JWA 2021 Jewellery Industry Best Practices

as the pandemic was beginning in February 2020, the company surveyed its clients in Hong Kong and Mainland China, where it got wind of the impending downturn in the coming quarters. “This helped us decide to actively sell in February and March 2020, a time when India’s market was still doing well. That way, we were able to empty our finished diamonds inventory before the lockdowns in March,” narrates Mayur. By July 2020, members of the team once again surveyed the market in their bid to learn more about consumer behaviour and demand patterns. “It was a critical time for the whole diamond industry, which was trying to rebound from huge losses,” notes Mayur. In response to its findings, Narola started perfecting and implementing new normal guidelines, which, in turn, helped it achieve 70 percent of its targeted production despite its reliance on a reduced workforce. In the same study, the company also learned that the demand for flawless diamonds remained strong. As such, Narolaprocured a significant stock of these precious stones. “Because of our strength in manufacturing flawless diamonds, we were able to sell them even during a pandemic. This helped us increase our revenues,” states Mayur. STRATEGIC REFOCUSING As a result, Narola became the first company to import a wide range of rough diamonds in India after the lockdowns were announced. Its online platforms also helped move its stock, especially since the market faced conditions of scarcity in polished diamonds from July to December 2020. Even against a challenging backdrop, this Jewellery World Awards Honouree’s net profit grew by 1.87 percent in 2020. Newly employed technologies also helped it increase revenues by 25 percent despite only boosting its human resources by 10 to 12 percent. “COVID-19 was a major challenge for the industry since there were barriers that limited our ability to source rough diamonds, export polished stones and more. But with innovative practices and well-developed digital tools in place, we were able to adapt, gain the trust of our customers and sell our diamonds even in these uncertain times,” says Mayur. 1. A diamond grader at work 2. Diamonds are carefully inspected for symmetry and beauty 3. Narola is among the recipients of India’s excellence in diamond exports awards 4. Digital mapping of a diamond 3 4 2