After graduating in Business Management (Finance) from California Polytechnic State University, Suraj Shantakumar returned to India to focus on managing the family’s many businesses starting with Kirtilal Kalidas Jewellers Pvt Ltd, Vispark Jewellery Manufacturers Pvt Ltd, Suraj Agro Infrastructure Pvt Ltd and Benchmark Softec India Pvt Ltd.
But being most passionate about Kirtilal Kalidas Jewellers Pvt Ltd (a jewellery chain with an unblemished reputation with over 74 years in retailing and exporting of fine diamond jewellery), Suraj concentrated on Kirtilals’ showrooms spread across South India.
Here, he talks to Rough&Polished about the current Indian domestic market and the changes that he has seen in the demand pattern across the country.
The recent fluctuations in gold prices created some confusion in the market, from jewellery retailers to consumers. How do you think it has affected the overall market? Your comments.
Witnessing the fluctuation in the gold prices the consumers have become cautious on buying and investing in gold. There is an anxiety that the prices might drop further. However, consumers are opening up and investing in diamonds. The perception of diamond is slowly changing and the young generations of buyers prefer diamond jewellery to gold.
Please, share your views on the current Indian domestic market and on consumer preference shifting from gold to diamond in India. And, especially in South India which is known as a gold loving market.
With the issues pertaining to gold price uncertainty in the market, consumers are seeing value in diamonds. While gold prices have been volatile, diamonds are giving higher returns.
Young customers consider diamonds as a preferred investment and look forward to wear diamond jewellery on diverse occasions as it adds both glamour and elegance to one’s appearance. The elite class is gradually shifting towards diamond jewellery because of the novelty and richness diamond offers.
With youngsters becoming more open to experimenting, do you see major changes in demand related to style, design, gold, and diamond and coloured stone jewellery in the domestic market these days? Again, especially in South India, that is supposedly a conservative market when it comes to jewellery purchases?
Diamonds are dominating the industry now. The new trend reveals a splash of colour in the category, giving a new face to a girl’s best friend with brighten colours of all kinds. Long chains and neckpieces will dominate the contemporary jewellery scene, preferred by the working class. Solitaires are still set with micro pave stones around the hero piece.
According to reports, demand for diamond jewellery across India has increased in recent years. What is the demand/trend in quality/size of diamonds in jewellery in today’s domestic market?
Yes, the demand for diamond jewellery has increased considerably over years. The retailers are also focusing their marketing initiatives toward promoting diamond jewellery as demand for diamond jewellery is in its growth phase and the purchase of gold depends on the price.
The new age customers are very particular about buying quality diamonds and design of the jewellery plays a crucial role in the purchasing decision. Everyone is looking for unique design and we have witnessed an emerging trend for versatile and convertible jewellery, which can be used on diverse occasions.
Your views on online jewellery business in general. Do you have an online presence or have plans to enter e-commerce space in the future?
E-commerce is picking up in India in a big way and we would like to explore online retailing in the future. However, to start with we have tied up with Amazon to understand the requirements and see the customers’ response.
What are Kirtilal Group’s initiatives in the ‘Corporate Social Responsibility’ endeavours?
The leading principle of Kirtilal’s Corporate Social Responsibility Initiative is to make social and environmental impact. The company endeavours to ensure that the environment is preserved to establish a sustainable and progressive India.
Similarly, emphasis is also given to raise the standard of living of women by empowering them through required skill development and training to be self-sufficient. The core areas of Kirtilal’s CSR initiative are the Women Empowerment, Education and Environment friendly initiatives.
‘Educated India for a better India’ has been the company’s belief for over many decades. Kirtilal has created a better platform for students at Coimbatore; donated an auditorium to the Bharathiar University to provide students an opportunity to experience and participate in ceremonial convocations, seminars, fairs and cultural shows.
By improving the aesthetic value of cities and promoting environmental initiatives, Kirtilal promotes greener initiatives through maintenance and landscaping at major airports at Coimbatore, Chennai, Madurai, Trichy, Pondicherry, Tirupati, Vijayawada and Trivandrum. Apart from this, the company also maintains major parks in Coimbatore and Madurai.
Aruna Gaitonde, Editor-in-Chief of Asian Bureau, Rough & Polished
