Gemstones and gemstone jewellery have a 5000-year history of influencing cultural heritage. India has always been a leader in the history of gemstones, whether it was under ancient Indian culture or the Mughals. Many ancient treasures, such as the Gulf of Mannar pearls, Golconda diamonds, and Kashmir sapphires, drew traders from all over the world. Since then, this sector has expanded. Gemstones are becoming the most popular choice for millennials and people of all ages. India has surpassed all other countries to become the world’s top exporter of cut and polished diamonds. Financial Express Online spoke with Aaradhya Khanna, CEO, Khanna Gems regarding the current scenario in the gems and jewellery industry, trends and more. Excerpts:
How is the gemstone and jewellery industry market scenario during the pandemic?
Since 2020, the jewellery sector has been harshly impacted by the COVID-19 epidemic. Since individuals are dwelling in their homes, their appetite for jewellery has plummeted. However, by 2021, it had risen to a relatively low level, still lower than before the epidemic. Gold bullion bars and coins have witnessed an upsurge in popularity as a haven asset. Since the pandemic, the astrological gemstones business has seen a significant surge in demand as individuals seek astrological assistance for a variety of concerns and interests.
How has the gemstone segment fared during the COVID-19? Have you witnessed a surge in demand during the COVID-19 crisis? If Yes, please share details.
Since the COVID-19 pandemic, online inquiries on astrological gemstones have made twice as much. While consumers have increased their purchases of gemstones overall, the average amount spent per client has declined.
The bifurcation between male and female, who enquires or buys gemstones online from Khanna Gems? Please share the data in percentage?
Khanna Gems has been the leading gemstones brand in the modern era, offering a variety of solutions for people of all ages, sexes, genders, and races. According to our research, online inquiries and purchases of gemstones are made by around 50% male and 50% female prospects. It is quite blissful to acquire the equal interest of both parties when it comes to buying gemstones.
Have you witnessed millennials seeking astrological advice and/or buying gemstones from Khanna Gems Group particularly during the pandemic? Please share the data in percentage.
Millennials account for nearly 50% of all astrological consultations and the majority of gemstone sales. Since the pandemic, the number of people seeking astrological consultation for a range of difficulties and reasons has also increased, with millennials accounting for the majority of the increase. As a result, they seek real certified astrological consultations and gemstones, as authenticity is a significant element for millennial buyers.
What are the current trends that you have witnessed with regards to customers buying gemstones? For which reasons, people are popularly buying gemstones these days? Please specify.
Individuals are more willing to purchase gemstones following an astrological consultation for several reasons, including physical and mental health issues, family welfare, and financial stability.
Have you witnessed a surge in demand during the festive season? Please share in percentage.
While diamond sales stay stable over the holiday season, demand for products such as Sphatik Sri Yantra, Energized Yantra, other holy objects, and gifting items Increases, resulting in a generally 10% increase in revenue.
Apart from Gemstones what other services does Khanna Gems Group offer?
Along with the selling of gemstones, we offer astrological consultations to our customers. Additionally, we create customized jewellery and offer online pujas such as Ganesh Chaturthi Puja, Shradh Puja, and Janmashtami Puja. Additionally, we perform Abhimantran Puja for purification, activation and energization of the gemstones before they are worn.
Please share data on offline Vs online demand during the festive season which is popular amongst the customers?
Following the epidemic, we only had online sales in 2020, but since the lockdown was lifted in early 2021, we’ve noticed a steady rise in offline demand. Now, demand is split 50/50 between online and physical channels.
What are your expansion plans?
Our objective is to consolidate traffic generated by our online presence and to attain 10 million monthly website visitors by 2025. We’ve set up a couple of flagship locations to launch in the coming months, bringing the total stores to 25.
Any new developments planned for Khanna Gems Group?
We recently launched a store in Auckland, New Zealand, and are expanding internationally. We are planning to build a manufacturing facility to significantly enhance our output to accommodate our expansion ambitions and to also provide employment work facilities to other businesses.
We are a total measure of 12 firms affiliated with Khanna Gems Group as a family company endeavor, and our goals include consolidating the companies and establishing horizontally integrated synergy through technology and media dexterity to improve our profitability and execute our expansion plans.
Besides, we have also established a fund to invest in our brands branding and marketing.