Retailer speaks at GJEPC webinar!
Recently GJEPC organised webinar, Jewellery Business Post Covid-19 lockdown where known retail players participated & expressed their views including, Fatehchand Ranka, Ranka Jewellers, Western Region, Anil Talwar, Talwarsons Jewellers, Northern Region, Suvankar Sen, Senco Jewellers, Eastern Region, Rajesh Kalyanaraman, Kalyan Jewellers, Southern Region, Chandraprakash Siroya, Siroya Jewellers LLC, International, Dubai.
The webinar moderated by Sabyasachi Ray, ED-GJEPC and it was noted that all together 756 gem & jewellery player joined the key webinar. Sabyasachi Ray, draw a boundaries for speaker by announcing there points, 1: How to sustain, 2: How to restart & 3: How to grow post Covid-19! In his presentation, Anil Talwar draws an attention on the issue of buyback of gold. Upon opening of business post covid-19 buyback would be a big issue from buyer side. Even after opening of business post Covid-19, there to four months would be tough so better to focus on Cash Conservation!
Fatehchand Ranka picked up the point of buyback! He said, postcovid-19, buyback could be in a large numbers and jewellers should honour. He also underlined to lower overheads by cutting down expenses. He is looking at the festive season! He said, forthcoming festive season could be vibrant postcovid-19!
“At this time jewellers should communicate with their clientele, Trade associations have to communicate with their member jewellers. “Create awareness in buyer that jeweller is a parallel banking & financing! Keep up creditability in the scenario of buyback! Therefore, at present take care of staff, care your goldsmiths & artisans-craftsmen! Support them to survive because they are the backbone of our trade!” “We will come out!”
Rajesh Kalyanaraman observed well all those three points of Moderator resented step by step! By focusing
1: How to sustain: He said, amid desperate news including arrival of recession like of 1930 report, this is the first step to remain in a positive state of mind! Jewellers have to keep communication with their buyers & patrons! Undertake CSR activities! He said, “In this time, let’s sustain our industry, our society and our people! If they sustains, we sustained!”
2: How to restart: Now, there are two parts, preCovid-19 & postCovid-19. In the postCovid-19 scenario our every practice would change! Move watchfully, move as new beginner! Rajesh think this Quarter, the first has lost, 2Q also would remain lower by 50% to 60% in business term! 3Q could be a busy yet, on the other hand buyer could find bothering more saving postCovid-19!
3: How to grow: Growth would be a long story postCovid-19; he saw 4 to 5 months would require sustaining the business! He included buyback issue and said there must be a three price policy: a) price for selling jewellery, b) price for buying back & selling jewellery & c) buying back and paying cash! Let buyer know this policy!
Suvankar Sen said, “Surviving in this era is all about sustaining but it is a short term move! This is the time to adopt, 1: overhead control, 2: support survival of goldsmith & craftsmen, 3: shoulder CSR.” “By this coronavirus era, world is not ending world is changing! PostCorona-19 will change the world and one has to adopt ‘You Attitude’ for their buyer & society!”
“Till the time youngsters, millennials & up to GenZ was not bothering their lavish spending as their life was uninterrupted! But, in the era of postCovid-19 they will learn & they will change their spending habits and start thinking of saving!”
Suvankar suggested that industry should carry a campaign and promote wedding rituals, pamper buyers for ‘Revenge shopping’ post lockdown!
Chandraprakash Siroya also presented his view from Dubai. Later Sabyasachi Ray extended some topics at the end and focussed upon eCommerce, banking & financing, gold price attitude also focussed. Apart from invited players, webinar allowed Shailesh Sangani & Colin shah to share their expressions.
GJEPC also announced another webinar to be held today, ‘has this lockdown limited our growth or has it shown us the road map to build an exponential organisation? By Mithun Sacheti, Caratlane, Moderator: Milan Chokshi, GJEPC. (Exclusively inked & edited by Nayan Jani, Editor-Jewellery News India-JNI).
