Jaipur 24 December: Increased globalization, social values and multiple options have caused decrease in margins and to regain their margins diamond traders and jewellery makers will have to adopt online marketing to promote their sales,
Prashant Bhojani of Rapaport while making his presentation “Where Did My Margins Go, And How Do I Get Them Back” in the Jaipur Jewllery Show’s seminar here on Monday stressed that today information is business and you need the best price, availability and market information to trade diamonds and jewelleries.
Rapaport provides a wide assortment of services and products to clients from more than 110countries.In India it has offices in Mumbai and Surat. Bhojani said that the Internet search on mobile in the past three years has seen an increase of 30 percent and this has resulted in tremendous rise in online buying and selling.
Bhojani said Internet has become the primary source of diamond price and market information. Listing of diamonds for sale online draws larger customer attention and the customers look for such information before making his mind on what to buy and for what price.
“Your business depends on buying and selling and the Internet has become a very strong medium for buying and selling. The onlineinformation helps not only the buyer, who often overpay or the seller who often undersell. The online provide the access to real time diamond pricing. Online one can get the actual asking prices for hundreds and thousands of diamonds in the market and also discounts and premiums” said Bhojani
Bhojani said unless the buyer or the seller is strong online he would not be able to get a perfect deal.
“Online one can directly deal with the sellers and no middleman is involved and online it’s easier to build relationship. Adopting online mode would see the customer base expand. The diamond customers are increasing and online marketing will add new customers. One can provide free information about inventories and prices through the online mode. Online also helps connect with the like-minded professionals and build long term relationship. This is the reasons why net is increasing become the strong medium for buying and selling” added Bhojani.
Bhojani said globalization and shifting markets has impacted social values, demographics, economics and technology and social media which has impacted the society has also changed the way the business is to be done.
“E commerce first impacted and now it’s e commerce that has become fashionable. Create a brand that is recognizable and even in-store sales are influenced by online and Internet is the cheapest way to leverage a luxury brand. There is an increasing tendency to advertise the product online as it’s not only at zero cost, but also have high and deep reach” added Bhojani.
Jaipur Jewellery Show 