The financial crisis sent ripples throughout luxury markets in all regions. As a result, buyers of fine jewellery have become more cautious, yet still seek rare pieces to add to their collections. Changing customer preferences and digital trendsetting have created an industry that offers bespoke products of real value, particularly in complex markets. European CEO had the opportunity to speak with Nirav Sanghvi, Owner and Managing Director of Devi Jewels, about the fast-paced fine jewellery industry and how his firm accommodates new market demands in the UAE.
In the aftermath of the economic recession, the luxury market has seen buyers become significantly more price conscious
How has a changed Middle East market transformed the industry?
In the aftermath of the economic recession, the luxury market has seen buyers become significantly more price conscious, while finding inventive ways to indulge in the extravagant. For example, there has been a rise in diamond retailers featuring illusion cuts – calibrations that give the appearance of a larger diamond. Perhaps also out of caution, some buyers seek real value rather than perceived value, through works that promise a return on investment.
We are also affected by a digital age – market trends and fashion forecasts carry a weight of their own. Designs have increasingly short life cycles due to ‘what’s hot’ lists being fragmented and confused as one trend blends into the next. Somewhere between the pendulum swing of exercising caution and staying current, buyers seek to begin the trends that they so often follow. Therefore, one-of-a-kind pieces that express a buyer’s personality or augment an existing collection are increasingly sought-after.
In what ways has Devi Jewels had to accommodate for these changes?
Keeping up with a fragmented and evolving buyer base in an emerging market is an ongoing endeavour, in which we are learning how to adjust our strategy with each step we take. Currently, we are among the few retailers in the Middle East region to feature such a versatile roster of designers and collections from all over the world, including Beverly Hills, New York, Amsterdam, Barcelona, Athens, Lisbon, Lyon, Vicenza and Hong Kong. The diversity in style, medium and execution is curated to meet the preferences of all 145 nationalities that are represented in the UAE.
We have also recently opened new galleries in Abu Dhabi, Fujairah and Ras Al Khaimah, thus securing a presence in four of the seven Emirates. Our diverse collections and wide presence in the UAE are key steps in accommodating a complex marketplace.
How important is meeting each customer’s individual specifications?
The digital age has lowered entry barriers, allowing new competitors to enter the industry. As such, in a market as intricate as the UAE, there is a challenge to establish brand identity, brand awareness and customer loyalty.
Commissioned pieces give firms the opportunity to highlight their core competencies and produce unique work for a single client. This enables a company to really stand out from the crowd and establish a coveted relationship of trust with individual buyers.
What steps you have taken towards your vision of a market of connoisseurs?
An integral part of our business model includes scouting for emerging talent and building relationships with renowned design houses. Through both endeavours, we seek to offer rare, limited or single-edition designs of finely crafted contemporary jewellery with the highest-grade mediums. Since most of these works arrive at our showrooms straight from the design tables of small ateliers or the home studios of individual designers, we are able to inaugurate unique collections in the regional market, while also offering extremely competitive prices.
Can you expand on your CSR initiatives and why you feel these are important?
Our CSR initiatives stem from a corporate focus on knowledge-based selling; we educate buyers in the ‘how to’ of diamond and jewellery buying. Many unseasoned collectors are interested in learning about GIA grading techniques and manufacturing standards, as well as more complex issues, such as carbon vapour deposition or synthetic diamonds. We are keen to participate in this ongoing dialogue about industry facts, news and ideas. We are also working towards building philanthropic collaborations and unique avenues, through which we can develop our CSR strategy.
What are your plans and ambitions for the future?
In expanding to new locations and diversifying our efforts, we are striving to become a dominant player in the global fine jewellery and luxury market. We will continue a diverse platform of curated collections, while carefully catering to the evolving preferences of individual buyers and introducing noteworthy jewellery that is rare, yet accessible.