The 9th episode of season 1 of Turiya Talks was on the topic of “Jewelry Industry during the Current Crisis and Future Scenario”. Theme of the month was ‘Knowledge is Power’. The guest of the episode was Mr. Bachhraj Bamalwa, Founder of Nemichand Bamalwa & Post-Chairman of GJF with host Sandhya Sutodia, the co-founder of Turiya Communications LLP.
In this episode Mr. Bamalwa shared his insights on where the jewelry industry stands at in this current global scenario. “In number this industry is of 6 Lakhs Crore” he shared. But due to the pandemic it has lost 1 lakh crore business opportunities and workers are not likely to return very soon.
All employees are getting full salary and awareness among them has been generated through webinars from the very beginning of the lockdown. He said that gold price depends upon global economic conditions, international inflation rates, exchange rates and geo-political issues. He feels that jewelry demand is likely to increase after the lockdown due to its personal satisfaction and intrinsic value. Jewelry is the only social security tool available in India. He also warned the consumers saying they should verify the jeweler’s authenticity before making a purchase from them. According to him ecommerce will boost the jewelry sale in India but footfalls in jewelry stores are likely to remain same as before.