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THE GEMS BEHIND OUR JEWELS

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Gold is an integral part of our lives, more so in the lives of women. Considered auspicious, gold is part of every celebration – be it festivals or personal milestones.  According to the World Gold Council, Indian women collectively own around 24,000 tons of gold, which accounts for about 11% of the world’s total gold reserves in jewellery form. It is only right to say India is the global leader in household gold ownership.  The Oxford Gold Group’s report states that the Indian households have more gold than the combined reserves of the United States, the International Monetary Fund (IMF), Switzerland and Germany.

Vummidi Bangaru Jewellers has been serving the Indian community with authentic and aesthetically appealing gold jewels for 125 years, now. VBJ has been a benchmark for purity and trust for decades. Our remarkable growth story and undying patronage since the 1900 has been possible because of our quality, design and innovation in the jewellery space. Every piece of jewellery from VBJ is intricately crafted to bring out its true emotion with the purest of materials and finest craftsmanship. This has been possible because of the talented and focussed professionals of the VBJ team.

While VBJ is beyond gender classification among its team members, with women’s day round the corner, it is only right to celebrate and congratulate the women who have been instrumental for VBJ’s phenomenal growth.

We have a total of 254 women employees at VBJ – 233 in the retail and 21 in the creative centre. While it is our principle to value every employee, we are extremely proud of three women employees specifically who have spent decades with VBJ. Padmasri M has been with us for 42.08 years, Vanitha for 42.02 years and Latha S for 34.1 years. At this age and time, it is truly remarkable.  

As of now, we have 8 women designers and all of them have been trained at National Institute of Fashion Technology (NIFT).  In the earlier years, there have been several prominent women leaders who have made significant contributions to the brand, showcasing remarkable leadership and management skills in their respective roles like Vanitha, Latha, Revathi and Radha.

Vanitha handled the Anna Salai Silver branch, where she demonstrated her exceptional ability in managing both operational and customer service aspects of the business. As the order manager, Latha played a crucial role in streamlining the order management process.  Revathi was responsible for overseeing the Anna Nagar branch, a position that required strong leadership and managerial expertise.  Serving as the Billing Manager, Radha was pivotal in managing the financial transactions and ensuring smooth billing operations.

Specialised training programmes and growth

VBJ offers specialized training programs designed to enhance the technical and soft skills of their women professionals. The training focusses on leadership development, communication skills, technical training, and project management to ensure they are equipped to handle all departments of VBJ.

Women have equal access to all training programmes and career advancement opportunities. Our unbiased recruitment and promotion policies, focussing on merit and skills, are bringing more women to the team.

Woman power at VBJ

We have made considerable strides in increasing the female representation to reflect our commitment to diversity, equity and inclusion. In 2022, there was 130 women out of 584 employees, which increased to 166 (out of 748) the following year. This number escalated to 200 (out of 767) in 2024 and now it stands at 254 out of the total 847 employees. This has been possible because of focussed efforts to improve gender diversity, targeted recruitment initiatives, mentorship programmes, implementation of policies promoting work-life balance and inclusive development for women.  

In line with the theme of International Women’s Day 2025 – Accelerate Action – VBJ is working towards the continued upward trend in women participation and growth. We are strongly committed to fostering an environment where women feel valued and empowered in their roles at VBJ. At the helm, 5th generation women entrepreneurs from the VBJ family having started pouring in their creativity and fresh thoughts.

The Future of Women in Jewellery

The presence of women in the jewellery industry is not just growing—it is shaping its very foundation. Brands that actively foster gender inclusivity witness not only stronger business performance but also richer, more meaningful creations that resonate with a diverse audience. As we look ahead, the contributions of women in jewellery will continue to accelerate change – whether as designers reimagining aesthetics, artisans preserving age-old techniques, retail professionals enhancing customer experiences, or leaders driving sustainable business practices, their role is indispensable. On this International Women’s Day, let’s celebrate the true gems behind the jewels—the women who craft not just ornaments, but legacies that shine beyond brilliance.

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National News

WGC – India Gold Market Update: Mixed Demand Signals

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International and domestic gold prices recorded a sharp decline in June. The international price2 fell by more than 11% to around US$4,000/oz, its lowest level since October, while domestic price3 declined by around 10% to near INR141,000/10g, a six-month low. Although prices have recovered marginally since then, international gold price remains nearly 7% lower on a year-to-date basis. In contrast, domestic price is up around 6% y-t-d, supported by the 9% import duty hike in May and the INR depreciation against the US dollar.

A stronger US dollar, intensifying expectations of US rate hikes, and a rotation towards equities in Western markets have weighed on gold prices. At the same time, the pullback in prices has provided a buying opportunity to those waiting to enter the market, cushioning the decline in prices.

Ample supply keeps domestic prices at a discount

Gold price discounts in the domestic market have narrowed considerably from the elevated levels following the import duty hike in May and early June, indicating a gradual normalisation of market conditions. Discounts averaged around US$20/oz to the landed price4 during the first two weeks of July, significantly lower than the peak discount of nearly US$150/oz recorded in May. Domestic prices briefly traded close to parity with the landed price in late June and early July, indicating an improving market balance. Discounts have widened since to US$40/oz as of mid-July. The prevailing level of discount reflects the availability of ample domestic supply relative to demand. Industry interactions indicate that the rise in old gold exchange for new jewellery has increased the supply of gold in the market.

Following a month-long lull from mid-May to mid-June, driven by seasonally softer demand, an inauspicious period,5 policy measures and the Prime Minister’s appeal to limit gold purchases, consumer demand has reportedly begun to recover. Industry feedback suggests that while overall demand remains subdued, consumer buying has picked up in recent weeks, led primarily by jewellery. In contrast, bar and coin demand appears to have cooled.

The pullback in gold prices and the relative price stability are said to be stimulating jewellery purchases. The promotional campaign by retailers, including discounts, exchange offers, flexible payment terms, etc., have also been supporting sales. Notably, demand has not been limited to wedding-related purchases. Manufacturers too have been receiving order bookings from retailers in preparation for the festive season from August.

At the same time, softer prices have tempered demand for bars and coins, which are typically bought for investment purposes and tend to attract stronger interest during periods of rising prices.

Meanwhile, the exchange of old gold jewellery has gained further traction following the import duty hike in mid-May. Retailers report that exchange volumes have risen by a further 10–20%, with some indicating that old gold exchanges now account for as much as 70% of jewellery sales.

Healthy performance of listed jewellers in April–June quarter

Major listed jewellery retailers6 reported a strong April–June quarter despite an inauspicious period that typically tempers purchases. Revenue growth was broadly in the high 30–60% y/y range, supported by regional festivals, the summer wedding season and Akshay Tritiya7 during the early part of the quarter.

Demand was broad, with plain gold and studded jewellery registering double-digit sales growth. Retailers also reported growth both in customer additions and average ticket sizes.

Old gold exchange for new jewellery continued to rise on average accounting for somewhere between 43–55% of sales during the quarter, aided in part by promotional and marketing campaigns. These retailers continued with their store expansions, adding between 8 and 33 stores across the country during the quarter. The continued pace of store openings can be seen as reflecting industry confidence in the medium-term outlook for jewellery demand.

Indian gold ETFs recorded a rebound in June, in contrast to the global trend of outflows, as investors bought into the price dips. Net inflows during the month were INR34.4bn (US$356mn), the highest since February. Holdings increased by 2.2t to 119t, in line with our estimates, while the cumulative AUM fell 8% m/m, reflecting the decline in gold prices during the month.

The price pullback appears to have been viewed as a buying opportunity by investors, with inflows remaining healthy in early July. During 1–10 July, net inflows are estimated at INR12.1bn (US$127mn). Investor participation also broadened, with 135k new folios (accounts) being added during the month, taking the total number of accounts to 12.5mn.

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