At the recently concluded Global Business Barons meet at FICCI International Brand Conclave, the bigwigs from the jewellery, fashion and lifestyle industry of India agreed on the need to develop an Indian brand name in lifestyle segment.
Sushil Jiwarajka, Chairman, Federation of Indian Chambers of Commerce & Industry -Western Regional Council (FICCI-WRC) made a passionate plea to the branded jewellery industry to move up the value chain from manufacturing and wholesale distribution into product brands and retain operations. He believed that innovation in design, newer markets, and new technology would help sustain growth.
In his inaugural address, Ashwini Kumar, Minister of State for Commerce and Industry said, “Jewellery and lifestyle products fire people’s aspirations to achieve a higher status in life. Higher standards of living increase the demand for branded products fuelling growth and employment generation. In spite of the global recession one section of India is flying and the other is looking at it with hope.”
Highlighting the point Mehul Choksi, chairman, Gitanjali Group and FICCI National Gems & Jewellery Committee said, “We have more than 300,000 jewellery retailers. We, however, do not have even a single jewellery brand name of international standard which is known throughout the world.”
“The need of the hour is to establish such brand names to carve out a niche for our gems, jewellery, time wear and accessories internationally,” Choksi added.
Arvind Singhji Mewar, from HRH Group of Hotels while talking about India’s creativity, love for style and luxury, and the capability of craftsman to make intricate and rich traditional jewellery stressed on the need to produce value added products and brand it for capturing international markets.
Vasant Mehta, chairman, Gems and Jewellery Export Promotion Council (GJEPC) hoped that the industry would be able to overcome the challenges posed due to the global meltdown effectively through integrated efforts of all the luxury, fashion wear and gem and jewellery players.
Vijay Mallya, chairman, United Breweries Group and Kingfisher Airline urged everyone to not to despair due to global melt down and fall in GDP but to look at the positive side that India is still amongst the top GDP growth economies of the world, and has 12 million millionaires who can spur the demand of high-end luxury, fashion and lifestyle products, and create avenues for prosperity.
He also stressed on the need for nurturing and building strong brand names for the products of luxury, fashion and lifestyle segments of the industry in India.
The day long sessions deliberated on global perspective of Indian gems and jewellery, timewear and accessories. They discussed the prospects for branded jewellery, infrastructure for growth of Indian Luxury market, opportunities and areas of growth for branded jewellery and accessories market, government policy direction and finance options for the industry, market for luxury watches and the possible brands and ambassadors.
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