Taqwa Jewellers LLP started operations in 2006 with one showroom at Malad in Mumbai, but today it is one of the fastest growing jewellery retail chains with 5 showrooms – one each in Mumbra, Mira Road, Bandra, Jogeshwari and Pune. Mr Asrar Sayed Inamdar, Managing Director of the firm who is an electronics engineer by training, discusses with Danish Reyaz about the current scenario of the jewellery market in India.
Excerpts from Interview:
Maeeshat: October-December is festive and wedding season and usually all companies offer big discounts on their products. What do you feel about this season? Are you looking forward and hoping for good business?
Asrar: In India, festivals and weddings are most important events and Indians are tradition lovers; so without jewellery every festival or wedding is incomplete. But obviously due to demonetization, every business suffered a lot, so has jewellery business. But it’s been two years now and everything came to its standard procedure and routine and we are looking forward for good business in this festive season and we are very positive and hopeful that we will achieve the desired results.
Maeeshat: It’s being said that currently both national and international businesses are ropy and unsound. In such situation, what is theoutlook and perspective of jewellers fraternity?
Asrar: As mentioned earlier, after demonetization and GST every business has suffered and obviously jewellery business also did but on the other hand India is deemed to be the hub of the global jewellery market because of its low costs and availability of high-skilled labour. India is the world’s largest cutting and polishing centre for diamonds, with the cutting and polishing industry being well supported by government policies. Moreover, India exports 75 per cent of the world’s polished diamonds, as per statistics from the Gems and Jewellery Export Promotion Council (GJEPC). India’s Gems and Jewellery sector has been contributing in a big way to the country’s foreign exchange earnings (FEEs). The Government of India has viewed the sector as a thrust area for export promotion. The Indian government presently allows 100 per cent Foreign Direct Investment (FDI) in the sector through the automatic route.
Maeeshat: It’s commendable and praiseworthy that in a very short span of time Taqwa Jewellers has established itself as a big name and brand. Taqwa Jewellers group of companies has won the trust and hearts of people. What is the main reason behind it?
Asrar: By the grace of Almighty Taqwa Jewellers has gained immense fame and trust in the Muslim community and the main reason behind isthat we do our business according to Shariah (Islamic Law) and we take very less and occasionally we don’t take at all making charges for jewellery as other jewellers do. We usually make many offers and schemes for customers every month, hence people prefer coming to us.
Maeeshat: Which state’s jewellery is prominent in India and abroad and what sorts of designs are crowd-pullers and preferred in India?
Asrar: India has unique cultural diversities and everyone has his or her own choice and preference. I can’t take any one particular state’s name but I would like to mention that Jammu & Kashmir, Maharashtra, Kerala and Rajasthan’s jewellery are very attractive and crowd pulling. And as far as international designs are concerned, let me tell you the truth that Indian traditional jewellery is immensely popular in foreign countries. Indians prefer Indian designs and jewellery the most.
Maeeshat: Muslims are not much involved in jems and jewellery business, but in the last few years, many have joined the field. How do you see Muslims in this business?
Asrar: Yes, it is an undeniable truth that there are very few Muslims in jewellery business. Big names like Malabar Gold & Diamonds, IMA Jewels, Motiwala Diamonds and Jewellers have emerged very strongly in the last few years and simultaneously many Muslim jewellers are emerging in almost every state of India and it’s expected that in the coming years there will be a big number of Muslims in the jewellery business.