(Exclusive) Mumbai: The Covid-19 pandemic has hit hard health of global gem and jewellery industry. It has pushed the world economy into an unprecedented crisis.
Gems2jewellery.com contacted Mr. Sachin Jain, President, Forevermark (India) to assess its sales loss caused by the Covid-19 and its future strategy to recover from the current crisis. He says, these are extraordinary circumstances and we are trying our best to get through this crisis. These are unprecedented times and while all businesses are suffering, we are prepared to tackle this battle and hope to recover soon. Lost sale will impact the industry but to what scale we will know only once things open again.
Talking about the ensuing economic recession, Mr. Jain says, there are definitely tough times ahead not just in India but globally as well. Normalcy will take a long time to resume, things will change dramatically, and businesses need to have crisp planning in place to bounce back. 90% of the world economies are down right now and will take a long time to recover. In fact, the recent Fitch Ratings estimates that growth in India could fall to a 30-year low of 2 percent in 2020-21. The worst-hit sector would be travel, tourism & hospitality.
It is hard to say now and will entirely depend on when we open up for business. But I’m sure as an industry we will tackle this crisis head-on and emerge victorious.
Speaking about Forevermark’s strategy to recover the losses, Mr. Jain says, we at Forevermark are doing scenario planning. By keeping various scenarios in mind, we are creating contingency plans and are ready to roll out any plan based on the situation at hand. Apart from planning our campaigns & managing stocks, we are training our partners using technology through webinars and video calls on various aspects of business development so that everyone is more equipped to handle the dynamic change on the road ahead.
