Unified jewellery marketing need of the hour

Gem and jewellery industry analysts and representatives at the 5th City of Gold Conference in Dubai concluded that the global industry is losing ground in the worldwide luxury market and will continue to do so unless it quickly develops and implements a unified marketing program. Over 380 delegates attended the two-day conference that ended on April 23.

Citing the futuristic view of the global industry encapsulated in a KPMG report, the Gem & Jewellery Export Promotion Council (GJEPC) chairman Sanjay Kothari, said, �We need to look into new markets, identify new segments and new value propositions. Most of all, we need to contribute to creating a single unified global marketing master plan that we can then tailor to the regions of the world.�

The KPMG study, commissioned by the GJEPC, predicts a drop in the gem and jewellery industry�s growth from the current 5.2 per cent to 4.6 per cent over the next 10 years. By contrast, the $100 billion luxury apparel market is estimated to grow at 10- to 15 per cent over the next seven years.

Kothari told the delegates that the industry needs to focus its attentions on retail and on consumers by creating emotional connects, inspiring consumer confidence and rethinking the retail experience.

World Jewellery Confederation (CIBJO) president Gaetano Cavalieri and World Gold Council managing director for marketing and jewellery, Philip Olden, also participated in the closing panel discussion with Abdullah and Kothari.

In mature markets, Kothari said, the industry must look to new segments and identify new uses for precious metals and gems, including integration into luxury electronics. He also recommended an increased focus on jewellery for men, children and the over-65, all non-traditional markets.