Rap stars push demand for jewellery for men

Egged on by fashion styles sported by rap artistes and rock stars, the Western markets have evolved a definite niche where jewellery for men is concerned, feels SME-player Pravin Shah, managing director of Shreeji Jewellery.

The gems and jewellery segment is attracting a lot of attention, what has been your growth trajectory in the last few years?

I started career in the diamond trade after my graduation in the late Seventies and had to work hard at establishing trust in the trade. I was involved as trader and earned my experience in local brokerage, in due course I graduated into exports of finished diamonds in the early Eighties.

This is when bankers approached me and I have access to funds to as my credibility in the market was firmly established and I was confident enough to launch my company in 1996, which went into commercial production in 1998 with an initial investment from my end of Rs 2.5 crore. This investment went into establishing a 6000 sq ft factory at Andheri in Mumbai.

What really provoked the transition from purely trading to getting into diamonds jewellery manufacturing?

Well, I had gone with my family to the US in 1996 and while walking around, I could not help but notice the numerous jewellery shops in those big malls. It then struck me, that here we were exporting such quality diamonds and there was room for growth -- to gain in value by getting into diamond jewellery manufacturing. So when I came back, in 1996 I bought this factory at Andheri that I mentioned earlier and have not really looked back. In the first year itself we touched export order worth Rs 11 crore, today our turnover is in excess of Rs 110 crore.

You are not into branding yet, so what defines your business?

We have taken some key decisions that has allowed us to grow and establish ground in this highly competitive trade. First of all, we are extremely quality conscious -- no comprise on that front at all. Also, as early as late Nineties I noticed that in the West, there was a big market for jewellery for men. And I decided to specialise in that niche for growth, which has paid off.

For instance, the pop stars, rap artistes and celebrities sported jewellery that became a signature style for those following them. Also, I have been very careful about grooming a good team and people, so that work is decentralised and not driven or focused on me. Each of my department today is empowered to take decisions that go in the best interest of the organisation.

In fact, I was so particular about building a team that I actually had a great set of people but no factory when I started off. Normally, people invest in their factory and then go about setting up their teams.

Are you happy with your growth, what are you planning ahead?

I am happy, but there's lot of ground that still needs to be covered. Last year our company was selected and awarded the 'Emerging India Award' in the SME category. Meanwhile, I have expanded our operations and we have grown to 60,000 sq ft. My strength comes from my over 600-strong workforce. I strongly believe that one has to have discipline to go forward.Our dream is to be a DTC site holder

What issues does an SME face and how can things change?

Well, SMEs have to approximately function through 40 inspections of one form or another. And this leads to avoidable cost and delays. Hence, I think the government ought to review these. Have these checks outlived their use, like the licences required at one time? And this review can really speed growth ahead.