M2M Day 2: Retail Perspective

The final session of the Mines to Market conference turned the focus on to retail and the Indian retail market in particular. It was addressed by Mehul Choksi, chairman and managing director, Gitanjali Group and Neelesh Hundekari, principal, AT Kearney. Choksi cited the examples of the successful consumer connect being made by global brands like Tiffany and Cartier and made a plea for more aggressive branding and marketing in the Indian context. In his view building such iconic brands with an emotional appeal would help to promote diamond jewellery sales in the country. Gitanjali had Bollywood stars and cricketing legends in its brand promotions with this in mind, and said that the group had developed multiple brands to reach out to different consumer segments and develop a unique model for the widest possible distribution of diamond jewellery.

Hundekari compared the luxury and jewellery market in India, and said that both segments thought that the “grass appeared greener on the other side.” He stressed that organised retail and branding are boosting the growth of the luxury market, and slowly attracting new consumers. But, he added, the potential is great and has not been fully exploited. If the industry can get it right, then huge growth is possible.