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!

Going global, staying local

Indian jewellery is already marketed and sold in Middle East and other regions especially where the Indian diaspora exists. Indian GJ sector is putting great efforts in design innovation. It is a matter of time before India supplies innovative designs to global jewellery retail chains. These global chains will realise that if they are not sourcing from India, they are missing out.

As for Indian designer jewellery making a mark in the fashion capitals like London, Milan and Paris, we must understand that these markets have an underlying culture and mind-set that has to be first understood before we can create a captive market.

But, before we think of capturing market share in these global markets remember India has a mammoth domestic market – a population of 140 crores. While our GJ sector has made great strides in the global arena, for a large segment of the jewellery industry the domestic market is their bread and butter. Eventually we will be a global force to reckon with- we are getting there.

Serving trade and industry

We must remember that our success in business, our reputation is what we have received from the jewellery industry. Hence it is our duty and responsibility to give back to industry by serving our fraternity; this is achieved by working with trade and industry bodies like the GJC. We have to advise, guide, mentor and share our experiences with all segments: karigars, employees, next generation entrepreneurs; all need to be encouraged and motivated constantly.

Initiatives at GJC

I have been a member of GJC from the age of 21.I have been member of CoA, then a Vice Chairman and now Chairman. After my term ends, I will be designated as Immediate Past Chairman, and will continue to guide, advise the new chairman and CoA.

During my tenure as Vice Chairman we established and organised the GJS. We resurrected PMI- this is an initiative that has great potential. During my tenure as Chairman we conducted the mega initiative IJSF, held after a gap of 15 years.IJSF was a game changer and created a huge positive impact on the jewellery retail sector.

Today I am pleased to state that every CoA member is managing an initiative of the GJC: this includes GJC Nite, Labham, PMI, Manthan, Next Gen.

Motivate the next generation

The sector has reached a level of maturity through professionalism, governance, ethical standards and compliance. We as leaders, entrepreneurs need to motivate the next generation that this industry is growing steadily, has great a future, a tremendous potential to be a major global player.

Mantra for success. Message to the industry

My mantra for success: honesty, ethics, compliance and diligent management of a finance and accounts. We need to adapt, innovate – constantly. Follow the laws of the land; compliance is critical and crucial. No substitute for hard work and belief in oneself- these are the attributes that will help you reach the destination and goals you have set for yourself.