K. Najeeb, Regional Head, Malabar Gold and Diamonds, talks about the current trends in the jewellery industry and why it is important to adapt to the changes in the market.
What are the major trends in jewellery industry in 2020?
The global jewellery market in 2019 was favourable and it is anticipated to witness significant growth in 2020. Introduction of new designs and emerging fashion trends are helping to retain existing as well as attract new customers. Moreover, changing lifestyle, fashion and related trends are expected to boost the growth of this market. We foresee major developments in customised and self-designed jewellery in 2020. Malabar Gold & Diamonds has always been in the forefront in bringing innovative designs to meet the customer satisfaction and will continue the same.
What is the reason for these trends, and for how long do you expect them to continue?
Most of the trends are based on the changing expectations of the customers influenced by related product categories like fashion as well as their lifestyle influences.
How do these trends manifest in your designs? Please share some examples of the same.
We have a research and development team that studies the behavioural changes of the customer as well as the changes in product preference. Analysing of internal as well as eternal data helps us to anticipate trends in the market. The product teams subsequently design and manufacture products targeting such opportunities.
The latest example of the same would be our new diamond collection named OPULENCE, inspired by heirlooms of the world. The collection seeks to revive the beauty of the globally renowned rich handloom, originally for royals, by transforming it into classic yet stylish jewellery.
What is the difference in the preferences between expat and Omani customers?
There is a lot of similarity in the preferences by expats and Omani customers when it comes to modern and trendy jewellery. However it differs for traditional jewellery. Omani customers generally prefer jewellery crafted in 21K, 18K gold jewellery and diamonds whereas the expats customers prefer 22K gold and diamond jewellery.
How important is it for businesses to keep with the times?
As for any business, it is very important to adapt to the changes in the market for survival and growth.
What items and/or brands do you see being very popular among your customers?
We cater to a large variety of customers from all over the world and the footfalls keep increasing every day. At present we see a significant demand for lightweight and multi-use jewellery. Apart from this, the major growth is in the demand for solitaires and diamond jewellery.