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Sparkle of talent

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Shamni Pande New Delhi
Last Updated : Jun 14 2013 | 5:03 PM IST
Finally, some professional movement into India's Rs 60,000-crore gems and jewellery sector.
 
If a diamond is just a piece of carbon turned multifaceted to sparkle, an industry is just an amalgam of resources turned into something valuable.
 
India's vast gems and jewellery sector, estimated at Rs 60,000 crore in annual business, has started displaying a new glint "" by transforming its human resources into a talent force that's well adapted to a world moving from hard valuables to intangibles.
 
In simpler terms, the family-dominated sector is hiring professionals to secure its future. The latest indication: Dimexon Diamonds has roped in K Radhakrishnan, vice-president (merchandising), RPG Retail, who was part of the original team that put FoodWorld operations in place, to join the group's retail division that operates a chain under Kirtilals.
 
To be sure, Dimexon is a sight-holder for Diamond Trading Company (DTC) and only one of three in the country. Currently, the company is looking at a pan-India presence to open retail outlets and establish its brand in the Indian market.
 
Several professionals have made the transition already, as the sector gets increasingly brand conscious. Shiv Agrawal, CEO, ABC Consultants, confirms the trend: "We do find many gems and jewellery players are in the process of expanding and setting up retail presence and brands. They are eagerly looking for talent and candidates from across sectors such as hospitality, telecom, automotive and advertising, among others. From the candidate's end, the switch is easier into this segment of retail as the broader gems and jewellery industry currently is not too particular about applicants from premier institute backgrounds."
 
The emphasis on the intellectual component of value manifests itself in asset-shopping trends too. Recent case in point: the acquisition of Oyzterbay by the Rs 4,000-crore Rajesh Exports Group, which got access to both an established brand and the professional acumen behind it.
 
Oyzterbay was created by the former Tanishq hand Vasant Nangia and his team, and Rajesh Exports is intent on being a brand player: it is also launching its own Subh chain of jewellers across the country, for which it is busy scouting for professional talent.
 
Suashish Diamond, with its brand Ishi, is also turning vocal in its hunt for brand professionals. "Our biggest strength today is our ability to attract and retain professional talent," claims Ashish Goenka, managing director, Suashish Diamond, "For instance, our CEO of the retailing operation, Marzin R Shroff, is from the advertising and FMCG sector. We have a 40-strong design cell to which we have recruited fresh talent from premier institutes such as NIFT, among others."
 
Yet, this influx does not disguise the larger portrait of the industry, which remains tightly held and cloaked in family networks of control. According to Goenka, this is mostly a legacy issue. But brand competition and the need for expansion are opening the way for professionalisation.
 
Like the leather product exporters that turned to the domestic market in the 1990s, gems and jewellery players' biggest need is to understand local market dynamics at the retail level and create local brand equity.
 
But this, to Goenka's mind, is a "very expensive proposition, as one has to establish one's brand identity, and there has to be a level of resilience within the system to withstand the initial costs and sustain all the pressures that go with establising a new stream of business".
 
However, every attempt is under close watch within the industry. The $1.8-billion Rosy Blue Group that took in Vijay Jain to establish its brand Orra might give them a dose of encouragement. Orra has done well for itself, and it's hard to believe that Jain was once an investment banker.
 
"I started off with Kotak Mahindra Finance (forex, advisory)," says Jain, of his career trajectory, "moved on to Peregrine, and my last stint in the segment was with Rabo Bank before making the switch. I joined the Rosy Blue Group to set up InterGold. Now, my agenda is to infuse professionals in the system."
 
Clearly, more is to come. More glints, more sparkles.

 
 

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First Published: Mar 02 2006 | 12:00 AM IST

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