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Jewellery industry must unite under single marketing banner

By Joe Harris,2014-01-20 22:04
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Jewellery industry must unite under single marketing banner

Press Release

    th5 City of Gold Conference closes with call for industry to unite under single marketing banner

    Focus on improving retail experience, building emotional connect, building consumer

    confidence and tapping new segments, retailers told

Dubai, April 24, 2007 The global gems and jewellery 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, analysts and industry representatives said at ththe close of the 5 City of Gold Conference in Dubai yesterday.

Four keynote conference speakers cited the need for prompt action based on a new

    KPMG study on the future of the USD 146 billion global gems and jewellery industry.

    The study, commissioned by the Gem and Jewellery Export Promotion Council of India

    (GJEPC), predicts a drop in the industry’s current compound annual growth rate (CAGR) from the current 5.2 per cent to 4.6 per cent over the next 10 years.

The report suggests gems and jewellery will lose ground to other luxury goods. The USD

    100 billion luxury apparel market, for example, is estimated to grow at 10 to 15 per cent

    over the next seven years.

GJEPC Chairman Sanjay Kothari told conference delegates the industry needs to focus

    its attentions on retail and on consumers by creating emotional connects, inspiring

    consumer confidence and rethinking the retail experience.

“It is time for retailers to take the initiative to grow the market,” Kothari said during the

    two-day global jewellery meet’s closing panel discussion. “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 masterplan that we can then tailor

    to the regions of the world.”

Tawhid Abdullah, Managing Director of the Dubai Gold and Jewellery Group, likened

    both the unified marketing plan and revamped retail operations to a rising tide that lifts all

    boats.

We have struggled to do this alone, but the truth is that we need a global marketing

    body. None of us operates in isolation,” Abdullah said. “We need to transform our retail thinking, create role model stores, give people tools they can use to understand the

    market, create product innovation and, most of all, focus on the emotional value of our

    products.”

Gaetano Cavalieri, President of the World Jewellery Confederation (CIBJO) and Philip

    Olden, Managing Director, Marketing and Jewellery, World Gold Council, 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.

The KPMG-GJEPC Vision 2015 industry report also suggests palladium will establish

    itself as an alternative metal for jewellery fabrication; a change in traditional consumption

    markets, with China and India emerging as a market equivalent to the United States by

    2015, and the rising importance of the Middle East market.

The two-day jewellery meet, organized by the Dubai Gold and Jewellery Group in

    association with the Dubai Multi Commodities Centre, also discussed social

    responsibility in the gemstone trade and the changing face of gold jewellery marketing

    during yesterday’s special session on marketing.

     thMore than 380 delegates registered for the 5 City of Gold Conference, making it the largest such conference in its history. The conference ran April 22 and 23, 2007, at the

    Park Hyatt in Dubai.

    - ends

For further info, please contact: Lisa George, ASDAA PR. Tel: 9714 3355969. E-

    mail: l.george@asdaa.com

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