Chetan N Thadeshwar, Chairman & MD, Shringar – House of Mangalsutra is the Master of the Mangalsutra. He spoke to JewelBuzz on his eventful journey into the jewellery sector  across four decades and how he and , Shringar – House of Mangalsutra have become synonymous with the Mangalsutra. Chetan  Thadeshwar  underscores how hard work, integrity, and perseverance have propelled brand Shringar to the pinnacle of success.

Take us through the story of founding of Shringar – House of Mangalsutra and its evolution till date.

Shringar – House of Mangalsutra has its roots in a family of generational jewellers with a legacy spanning several decades. The foundation of our family’s gold business was laid by Natwarlal K. Thadeshwar, a renowned goldsmith from Mumbai. In 1984, I joined the business and shifted the focus toward Mangalsutra manufacturing, recognizing its deep cultural significance and market potential. I introduced new design collections tailored for regional markets, which helped elevate Shringar – House of Mangalsutra to a national level. Our unique designs received an overwhelming response from retailers and wholesalers across India, particularly through our participation in B2B trade exhibitions.

Building on this heritage, the company was officially incorporated as ‘Shringar House of Mangalsutra Private Limited’ in 2009. In 2013, we were recognized among the top five in the Best Gold Jewellery Manufacturer category at the National Jewellery Awards. Expanding our global footprint, we began exports to the UAE in 2014 and have since extended our presence to international markets, including the United Kingdom, New Zealand, the USA, and the Republic of Fiji. A significant milestone was reached in 2023, when our manufacturing unit processed 1,200 kg of gold, solidifying our position as a leader in the Mangalsutra segment.

How did you focus on the niche mangalsutra segment?

When I began my journey, Mangalsutras were primarily seen as traditional jewellery, both in design and craftsmanship. When I joined Shringar, we were manufacturing all types of jewellery. However, I recognized the need to focus on one product to truly excel. I chose the mangalsutra because it is a simple yet deeply emotional symbol of marriage, and I believed we could make a significant impact in this space. We shifted our focus entirely to designing and innovating mangalsutra craftsmanship. By combining modern designs with unparalleled quality and attention to detail, we started delivering exceptional mangalsutras tailored to contemporary needs. This commitment to excellence has made the mangalsutra the heart of Shringar’s identity.

 Currently we focus on modernizing designs while keeping in mind the diverse preferences of different age groups, reflecting the evolving lifestyles and values of Indian women. Given its significance in Indian jewellery, we dedicated ourselves to innovating in this space, and our designs gradually gained popularity. Today, we take pride in successfully revolutionizing Mangalsutra jewellery, making it more versatile and contemporary.

Mangalsutras, from a religious and cultural point of view, are an integral component of a marriage. Do you feel an emotional connect as Shringar mangalsutras are a part of so many marriages?

I feel incredibly fortunate that our company plays a role in so many marriages, contributing to the rich traditions of Indian culture. It’s a deeply emotional experience, one that is difficult to put into words, but knowing that Shringar Mangalsutras hold a special place in such significant moments makes our journey truly meaningful.

What is your Unique Value Proposition? How does your product portfolio and design philosophy fit into this?

Our unique value proposition lies in our commitment to quality. Since Mangalsutras are worn daily, factors like durability, design, pricing, and craftsmanship are crucial for the wearer. Our collection is thoughtfully designed to cater to both special occasions—such as weddings, festivals, and anniversaries—as well as everyday wear. We offer a diverse range, including antique, bridal, traditional, contemporary, and Indo-western styles. Through our designs, we aim to celebrate and enhance Indian traditions while ensuring our jewelry meets the evolving preferences of modern women.

Give details of product portfolio/offerings and special collections like Ziya.

We recently launched our premium range of Mangalsutras under our exclusive brand, Ziya, designed to cater to the refined aesthetic preferences of high-end clients. Our goal is to establish Ziya as a distinguished brand in the market, offering elegance and sophistication in every piece. Beyond this, our extensive product portfolio includes over 15 unique collections and a diverse selection of more than 10,000 active SKUs, ensuring a wide variety of designs to suit different tastes and occasions. In line with these trends, our product portfolio is designed to offer a variety of options, including, but not limited to, “ring Mangalsutras”, “bracelet Mangalsutras”, “God edition Mangalsutras”, and “divine Mangalsutras”.

Take us through the process of conceptualizing and designing new product lines.

Our dedicated in-house design team plays a crucial role in conceptualizing and creating new product lines. They focus on developing designs that not only align with the latest trends but also cater to the evolving lifestyles, aspirations, and demographic preferences of customers across the country. By blending tradition with contemporary aesthetics, we ensure our collections remain relevant and appealing to a diverse audience.

What has driven you to take Shringar public. Take us through the IPO journey till date.

The decision to take Shringar public is driven by our vision to strengthen the company’s financial position and accelerate growth in India’s dynamic jewellery market. We believe that the IPO will enhance transparency, compliance, and corporate governance, fostering greater trust among our clients and end customers. This milestone marks an important step in our journey, enabling us to expand our reach and continue innovating in the Mangalsutra segment.  

Your forecast /outlook for India’s jewellery industry.

India’s jewellery industry is poised for steady growth, driven by its deep cultural and traditional significance. Jewellery plays a vital role in customs, festivals, and life events, especially weddings, where gold is viewed as a symbol of prosperity and success. Mangalsutras, in particular, hold both symbolic and investment value, making them an essential part of wedding traditions. With the rising number of weddings and evolving consumer preferences, the demand for Mangalsutras continues to grow, reinforcing strong long-term prospects for the industry.

What is your message of motivation for the jewellery industry?

The jewellery industry is more than just designing ornaments—it is about honoring traditions, celebrating life’s milestones, and creating timeless legacies. As we look ahead, innovation, craftsmanship, and a customer-first approach will be the cornerstones of success. I encourage everyone in this industry to embrace change, nurture creativity, and uphold the values of trust and authenticity that define our craft. The future belongs to those who evolve, adapt, and continue striving for excellence.

What is your mantra for success?

My mantra for success is built on three core principles—passion, perseverance, and people. Passion fuels the drive to excel, perseverance helps overcome challenges, and people—whether employees, customers, or partners—are the backbone of long-term growth. I believe in leading with integrity, fostering meaningful relationships, and continuously innovating to stay ahead in the market. Success is not just a destination; it’s an ongoing journey of learning, evolving, and creating lasting value.

Who has inspired and influenced you – and contributed to your personal and professional growth?

I have been incredibly fortunate to have my father, Natwarlal Thadeshwar, as my mentor, guiding me through every step of my journey. His wisdom and experience have shaped my perspective and approach to business. Beyond him, I have drawn inspiration from visionary leaders in the jewellery industry and successful entrepreneurs across various sectors—individuals who built businesses with resilience, foresight, and unwavering dedication. My family has also played a pivotal role in instilling values of hard work, integrity, and perseverance, which continue to drive me. Learning from real-life experiences and industry pioneers has been instrumental in both my personal and professional growth.

How do you keep yourself physically, mentally, emotionally healthy and fit?

Balance is key to staying healthy in all aspects of life. I prioritize regular physical activity, whether it’s a morning walk or a fitness routine, to stay energized and active. Mental well-being is equally important—I practice mindfulness, read, and engage in continuous learning to keep my mind sharp and focused. On the emotional front, I cherish strong personal relationships, spend quality time with family, and stay connected with close friends. A positive mindset and a disciplined lifestyle help me stay motivated and perform at my best every day.

A CATALYST OF CHANGE – DRIVEN BY PASSION AND PURPOSE

Honesty, hard work, ethics, compliance, constant innovation and diligent management of a finances & accounts is my mantra for success: Saiyam Mehra

You can feel a certain energy and passion in the room as Saiyam Mehra, Director- Unique Chains and Chairman –GJC delves into a variety of topics and issues. But, beyond the passion and energy, what strikes you is the clarity of thought, crystal clear communication and a solid wisdom way beyond his years. Saiyam Mehra spoke to Steve Fernandes, Chief Editor- JewelBuzz on his journey into the GJ industry, his vision, strategy, mantra for success, consumer mind-sets and road ahead for the Indian GJ sector. He is in hurry to bring about a transformation…. Saiyam Mehra is a Man on a Mission!

The beginning……Early days

I started out early – joined the family business when I was in 11th standard. Travelled across the country by road– going from city to city including Delhi, Kolkata, Kozhikode, cities in Punjab meeting leading retailers, interacting with them, selling our products. It was tough – but it was a great learning experience. Many feel the second third generation are born with a golden spoon and everything is easy. That’s not the case – it is hard work and determination that is needed to attain success.

Unique Chains set up shop at the office in Zaveri Bazaar and decided to stock inventory there, and sell products from this outlet. Our factory was at Prabhadevi.

We decided to enter the wholesale segment and commenced operations in Mumbai, Delhi Kolkata. Our target was to be a one-stop shop for all the jewellery needs of the retailers visiting us. Our wide range included antique, kundan jewellery range, Chains, mangalsutra, bangles, Rajkot, Turkey, Kerala jewellery, casting, rose gold and rhodium plated jewellery. We ensured retailers were offered this wide range under one roof.

My grandfather- my inspiration

My grandfather Rajkumar Mehra is my inspiration. He started out in 1960s by establishing Rajkumar Mehra and Sons in Amritsar. He was the most educated in the family. He sowed the seeds of success that we have achieved. The foundation created by him has helped us gain deep insights in jewellery industry – and understand how crucial it is follow ethical, legal and compliant practices for a steady growth.

Business strategy at Unique Chains

I understood that change is constant. At Unique Chains every six months we needed to change and innovate our designs – and also change our thought process. We have teams moving across the country and connecting with retailers – understanding the needs of the market and mind-set of the consumers. This feedback is crucial in developing our product lines.

We focus on training and skilling of our employees and ensure they are constantly motivated.

We are constantly innovating and upgrading – designs, product lines, latest software upgrades, upgrading our tech systems, processes etc. Every move is focused on speed, completing a task rapidly and efficiently. It’s not only about thinking big – but thinking fast.

Adapting to changing market needs, consumer mind-sets

I spend my working hours interacting with retailers and my karigars– this is a continuous process and helps me understand the pulse of the market and the mind-set of the consumer

Constant innovation is not only about offering new designs. It is about newer ways in presenting yourself, showcasing your products, efficiency and speed in reaching your customers. Innovation has to permeate every process and operation in your organisation.

Previously cultural changes and shifts in consumer behaviour were gradual- across a decade. Now there is a shift in mind-set every five years – in fact even lesser. We innovate and adapt to mind-set changes every six months. I and our teams track not only jewellery and fashion trends, but also trends in clothes, foods and socio- cultural changes.

One needs to have a holistic perspective to understand shifting mind-sets and changing trends. Our teams out in the market, the management and we, the owners put in great time and effort to understand these trends.

It is crucial to balance innovation with practicality. Whether it is designing a new product line our communicating and reaching out to our clients, we are absolutely practical in our approach. There is no point in innovating if your products do not meet the requirements of the market.

Change, adapt, believe in yourself

Our industry needs to change and adapt. Many from the jewellery industry are hesitant to change. Overall jewellery sector is slow in adapting to change as compared to other sectors. Our industry has to understand that accepting new laws, regulations, compliances, adapting to new technology is critical – and that too at a rapid pace.

There is an industrial revolution in the GJ industry. There is rapid deployment of technology in manufacturing and processes across various operations. The latest manufacturing technology is being imported from Italy Switzerland Turkey. The more one innovates and adopts the latest technology the more one can sustain – and get top price for one’s product.

Getting a lower price for your product because of increased competition is a reality and has to be accepted. Labour is reducing, innovation and technological inputs are increasing; but net price realised for the products sold is not justifying the time, effort, energy put in by the entrepreneur. This is a serious challenge that needs to be addressed.

My advice is believe in your product, your quality standards and yourself. Don’t budge from your price points. Don’t be tempted to bring down your prices because of competition. Stand firm!

Vipul Shah, Chairman: GJEPC,CEO & MD: Asian Star Co. Ltd is truly an iconic leader of the Indian GJ industry. His dynamic leadership, keen business acumen and understanding the pulse of the industry has propelled both, GJEPC and Asian Star, forward. He speaks to JEWELBUZZ on his journey in the GJ industry and his leadership role at GJEPC and Asian Star amongst other things.

Tell us about your journey in the diamond and jewellery industries, the beginning and evolution.
My journey in the diamond and jewellery industries began under the profound influence of two exceptional men—my late father, Prabodh Shah, and my uncle, Dinesh Shah. Both were true artisans, infusing their love and passion into every aspect of the diamond business. As a young teenager, their enthusiasm was contagious, and I eagerly joined them to learn the intricacies of the trade. This early exposure ignited a lifelong passion within me for the diamond industry.

Starting from the ground level, I immersed myself in understanding the nuances of the trade and the dynamic market landscape. This foundation provided me with insights needed to navigate and excel in the industry. With steadfast determination, I aimed to elevate our family business. Asian Star, to new heights, expanding our reach and captivating customers worldwide. This journey has been filled with both challenges and triumphs, but it has always been driven by a deep-seated passion for diamonds and jewellery.

Take us through your journey at Asian Star and the evolution of the company. What was your strategy for growth, expansion at Asian Star?
At Asian Star, our journey has been marked by strategic growth and expansion. Establishing a rock-solid foundation was crucial for our success, so I prioritized strengthening our systems and ensuring financial stability. A significant milestone in our journey was in 1996 when we took the bold step of going public by listing Asian Star on the Bombay Stock Exchange. This move provided us further on our path to growth.

In 1999, recognizing a natural synergy between diamonds and jewellery, we ventured into the world of Jewellery. This strategic expansion allowed us to diversify and innovate, keeping us at the forefront of the industry. Our focus has always been on staying ahead of the curve in terms of innovation and design, ensuring that we remain leaders in the market.

In this journey who were your mentors, what was your inspiration that drove you to creating a successful organization?
Throughout this journey, I have been fortunate to have the mentorship and inspiration of my late father and uncle, Prabodh and Dinesh Shah. Their passion and dedication to the craft set a high standard and inspired me to pursue excellence. Additionally, my journey has been enriched by countless other incredible individuals within the industry who recognized my passion, expertise, and knowledge.

This recognition led to my election as Chairman of the GJEPC board in 2012, a role that I am honoured to hold once again in 2022. Working alongside an exceptional team, we are committed to establishing India as the ultimate sourcing destination for the most exquisite diamonds and jewellery.

My journey in the diamond and jewellery industries has been a blend of love, learning, and the relentless pursuit of excellence. Every day, I am privileged to work with something so beautiful and timeless, and I remain dedicated to driving Asian Star and the industry forward.

What are the challenges in leading an apex body like GJEPC?
Our role is to address the challenges faced by the industry, serving as the bridge between the industry and the government, and creating a conducive environment for sustainable growth. Over the years, we have successfully tackled the industry’s issues and challenges by advocating for policies that promote growth and sustainability.

What is the strategy at GJEPC for increasing growth in GJ exports?
At GJEPC, our strategy to boost gem and jewellery exports revolves around a multi-faceted approach to engagement, promotion, and market expansion.

Trade Shows and Exhibitions:
We organize three major IIJS shows annually—IIJS Signature in January,

COVER FEATURE

Exploring New Markets:
GJEPC is proactively exploring new markets. A recent delegation visited Latin American countries, including Brazil, to boost exports and strengthen economic ties to the Latin American and Caribbean (LAC) region.

Comment on initiatives, like BSMs, to increase outreach to global markets:
Buyer-Seller Meets (BSMs) have proven to be a highly effective method for connecting exhibitors with buyers. We organize BSMs both in India and international markets to facilitate these crucial interactions. The one-on-one format for these BSMs, typically lasting 30-40 minutes, allows buyers and sellers to engage in a relaxed and focused environment. These meets foster meaningful connections, enabling detailed discussions and building strong business relationships. These are essential for expanding our global market outreach.

In your opinion how do you rate the performance of Indian GJ exports? What is the potential for growth?
Despite global headwinds, geopolitical challenges, and sluggish demand in key markets like the USA and China, Indian gem and jewellery exports have performed remarkably well. The industry’s resilience stands out, showcasing its ability to adapt and thrive under adverse conditions.
Given its robust foundation, I am confident that the Indian gem and jewellery sector will bounce back swiftly as market conditions improve, making it a significant growth potential.

Foreign trade agreements like India-UAE CEPA are driving exports growth. Which other trade agreements are in the pipeline?
FTAs such as the India-UAE CEPA have played a crucial role in driving export growth. Looking ahead, several other trade agreements are in the pipeline, including those with the Gulf Cooperation Council (GCC), Canada, the United Kingdom, and the European Union (EU). GJEPC is actively collaborating with the government to advocate for favourable policies with these upcoming trade agreements.

From manufacturing, India aims to design for the world. What efforts is GJEPC making to put designers on the world map?
GJEPC is dedicated to positioning India as the preferred destination for sourcing finished jewellery and design, for men with innovative ideas via a rigorous incubator.
For designers, GJEPC has launched several programs to spotlight and nurture creativity and design talent through Artisan Awards, Design Inspiration Seminars, Jewellery Trend Books, Jewellery Design & Manufacturing Program, and various training initiatives. Prominent among these is the Artisan Awards, a prestigious design competition celebrating artistic excellence, creativity, and innovation in jewellery. The Artisan inspiration seminar focuses on educating industry professionals about global trends, while Jewellery Trend Books provide curated and future jewellery design content to enable designers and manufacturers to keep abreast of dynamic consumer preferences.

Given the current geopolitical turmoil and sanctions on Russian diamonds, comment on its impact on the local diamond industry?
The Indian diamond industry remains one of the world’s only growing markets, even continuing to grow under challenging geopolitical circumstances. With a favourable GSP growth outlook and a shift towards innovative practices, the industry is well-positioned to continue its upward trajectory.
The correlation between GDP growth and retail diamond jewellery demand is a well-established economic indicator. As India’s GDP is forecasted to grow at a rate of 7.0% in the current fiscal year, the diamond industry is poised to benefit from this economic upturn. The rising disposable income and the socio-cultural preference for luxury goods, including diamond jewellery, further bolster this trend and its prospects.

Please provide details on the EU’s 14th Sanctions Package for the diamond and jewellery industry.
The European Union’s 14th package of sanctions includes several new regulations which have a substantial impact on the diamond and jewellery industry. Thanks to the Government of India for playing a crucial role in not only facilitating engagement in diplomatic consultations with EU G7 stakeholders on some of the concerns of the Indian diamond industry, the world’s largest producer of cut and polished diamonds, are addressed.
One of the most notable aspects of this package is the refinement of the import ban on Russian diamonds, initially introduced in the 12th sanctions package by EU. The latest clarification specifies that the ban does not apply to diamonds that were already present in the EU or in third countries (excluding Russia), or were polished or manufactured in third countries before the ban’s enactment. This “grandfathering” provision is a significant and welcome decision for the Indian industry, allowing smoother transition and trade continuity.
In addition, the package permits the temporary import or export of jewellery for purposes such as trade fairs or repairs.
A critical component of the 14th package is the extension of the sunrise period for the full-traceability scheme for rough and polished natural (mined) imports by six months. The new deadline for mandatory implementation is now set to 1st March 2025 by EU. Furthermore, the decision to delay the ban on importing processed Russian diamonds (especially those not polished in Russia) until the Council decides to enforce it in a coordinated manner is also seen as a positive move for the trade.

While these measures provide some relief, it is imperative that the industry still requires more detailed information and operational guidelines. The priority concern remains the inconsistency in procedures and requirements across different countries. A uniform approach adopted by both the EU and G7 would significantly alleviate these concerns, providing much-needed clarity and stability for the global diamond and jewellery industry.

The biggest opportunity is in the form of India’s domestic lab-grown diamonds (LGD) production and processing industry, which is leveraging India’s existing strengths in cutting and polishing to gain worldwide leadership. Comment on the growth and future of India’s LGD segment.
India stands at the cusp of a golden opportunity. Not only being the world’s leading growing centre for CVD-type LGDs, it also remains the largest diamond processing centre for both LGD and natural diamonds. Through GJEPC’s consistent efforts and recommendations to the government for the promotion of LGDs, the Govt. of India in the 2023 Union Budget invested Rs 242-crore grant provided to IIT Madras over five years. This will undoubtedly accelerate the growth of the LGD industry in India.
Looking ahead, the future of India’s LGD segment appears promising. With continued government support, advancements in technology, and increasing global demand for lab-grown diamonds, the industry is poised for significant growth.