GJC Members Pledge to Do Ethical Business

Mumbai: Jeweller members of All India Gem & Jewellery Domestic Council (GJC) took a pledge of Trust, Transparency, Ethics, Compliance and Customer First! “We pledge to always be ethical in our services. We pledge to treat our customers and vendors with utmost respect. We pledge to always be compliant in our businesses. We pledge to stand together in times of difficulty. We pledge to be transparent. We pledge to respect industry peers and unite as one big family. We pledge to make right use of funds allocated to us. We pledge to usher in fresh breeze of freedom in the gems & jewellery industry. We pledge to play the biggest role in making India a first world country in business and economy.” Mr. D. Shivanandan (IAS and former DGP Maharashtra) spoke to jewellers about the ways to achieve turnaround.

Mr. Bhaskar Ramesh, Group Head-Branding Sector, Google India, said, “Till recently the three M trends in Internet were Male, Millennial and Metro but now the top three V trends are Video Vernacular and Voice Video. The cost of data has come down 20 times and there are 35 crore using smart phones. In the Digital First economy marketers of high value jewellery get more tools to target focussed customers – No Spray and Pray Targetting! Jewellers must remember that consumers have their most receptive peaks and prior to Akshaya Tritiya and festivals there are one or two months of searches and research. The cost per store visit can be as low as Rs. 300. Early adopters are finding it more efficient and effective to use targeted digital marketing.”

Brand Guru Mr. KV Sreedhar, Founder & CCO, Hyper Collective, said, “Jewellers must ensure that they transform commodities into brand to command price premium. Never get into a transactional relationship or you will compromise on your own premiumness. People trust brands when they have an emotional relationship and will forgive mistakes.  Everything is experiential in today’s age and make your brand experience experiential too.”

Customer first! Values! Culture! Compliance! Technology adoption! Market development! These were the key words used by prominent speakers from corporate India during the first day of the Gem & Jewellery Industry’s most sought-after transformational conclave Manthan 2019.

All India Gem & Jewellery Domestic Council (GJC) presented its flagship event promoting a common platform to share expertise & knowledge – Manthan Gems & Jewellery Conclave 2019 on 2-3 July at Hotel Sahara Star, Mumbai. Manthan 2019, an Initiative by GJC (All India Gem & Jewellery Domestic Council) will witness over a 1,000+ attendees, Presented by NSE, Powered by World Gold Council and Supported by Forevermark, LogisticsPartner BVC Logistics, Laboratory Partner GIA, Jewellery Partner Shineshilpi, Software Partner Acme Infinity, Solitaire Partner Divine Solitaire.

Speaking about how to create a world-class institution, Mr. Vikram Limaye, MD & CEO, NSE, said that NSE overcame several challenges by adoption of technology, focus on customer, compliance and strong market development. He mentioned that these are relevant to jewellers too. He also mentioned that NSE is keen to develop a Gold Spot Exchange with the right structure. In an interactive session with Mr. Shankar Sen (ViceChairman, GJC), he also mentioned that commodity exchange needs to have more participation from all key stakeholders.

Mr. Kewal Handa, Chairman, Union Bank of India, said that bankers are not averse to lending to jewellers. Trust & Transparency are the key – he said. He said that gems & jewellery sector should take inspiration from other industries such as pharmaceuticals industry, which reformed themselves and set up systems and processes for getting more organised. Biju Patnaik, EVP, IndusInd Bank, said that gems & jewellery business funding is complex. The primary collateral is stock and it is more about inventory financing as the collaterals are moving stock – don’t remain with the lender.

Mr. Anantha Padmanaban, Chairman, GJC, said, “Inspirational leaders from corporate India reinforced that customer is always right. Anything is possible for jewellers if they conform to their family values and traditional business practices while incorporating change management of the present for a better future. Manthan is the churning of thoughts, vision and insights, which will result in a new mindset, mission and ethos. Manthan led to a lot of self-belief, self-confidence and self-worth amongst jewellers leading to believe in ‘Whatever It Takes’ motto for being successful in business despite all odds.”

Mr. Somasundaram PR, MD, World Gold Council, hailed Manthan by saying that it is a great platform that should be extended throughout the year rather than just a 2-3 days conclave once every year.

Thanking Manthan attendees, Mr. Manoj Kumar Jha, Convener-Manthan, GJC, said, “Manthan, a thought-provoking initiative of GJC, is organized in pursuit of the eternal quest for knowledge. We learn from it every year. The purpose of this powerful knowledge sharing platform is to promote learning and gain insights from industry professionals with diverse backgrounds and skill sets spread across different industries.”

Manthan 2019 raised the diversity bar higher with inspirational and transformational leaders. Mr. Sunil Dutt (President, Reliance Jio), Mr. Mahesh Gupta (MD, Kent), Mr. Dhimant Bakshi (MD, Adlabs Entertainment), Mr. J. Muruga (CEO, BharatMatrimony), Mr. Vikram Mehra (MD, SareGama), Mr. Kewal Handa (Chairman, Union Bank of India), Mr. Pravin Jadhav, (Director, PayTM), Mr. Vikramaditya Khichi (ED, Bank of Baroda), Mr. Rishi Darda (Joint MD, Lokmat), Mr. Prabhajit Sarkar (MD, Power Exchange of India Ltd), Mr. Ajithkumar Vasudevan (MD, Kerala Rail Development), Mr. Bhaskar Ramesh (Youtube & Brand Advertising), Dr. Ananta Singh Raghuvanshi (Sr Director, DAMAC), Mr. K.V. Sridhar (Founder & CCO Hypercollective), Ms. Kaacon Shethi (CMO, DB Group), Mr. Arjun Vardaraj(Workplace Wellness Consultant, Six Senses Hotels  Resorts Spa), Mr. Ramesh Nair (CEO & Country Head, JLL), etc. Star speakers from the gems & jewellery sector include: Mr. Pramod Kumar Agrawal (Chairman, Gem & Jewellery Export Promotion Council), Mr. Asher O. (MD, Malabar Gold), Mr. Gaurav Singh Kushwala (Founder & CEO, Bluestone), Mr. Saurabh Gadgil (CMD, PNG Jewellers), Mr. Ashish Pethe (Waman Hari Pethe), Mr. Nitin Khandelwal (Past Chairman, GJC), Mr. Sachin Jain (MD, Forevermark), Ms. Nirupa Bhatt (MD, GIA India and Middle East), Mr. Hardik Parekh (Parekh Jewellers), Mr. Amish Shah (President, ALTR), Mr. Jignesh Mehta (MD, Divine Solitaires), Mr. Chirag Sheth (Metal Focus), Mr. Prithviraj Kothari (National President, IBJA), Dr. Rajendra Bhola (MD – Bholasons Jewellers), Mr. Suvankar Sen (Executive Director, Senco Gold), etc.

Last year, Manthan 2018 was the first-ever milestone event in the history of Indian gems and jewellery sector. In its second year, the needle moves notches higher to the next paradigm, as this year speakers from more than 27 industries will be present in Manthan 2019, a great opportunity to listen to Stalwart speakers from various Industries, which will also be translated live in Hindi language for the convenience of the invitees.