The Pandemic has left everyone affected globally one way or the other. It has caused huge disruptions in terms of economic activity as well as the loss of human lives. Nationwide shutdowns, economic slowdown have impacted various industries. Gems & jewellery is one of those many industries that have suffered majorly due to it as domestic demand and exports sharply crashed. One wave after the other is not letting this industry recover properly.
Festive season last year gave hope to the jewellery industry as things started getting back on track for them and a jump in sales was observed. However, another Covid wave during the wedding season made it again a bit challenging. It is the leaders of the Gems & Jewellery industry who are all set for this year with a calm & strategic mind as well as high spirits. In an exclusive interaction with FinancialExpress.com, Pawan Gupta, Director of PP Jewellers by Pawan Gupta talked about the impact of pandemic on the jewellery industry, the importance of a calm mind during difficult situations, and his plans for this year. Excerpts:
Tell us about your overall journey & learning in this industry.
I have been in the business of gems and jewellery for the last 40 years. Over the years, I have got the opportunity to gather enormous experience in the manufacturing, trading of gold jewellery. I strongly believe that in life, you never stop learning. My key learnings from my overall experience would be—you need to keep moving forward with a positive and strategic mind & give back to society to the highest possible extent.
What are your visions and plans for 2022?
This pandemic has taught us how life is so uncertain, all we can do is stay well prepared for anything & everything. The plan is to keep going forward with all the precautions.
We have both the options available for our customers, virtual as well in-store shopping as per their convenience.
What are the expected jewellery trends and designs for this year?
We have seen Chokers making a remarkable comeback in fashion, and they are going to stay in fashion for quite some time now.
What was the impact of covid on the jewellery industry & the importance of stress management as well as the role of positive thinking during difficult times such as this Pandemic?
The pandemic has impacted virtually all aspects of our lives. Like various industries, Jewellery industry has also gone through a lot due to it. Last year, a Jump in sales was noticed during the festive time. However, the wedding season went for a toss due to another surge in Covid cases.
Staying Calm & positive during difficult situations is very crucial. It is an art that needs regular practice. To make important decisions in business as well as life in general, you need a calm mind.
Any specific change observed in consumer buying behavior during the Pandemic?
This Pandemic has bought a sense of fear among all of us, a fear of uncertainty. This fear increased the need for buying necessities or saving money. This was observed mainly during the initial months of the Pandemic.
With things getting back to normal along with some ease on restrictions we can again see demand on jewellery and hoping for things to get only better from this year onwards.
What are the Cons and Pros of virtual shopping option?
Virtual Shopping has its advantages as well as disadvantages. Our many customers prefer virtual shopping these days as it is convenient and safe. It also allows them to explore more variety and options in the comfort of their homes.
However, it also has some disadvantages, like the lack of interaction. We are not able to see the happy and satisfied faces or get genuine face-to-face feedback that is only possible via an in-store shopping experience.
