Indian gem, jewellery market to grow to $133.96 bn bn by 2030

The Indian jewellery sector is a vibrant and dynamic industry, with immense growth potential. As of 2023, the India gem and jewellery market was valued at a significant $43.71 billion. Looking ahead, the projections are even more promising, with the sector expected to experience substantial growth, according to Dishi Somani, noted jewellery designer and founder of DishiS Designer Jewellery

In an exclusive interview to Bizz Buzz, she said the projections suggest that the total revenue of the India gem and jewellery market will grow at an impressive compound annual growth rate (CAGR) of 17.35 per cent from 2024 to 2030, reaching nearly $133.96 billion

How is the market in Telugu-speaking States of Telangana and Andhra Pradesh?

The jewellery market of Telugu-speaking States is vibrant and deeply rooted in tradition. During festivals like Ugadi and other cultural celebrations, there is a significant surge in demand for jewelry as people seek to adorn themselves with traditional and contemporary designs. At Dishis, we recognize the importance of these cultural festivities and the evolving preferences of consumers in these regions. Additionally, the market in Telangana and Andhra Pradesh is witnessing a growing trend of consumers embracing online shopping, providing us with opportunities to expand our reach and accessibility through platforms like Amazon and Nykaa.

As a self-made entrepreneur, what inspired you to transition from a career in finance to pursue your passion in jewellery design?

My transition from a career in finance to pursuing my passion in jewelry design was driven by a deep desire to follow my heart and create something meaningful. While my job in finance provided stability and security, it lacked the creative outlet that I required. I have always had a fascination with jewelry and the artistry behind it, so I decided to take up the chance and start my brand, 'DishiS Designer Jewellery’. My objective was clear from the beginning, I wanted to generalize designer jewellery, making it accessible and affordable to everyone. This vision motivated me to leave the limits of corporate life and begin on a path of entrepreneurship in the world of jewelry design. The transition from finance to jewellery design was not without its challenges, but my passion, dedication, and unwavering commitment kept me going.

What initial challenges did you face in establishing DishiS Designer Jewellery, and how did you overcome them?

As I began the process of establishing DishiS Designer Jewellery, I experienced various initial challenges, mainly in terms of finance and resources. Being a bootstrapped entrepreneur, I faced limitations in terms of capital and had to carefully manage my finances to kickstart the business. To overcome these challenges, I adopted a strategic approach, focusing on building strong relationships with suppliers and manufacturers to optimize costs without compromising on quality. I also used social media and online platforms to showcase my designs and connect with potential customers, gradually building a loyal clientele base. Through perseverance, determination, and strategic decision-making, I navigated through the initial challenges by laying a solid foundation for DishiS Designer Jewellery to flourish and grow in the competitive landscape of the jewellery industry.

How did you assemble and manage a diverse team of artisans and professionals to support your brand's growth?

Assembling and managing a varied workforce of artisans and professionals has been important to our brand's success. We have created an environment where creativity and expertise flourish, drawing in individuals from various backgrounds and skill sets. From skilled artisans crafting our products to marketing experts shaping our brand image, each member brings unique perspectives and talents to the table. Effective communication and collaboration are central to our team dynamic, ensuring that everyone feels valued and heard. Nurturing a culture of mutual respect and inclusivity has not only enhanced our creativity but also strengthened our bond as a team..

What digital marketing strategies have most effectively reached and engaged your target audience across various e-commerce platforms?

Our digital marketing strategies have proven effective in reaching and engaging our target audience across many e-commerce platforms. Using targeted advertising on platforms such as Facebook, Instagram, and Google Ads, has allowed us to reach specific demographics interested in our products. We have also used email marketing campaigns to nurture relationships with existing customers and encourage repeat purchases. Engaging content development, such as blogs, videos, and social media posts, has also helped us establish a strong online presence and engage meaningfully with our target audience.

How do you stay updated on the latest jewellery trends and incorporate them into your designs?

Staying updated on the latest jewellery trends is essential for keeping our designs fresh and appealing to our customers. We employ a multifaceted approach to trend monitoring, including attending industry events, such as trade shows and exhibitions, where we can observe emerging styles and techniques directly. Additionally, we closely follow fashion blogs, magazines, and social media influencers to stay abreast of evolving tastes and preferences. By integrating these insights into our design process, we ensure that our collections remain relevant and on-trend, offering our customers jewellery that reflects their individual style and current fashion sensibilities.

How do you approach innovation and product development to continuously evolve your jewellery collections and stay ahead of competitors in the market?

At Dishis, we approach innovation and product development with a relentless pursuit of excellence and creativity. Integrating CAD technology into our design process has been a transformative shift, allowing us to accelerate our design process and explore new creative possibilities. With software like Fusion 360 and AutoCAD, our designers can easily customize jewellery according to customer demands, from changing sizes and shapes to adding unique gemstones or engraving initials. Also, we used to stay ahead of the competition by actively analyzing market trends, conducting extensive research, and drawing inspiration from a variety of sources.

How have celebrity endorsements contributed to the visibility and growth of your brand?

Celebrity endorsements have played a significant role in elevating the visibility and growth of our brand. When prominent figures like Soha Ali Khan, Rubina Dilaik, Raveena Tandon, and others choose to wear our jewelry, it not only enhances our brand's credibility but also exposes us to their huge fan base. Additionally, when celebrities are seen wearing DishiS Designer Jewellery at high-profile events or in the media, it creates buzz and curiosity among our target demographic. This greater visibility leads to improved brand recognition, which drives growth as more individuals discover our collections.

What measures do you take to ensure sustainability and ethical sourcing in your production processes?

We prioritize sustainability and ethical sourcing in all of our production processes. We take many steps to maintain these principles throughout our activities. First, we thoroughly verify our suppliers to guarantee they follow ethical labor standards and environmental regulations. Also, we prioritize the use of responsibly sourced materials, such as recycled metals and diamonds, in order to reduce our environmental effects and promote ethical mining practices. By consistently evaluating and improving our practices, we remain committed to operating in a manner that respects both people and the planet. By consistently evaluating and improving our practices, we remain committed to operating in a manner that respects both people and the planet, ensuring that our customers can wear our jewellery with pride, knowing it has been produced with integrity and care.

Can you share any significant milestones or achievements that DishiS has reached since its inception?

Since its start, DishiS has reached several key milestones that demonstrate our commitment to excellence and progress in the jewellery industry. One major accomplishment is

attaining a revenue milestone of Rs.1 crore, which demonstrates the strong market demand for our designs and the effectiveness of our business strategies. Additionally, growing our presence into international markets has been a significant milestone, allowing us to present DishiS to a global audience and establish ourselves as a reputable brand across boundaries.

How do you leverage customer feedback and market insights to refine and improve your jewellery collections?

At Dishis, we value customer feedback and market insights as invaluable tools for improving our jewellery collections. We actively seek feedback through surveys, reviews, and direct communication with customers to understand their preferences, desires, and pain points. Moreover, we closely monitor market trends, competitor offerings, and emerging consumer behaviors to stay ahead of the curve. Finally, by integrating consumer input and market insights, we can produce jewellery that resonates strongly with our target audience while maintaining our competitive edge in the industry.

What advice do you have for women wanting to start a business in jewellery design?

I advise women who want to start a business in this industry to stick to their creative vision and persevere in the face of obstacles. Invest time in polishing your skills and establishing your individual style, as authenticity is essential for standing out in a competitive industry. Networking and seeking mentorship from experienced professionals can provide invaluable guidance and support along your journey. Additionally, dont underestimate the power of digital marketing and e-commerce platforms in reaching a wider audience and growing your brand.

What are your plans for expanding DishiS Designer Jewellery?

At Dishis Designer Jewellery, we have ambitious plans for expansion to further solidify our position as a leading brand in the jewellery industry. Firstly, we aim to broaden our product offerings by introducing new collections that cater to diverse tastes and preferences, ensuring that we have something for everyone. Additionally, we are also planning to strengthen our online presence by enhancing our e-commerce platform and expanding our digital marketing efforts to reach a wider audience both locally and internationally.