growth over the past few years. Demand wise, what changes have you seen in terms of diamond, gold content, design, etc. in recent years?
The growth of Indian jewellery market is stable now. Diamonds and gold jewellery have seen increase in demand over the past three years. The change in bridal jewellery designs is also seen in the past few years. People are more interested for modern jewellery design over traditional one. Apart from the traditional gold or diamond jewellery, Jadau Jewellery is also creating a huge demand these days for weddings.
Where does HSK’s strength lie as a high-end jewellery manufacturer / retailer - a) diamond / precious colour stone couture jeweller or b) coloured stone studded jewellery?
As mentioned earlier, our forte lies in diamond jewellery. You will find jewellery in precious gemstones alongside diamonds. So, you can call us designer diamond/ precious gem stone couture jeweller.
Is diamond jewellery making a mark for itself in the Indian gold-loving market? What is the demand/trend in quality/size of diamonds in jewellery, in today’s domestic market?
Diamond jewellery is all time favourite of all. Though gold jewellery is highly preferred in Indian weddings, especially in South and East, diamond jewellery is also making its own path in the wedding jewellery market. Kundan, Polki and Jadau jewellery are always in trend when it comes to the wedding jewellery. A heavy kundan necklace set will never be out of fashion when it comes to bridal jewellery.
In today’s scenario, people love to wear stylish jewellery, irrespective of sizes of diamonds. We use almost every size and shapes of diamonds to make our jewellery. Among them, traditional round shapes are always there alongside Bagguette, pear shaped and uncut diamonds.
What does it take for an Indian brands to make a mark for themselves in a crowded market place like India? Your views?
Nothing but a good quality products and service can make your business in the Indian jewellery market. People love to go to the jeweller whom they trust for their design and quality as well as the service they provide. Competition is always there and to sustain in the industry, you need to come up with innovative designs regularly to grow. Earlier jewellery was considered as an investment but slowly and steadily, with customers being well travelled, it is now also a trend and fashion statement. People are more design and quality conscious now, instead of just price. Nowadays people acknowledge rare gemstones and quality products, so that quality should reflect in your collection to make a mark for yourself in this competitive marketplace.
Your e-commerce venture seems to have kicked off well, but what kind of research was done before venturing out, given that the product is high-value? What steps were taken about the security aspect of delivering goods to the buyers?
It has been seen, that people are comfortable in spending small amounts of money while purchasing jewellery online rather than investing a hefty amount. They look for value for money and since the inception of our e-commerce site, we are sticking to the principle that people should get the same. We encourage designs, which are economical and put the same in our site. Also, we are coming up with an excellent 360-degree product demonstration video within a month for all our customers to see the product clearly in every possible angle and it will give them almost the same feeling of seeing it on actual. We have tie-ups with special courier services who are specialised into delivering fine and precious items all over the country.
What about competition when you began, again in an ‘e-space’ crowded with numerous established as well as start-ups online companies. How did you position yourself to differentiate from the other players?
The competition is really tough where every other brand is coming up with their e-commerce sites. But we definitely stand out in the crowded market, as we are designer diamond jewellery portal, which sells only diamond jewellery. People, who are looking for exclusive diamond jewellery designs, visit our site and search from the product categories that we offer. Apart from that, the designs, which we are offering in the price range, are something, which is attracting customers day by day. We assure good designs with hundred percent purity of diamonds in an affordable price.
Is your online company as successful as you visualised? Are you pleased with the present growth rate of hsk.in? Can you give us your annual sales figures and profit percentage, if possible?
We stepped into this venture in 2014 and till now it is picking up really well, still a long way needs to go to achieve what we visualised when we launched our e-commerce site.
Do you cater to pan India in your e-commerce venture? How is your company better than other online stores? In other words, why would a buyer choose hsk.in over others?
Yes, initially we started this venture to spread our collection and brand presence across the country, so we cater to pan India. We wish to offer wearable and affordable jewellery to every woman across the country.
Since we are a designer diamond jewellery brand and specialised into diamond jewellery, our e-commerce site sells only diamond jewellery of any price range, so people will get exclusive designs and best quality of diamonds from our site in an affordable price. We do a thorough research as each piece of HSK derives inspiration from a theme. We try to portray the inspiration through our design and craft skills. Research helps us retain the essence of the craft or period and to add our unique style and interpretations to it, which is another reason why we stand out from the rest.
In your opinion, what are the plus points of running an online business vis-à-vis a regular brick-mortar store business? Does the buyer in any way benefit in terms of prices?
We adopted different strategy while running online business. Online products are available in lesser price than the store and it is very convenient to buy. People don’t go to anywhere to see the collection and all products are certified. People can return the product with their money back within two months where as in any mortar store they deduct the making charges while returning the money.
Has ‘Online Business’ in precious jewellery really caught on in India? It appears some leading retailers discontinued their ‘online jewellery businesses’. What could have been the reason/s?
Online business is still growing and catching up in India. It involves less expense than the brick mortar store, and hence the product is available in an affordable price. For running a jewellery e-commerce site, it is very important to understand the product portfolio and the mindset of customers. People will not be very keen on investing a huge amount at first in online purchase. So, we need to introduce products according to the taste and budget of the customers.
Jewellery buyers, especially Indians, are comfortable buying from familiar brick-n-mortar shops; and also ‘touch’ and ‘see’ and ‘approve’ the precious jewellery piece before deciding to purchase. Your comments?
Some people still now intend to go to the mortar store and pick up the jewellery. The biggest challenge that we are facing, is people want to buy fine precious jewellery only after seeing the piece in original. Also, they prefer to buy the jewellery from a trusted brand, rather than purchasing it online as it involves a huge investment. The percentage of people buying jewellery online is still small but it is increasing year after year. Now days, we are experiencing that young generation are more keen on buying jewellery online. Besides going to the traditional jewellery stores and buying jewellery, it is seen that young generation get more attracted to make the purchase online as it is a hassle free process, easier for them; it gives lucrative offers and saves a lot of time. Moreover, after purchasing the jewellery, one can send it to anywhere in the country.
Does it make better business sense to have a regular brick and mortar store as well as an online business simultaneously. Where do you see this online jewellery business in the country, say 5 years down the line?
Yes. We started this jewellery business as a small household jeweller and established the brand as a designer store, we have experienced various memories. Purchasing jewellery in India for wedding or any other occasion is still now a family affair and people spend a lot of time in decision making and purchasing the jewellery. Often they come to us for suggestions and our advice about the jewellery pieces. Thus, we build up a personal rapport with each of our customers through the store.
For e-commerce trade, you can spread your business and reach out to a large number of people through the online channel. Right now, we have huge clienteles, who are based out of Mumbai and love to visit our store to see the collection, while we are tapping and reaching out to other parts of the country through the online channel. E-commerce business is picking up really well and 5 years down the line, it will be all online purchase.
As a businessman with an ‘online’ business, what’s your advice to entrepreneurs who may be interested in starting an online venture, more importantly a high-value jewellery online business?
To start an e-commerce venture, be it of any kind, it is very important to stick to the quality and assurance. You could not compromise with the quality of the products and the service if you are planning to venture in this industry. Promise something only if you think you would be able to keep it. Be sure about the product delivery and ensure that the product reaches on time without a fail.
Aruna Gaitonde, Editor-in-Chief of the Indian Bureau, Rough&Polished
