Sachin Jain: Con­sumer Taste Is Ever Evolv­ing

Sachin Jain, Forever­mark In­dia’s man­ag­ing di­rec­tor, talks to Soli­taire about cater­ing to mil­len­ni­als, de­sign col­lab­o­ra­tions, and the fu­ture of the in­dus­try.

Solitaire - - CONTENTS -

What are Forever­mark’s rea­sons for ex­hibit­ing at IIJS?

We have par­tic­i­pated for the last three con­sec­u­tive years at the In­dia In­ter­na­tional Jew­ellery Show (IIJS) which is one of In­dia’s most pre­mium jew­ellery fairs. It is the driv­ing force that has sus­tained In­dia’s po­si­tion as a global leader in gems and jew­ellery. To­day, the show has be­come a glob­ally renowned trade fair whose im­por­tance is un­der­lined by thou­sands of do­mes­tic and in­ter­na­tional vis­i­tors that at­tend it each year. Over the years, we have re­ceived such an over­whelm­ing re­sponse at the IIJS that we have de­cided to con­tinue our as­so­ci­a­tion this year as well. Our fo­cus has al­ways been on re­tain­ing con­sumer con­fi­dence in di­a­monds while re­in­forc­ing their pref­er­ence and de­mand for di­a­mond jew­ellery in the mar­ket. Only 1% of the world’s di­a­monds are el­i­gi­ble to be­come a Forever­mark di­a­mond, and the

IIJS is the per­fect plat­form for us to show­case our col­lec­tions and in­no­va­tions to the in­dus­try.

De­spite be­ing just a five-yearold brand, what has made Forever­mark so suc­cess­ful amidst a sea of com­peti­tors?

The di­a­mond in­dus­try has reached a point in In­dia where di­a­monds are no longer the pre­serve of the priv­i­leged but an as­pi­ra­tion for the masses. The most im­por­tant driver of this mar­ket are the women and mil­len­ni­als, who dream of own­ing a di­a­mond and can now af­ford to buy these pre­cious stones them­selves. Forever­mark as a brand is here to ful­fil that dream of ev­ery woman and mil­len­nial by not only giv­ing them what they de­sire, but also at an af­ford­able price. With di­a­monds start­ing from 10 points, Forever­mark cre­ates jew­ellery that can be worn daily.

Apart from this, we also re­leased the Cre­den­tial Cam­paign, which ad­dresses the con­cerns of po­ten­tial buy­ers and re­as­sures them that when they pur­chase a Forever­mark di­a­mond, it is the most beau­ti­ful, rare and re­spon­si­bly sourced di­a­mond. We un­der­stand that ev­ery con­sumer looks for val­i­da­tion while pur­chas­ing di­a­mond jew­ellery and Forever­mark pro­vides this val­i­da­tion, with the brand prom­ise and the unique in­scrip­tion num­ber on each di­a­mond. With this cam­paign, we have re­in­forced con­sumer con­fi­dence and cre­ated brand aware­ness by high­light­ing the ben­e­fits and dif­fer­en­ti­at­ing fac­tors of Forever­mark, thereby cre­at­ing trust and loy­alty for the brand in the minds of our au­di­ence.

Could you share some in­sights about Forever­mark’s nine jew­ellery col­lec­tions avail­able in In­dia? Do you plan to in­tro­duce more af­ford­able lines for mil­len­ni­als?

The In­dian mil­len­ni­als to­day are glob­ally ex­posed and well aware of the in­ter­na­tional trends. There is also an in­creas­ing aware­ness in the mar­ket­place for buy­ing good qual­ity di­a­monds. Soli­taires are gain­ing promi­nence, and in big­ger pieces too. More and more mil­len­ni­als are go­ing for a lighter piece with bet­ter qual­ity di­a­monds, as these can be worn through the year.

Keep­ing this in mind we re­cently launched the Twogether col­lec­tion, which fea­tures two sparkling Forever­mark di­a­monds at the heart of each piece. Set in 18-karat yel­low, white and rose gold, this ex­quis­ite mid-priced range in­cludes rings, pen­dants and ear­rings per­fect for work or a night out and tar­gets the younger gen­er­a­tion. We will also con­tinue cre­at­ing sil­hou­ettes of jew­ellery that can be di­vided into mul­ti­ple pieces; which means it can be used as a large piece of jew­ellery or can be bro­ken down to mul­ti­ple smaller pieces of jew­ellery that can be used for separate oc­ca­sions. Forever­mark sees the needs of the cur­rent gen­er­a­tion as an op­por­tu­nity to of­fer unique prod­ucts and ev­ery­day wear jew­ellery.

How do you choose de­sign­ers to col­lab­o­rate with? Could you de­scribe the work­ing process – from ideation to the fin­ished prod­uct?

Con­sumer pref­er­ences are con­stantly evolv­ing and at Forever­mark, we be­lieve that change is the only con­stant. Forever­mark works at sev­eral lev­els to keep pace with this change, of which one is to col­lab­o­rate with some of the best de­sign­ers. Keep­ing our brand ethos in mind, we work with de­sign­ers who share our brand val­ues and who can take our beau­ti­ful di­a­monds and cre­ate mas­ter­pieces.

We have col­lab­o­rated with ace cou­turier Sabyasachi Mukher­jee for the Zanyah col­lec­tion and Bibhu Mohapatra for the Artemis™ col­lec­tion. These ex­quis­ite lines of di­a­mond jew­ellery fuse their iconic style of unique crafts­man­ship with the un­par­al­leled beauty of Forever­mark di­a­monds. The Forever­mark De­sign and In­no­va­tion Cen­tre is closely in­volved in the process of work­ing with the de­sign­ers to fine-tune their vi­sion into jew­ellery. This usu­ally takes over a year of de­sign­ing and sam­pling to for­malise the fi­nal col­lec­tion. This is when the man­u­fac­tur­ers come in to cre­ate the lines and part­ner re­tail­ers bring it to the con­sumer.

What are the three big changes you en­vis­age in the In­dian jew­ellery in­dus­try over the next ten years?

We are al­ready see­ing a cer­tain con­sol­i­da­tion in the re­tail and man­u­fac­tur­ing side. Reg­u­la­tion and leg­is­la­tion will bring in more trans­parency in the busi­ness. Con­sumer taste is ever evolv­ing and I see fur­ther changes in the course ahead, es­pe­cially where self­pur­chase and pur­chases to­wards self-worth are con­cerned. This trend is def­i­nitely go­ing to pick up amongst the mil­len­nial au­di­ence in In­dia. Tech­nol­ogy is go­ing to be a big dis­rup­tor in the busi­ness and build­ing aware­ness and ed­u­cat­ing the con­sumer as well as train­ing the work­force are go­ing to be key driv­ers of change in the fu­ture.

Sachin Jain

Time Cap­sule

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.