Reluctance to Resilience: An insightful view on the Gems & Jewelry industry

 Being in the uber luxurious glittering world of Gems & Jewellery, we are often at the far end of the need, but at the start of all the desires. In our case, for sure, ‘Necessity is the mother of invention’, does not typically define who we are.

Albeit, we have to create the need that is encased in the carnal desires of the  deep-set emotions which are the outcome of these so called aspirations

It all started way back in the year 2000, when DTC (Diamond Trading Company), the big Daddy of the Glitz & Glam, took it into its own hands to make this industry catapult from relative insignificance to becoming a corporate trailblazer.

This required multiple shifts:

Why to Change

The industry was an outcome of the homegrown business. The methods were tried & tested so there was no apparent motivation to change in the past 

Payoff of Change

Questions arose at various levels trying to decipher the change

Decoding the Normal

The study was done on routine ways of managing, routine ways of measuring and routine ways of evaluation

Creating the Rationale

The logic to change must cover both ends of the spectrum, the C-Suite as well as Grass root levels. And that logic should be logical to both thereby creating the buy-in

Role of Leadership

The Leadership, was faced with the critical choice between Complacency or being Competitive. Today that has transitioned into Collaboration

Emergence of Collaborative Style of Leadership

Change & Adaptation can only be successfully maneuvered by banking on each other’s strengths. When the Team holds hands and works towards a common purpose, an eco-system evolves that becomes the incubator for talent.

In the Gems & Jewellery industry, there exists the batch line of manufacturing. This culture gives rise to competition within the group. Often times, the competition leads to restlessness and carelessness. The latter contributes to an increase in quality rejects. 

The leadership in this industry took up the challenge of creating a mind shift by introducing incentives as in-tangibles (experience & self-gratification by helping others) to the tangible, and translating into a culture which handholds each other to create super successful outcomes.

The C-Suite took up micro projects comprising need articulation, need validation, and need satiation

Small informal groups created towards achievement of goals led to more effective understanding, alignment to the objectives, and execution 

These steps led to ‘small celebrations’ of ‘Micro Victories’ that took success to the next level.

While the growth was initially organic & seasonal where the consumers dictated the time & pace of the growth, owing to the shift in the style of leadership, the perception towards the industry has changed.

From catering to the masses through an omnichannel approach, leadership re-alignment has created opportunities to seek alternative channels of distribution as well as customer satiation leading to customer delight.

The change - especially the shift towards a new style which hasn’t been validated - presented a huge risk. However, these bold moves made the Industry a force to reckon with. Now, we are witnessing government schemes supporting exports and growth. Sur-Sez (Surat Special Economic Zone) is one such initiative alongside the various human centric approaches.

There was a time when Design and Processes were a closely held secret. The change in mindset - which is hungry for knowledge - has catapulted the shift where leaders from various organizations have learned to bank on knowledge for Market Dominance, Machinery, Technology, CFC (Common Facility Centre), and Skill upgradation through collaborative efforts of GJEPC (Gems & Jewellery Export Promotion Council) & GJSCI (Gems & Jewelley Skill Council of India).

The potential of the industry is palpable across the intelligentsia. IIT Gandhinagar has a dedicated CoE (Centre of Excellence) for this Industry targeting Startups, SME, MME, and the behemoths in this sector.

The focused approach towards enhancing the perception of the Gems & Jewellery industry has further given rise to hybrid B-Schools. The latter teach jewelry-making as a structured course, and at the same time equip future talent with managerial and business acumen, preparing them to contribute to this US$ 50 Billion industry.

At present, Gems and Jewelry is among the highest paying industry, both for blue-collared workers as well as the managerial staff. Also, the industry has embraced Diversity initiatives in a pool of approximately 4.3 million employees. 

China has historically played a pivotal and significant role in the manufacturing sector. However, India has evolved as a better alternative for this industry in recent years, owing to the role played by this industry’s leadership in swaying sentiments towards India.

These collaborative factors across various entities have been replicated across organizations, thereby creating the Pathway to Success.

The Journey continues, and we observe a massive transition from brick & mortar to ether, and lately the Metaverse, where Experiencewill be a key factor, both at the level of Contribution and Consumption. 

Not every Ancient Art needs Aged Customs

Human Capability as a single unit is restricted. Gone are the days of Silos! 

Today, the Reach is changing to Reach-out. Higher the degree of collaboration; more the victory stories. 

Simple, small, genuine changes create Change, and the success stories becomes embedded in the DNA of the Industry for the future of the Growth Culture.


Gems & Jewellery industry