The new regulatory environment and the GST would provide organised jewellers a level playing field in the overall pie”
Reliance Jewels started off their journey in 2007 and has been evolving with the changing jewellery tastes and preferences of modern Indian woman. With a host of services including, free gold testing, free jewellery cleaning and made to order jewellery, the brand ensures that customers receive the best quality and service consistently. During the journey, Reliance Jewels has successfully reached out to customers across India with their unique collections for every special occasion. The brand has expanded its presence across India with 57 showrooms in 37 cities. Here, its CEO Sunil Nayak talks to Floroscent about Reliance Jewels evolution, his aspirations for the brand and talks future, challenges and what’s next for the Indian gem and jewellery industry.
10 Glorious Years
The journey has been exciting and has been evolutionary for the brand. The ever changing regulatory and policy framework has kept us on our toes and made us get as close as possible to the evolving needs and demands of consumers. Over the last few years we have successfully transformed Brand Reliance Jewels into an aspirational brand, providing the latest designs at competitive pricing. We see jewellery buying moving away from occasion driven buying to more of “moment” driven buying. With rising affluence and awareness, jewellery has moved from being an “investment-centric” asset to a “lifestyle – centric” asset and Reliance Jewels now celebrates such moments with our new punch line “BE THE MOMENT”. Our light weight jewellery collection plays perfect foil to our punch line and entices customers from all age groups to “BE THE MOMENT”. We celebrated our tenth anniversary on 15th August, with 52 showrooms panning 37 cities and millions of happy customers.
Brand Reliance carries a huge reputation and respect. We have managed to gauge the pulse of our customers and have launched light weight everyday wear jewellery in our showrooms which has been well received by customers. We have recruited some great frontline people who trained and nurtured to focus on lifelong relations and not momentary sales.
Brand Reliance Jewels has been especially well received in Tier 2 towns, where we have managed to fill up the demand for great designs at reasonable pricing backed by great policies and processes. Being part of the RIL group, we have managed to keep our costs under tight control and brought about efficiencies in processes and have in turn passed on the benefits thereof to our esteemed customers.
Service and Beyond
Reliance Jewels is part of the Reliance One Loyalty Program which cuts across all the formats of Reliance Retail. The program provides attractive benefits to customers who shop with us. Our staff has been trained to nurture relations and we look beyond mere sales, we look at the complete gifting and adornment needs of customers and provide them with attractive options for every moment. We have attractive jewellery purchase schemes in which customers can save with us on a monthly basis and reap attractive benefits on redemption.
We provide a host of complimentary services to our customers like free gold testing, free jewellery cleaning etc, and very soon we would be launching special privilege benefits to our loyal customers which will delight them every time.
Keeping Up With Market Trends
In today’s informative era, trends can be easily available at a click of the button. We have a talented team of in-house designers and merchandisers who are always on a look out for the next wave and they definitely help us keep our assortment up to date. Our deep relations with our vendors also keep us up-to-date with the trends happening world over. We also have a unique facility called “made to order jewellery”, in which we can make any design that a customer asked based on a photograph or a drawing.
Govt Policies and Trade
Gold is a way of life in India. Our rich traditions have made jewellery buying a regular feature in the life of an Indian, hence I do not see policies or regulatory changes affecting the applecart of gold demand in the country. Glitches could only be momentary. The stringent norms as per as PAN card requirements is concerned would not affect the regular genuine buyer who is buying jewellery for a wedding or for gifting. Investment related demand could see a downside now, with stringent monitoring and availability of alternate investment avenues.
Welcoming the Change
The industry should definitely welcome the attempt made by the government to clean up the industry and make it more compliant. As has happened in other segments, organised retail will slowly and steadily make inroads into jewellery retail as well. Hence it is in the interest of all players – big and small to welcome the changes and eventually make jewellery buying and owning a more delightful experience for their customers.
Expectations from Wedding and Festive Season
We expect the post GST uncertainties to flow out with the advent of the wedding and festive season. The pent up demand of Q2 would make way to consumers opening up their purses and welcoming the season with full enthusiasm. We expect light weight jewellery collections to do well across jewellers this season.
Future of Organised Jewellery Retail
Organised jewellery retail will definitely increase its market share in the near term. The new regulatory environment and the GST would provide organised jewellers a level playing field in the overall pie. Backed by strong processes and accessibility to trending designs, organised players are now better placed than ever before. The new generation of customers, well-travelled and exposed to latest trends would definitely enjoy the organised jewellery experience and this would promise well for our relations. Organised jewellers would also bring in the latest technology trends inside their showrooms which would give them a cutting edge.