Tracing the Business Opportunity in the Men's Jewelry Sector. Men and machines; women and jewelry. But India’s history does not support this modern day belief. It has a different story to tell. From the Rig Veda mentioning the adornment of Gods and demi-gods with gold ornaments to kings wearing conventional jewelry to the farmer wearing kadas and ear rings, India has witnessed men taking an equivalent interest in jewelry as women.
But with the passage of time, Indian men took a back seat in this bling world. Over the centuries jewelry has been identified with women alone and men have been restricted to gadgets. Nevertheless, the scene is changing. The era of the Gods and the kings may not exactly be back but more and more men are ready to walk the bejeweled road.
Market Speak
Jewelers hold a contrasting opinion from the crowd when it comes to their men’s jewelry sales. They do not perceive this sector as a huge profit-making sphere. Manish Verma, manager, Mangat Rai Jewellers, points out that the dearth in the choices available for men is a major factor behind this phenomenon. “Women get more options to choose from in the market than men therefore, women form regular customers as compared to men,” he explains.
Verma gains support from consumers. Maharshi Patel, an account executive with Ogilvy and Mather, complains, “Men do not get much choice in the market. Even if I wish to change my bracelet or ring every month, there are no new designs.” A similar opinion is expressed by Somikaa Mahapatra, head of compensation and benefit at 3 Global Services, who agrees that “I have a tough time when purchasing something for my beau as there is a very limited range for men.”
Jewelers across the country are of the opinion that men are rarely interested in jewelry. As Karan Verma, director, Vijay Gems Pvt. Ltd, Delhi, sees it, “men are happier spending on their women. They rarely spend on themselves. Their girlfriend or wife usually gift them jewelry.” Simultaneously, jewelers clarify that this interest is limited to rings, chains, pendants and bracelets. “Indian men don’t take too much time to dress for the occasion. That is why cuff links and tie pins usually don’t figure on their list. They are happy with a single ring and a chain.” explains Shibankur Roychowdhury, director of M.P. Jewellers, Kolkata.
A parallel response can be heard from even those cities where men and jewelry have been closely associated for ages. Jewelers from cities like Jaipur, Coimbatore and Ludhiana are struggling to sell their products to men. “Rajasthan has been a city where both its menfolk and womenfolk wore jewelry. But today this idea is limited only to the rural sector where the man still wears murki (a type of ear ring). Urban men are more interested in chains, rings and bracelets with an occasional stud,” claims Rajiv Jain of Sambhav Gems. Richard E Vince, manager for promotion, Emerald Jewel Industry India Pvt. Ltd, Coimbatore, too finds a demand only for bracelets, religious pendants and broad gold chains. “Ludhiana majorly sells heavy chains, kadas and rings,” explains Reema Jain, director, Heritage Jewelers Mall.
Missing the Big Picture
Indian jewelry designers believe that over the past five years the business in the men’s jewelry sector has gone up from being only 0.5 percent to around 10 percent. A case in point would be Thia’s collections. Ever since its launch in August 2006, it has seen a very good response in the market. It has a customer profile between the age group of 15 to 45 years and its pricing has been its biggest plus point. Its customer base is steadily growing and is currently placed at around 2500 to 3000 clients. This is an indicator of the existent potential of this sector.
The point that is being made here by everyone and is yet missing the eye is that this segment has a big business potential. In the absence of market figures for the men’s jewelry segment, one can take a hint from the men’s luxury segment figures. Titan’s Nebula Collection is a luxury watch line, meant for both men and women. The watches are made in solid 18k gold and some are studded with stones. “It was launched in 1999, but its sales have picked up since the last 4 years. Ladies watches are more like a jewelry piece, very ornate, as compared to men’s watches that are more classical and are more like timepieces than jewelry items. The collection yields a sales figure of Rs 12.5 crores annually and about 45 percent of this comes from the men’s collection,” elucidates Aditya Kejriwal, brand manager for Nebula. These statistics prove that men are as interested in making a style statement as women.
A recent FICCI survey has estimated that the Indian luxury goods market is worth
approximately $445 million out of the $69.4 billion global market. If 10 percent of this comprises men’s jewelry segment, we are talking of a business worth $44.5 million or Rs 187 crores. And this is just the tip of the iceberg. The actual market for men’s jewelry could be in multiples of this figure if we include the unorganised jewelry sector across all the regions where men are accustomed to adornments (see page: ‘Jewelry: Luring Men Since Classical Times’).
Jewelers will have to realize that even that one extra ring that sells is business for them. Keyur Shah, associate director of World Gold Council opines, “The Indian jewelry sector is an unorganized sector therefore the visibility is less. But the fact is that there is a huge market for men’s jewelry that remains untapped.” Shah believes that the most effective way to draw from this sector would be to get organized players into the field. “Men’s jewelry has a great potential that can only be used to the fullest with high end products that will increase the visibility of the purchase,” he adds. His advice is already taking shape with big names like Thia, Tanishq, Gitanjali Group, Rose, Jewelex International Pvt. Ltd, Popley, etc entering this field. Today the brands are more aware than family jewelers of the potential that this sector holds and want to cash on this opportunity. As agreed by Devang Sangani, CEO, Jewelex International Pvt. Ltd, “there is a need to create a demand for these products. The only manner in which it is possible is with retailers taking a massive interest in this sector.”
Meet the West
As compared to India, western countries see a better response to men’s jewelry. The reason behind this is similar to Shah’s advice of bringing organized players in the men’s jewelry sector. There are more brands catering to men’s jewelry demands in western countries than in India. Fashion designers and big names are associated with this sector, giving it a special repute. Industry experts agree that bringing in famous names would bring a sense of familiarity and hence increase the sales. As observed in the western market, most of the fashion is brought in by pop stars and actors and is cashed in upon by the likes of Cartier, Tiffany, David Webb and Verdura.
A research conducted by Vogue proved that with men like George Clooney, style is being re-defined. Men are no longer the Alpha types in the fashion of David Beckham. They are entering the phase of the Beta types. They are well-groomed and presentable but not showy. This finding is further supported by a consumer behavior report made by pricegrabber.com that proves that men’s jewelry has seen a growth of around 221 percent with money clips, cuff links and tie accessories leading the way. This has been possible due to the difference in the dressing culture of the east and the west, explains jewelry designer Rhea Nasta. “Unlike India, men in western countries dress for going to office. This increases the market for cuff links and tie pins,” she elaborates. Industry insiders estimate a 20 percent growth in men’s jewelry purchases over the next few years. According to a report in The Wall Street Journal, men’s jewelry forms about 10 percent of the $48 billion jewelry market, excluding watches.
Leading in Style
Bollywood has long influenced the life style of people across the country. Masses, especially the youth, perceive them as role models. This is the reason that clothes and accessories define style statements in our country. As far as jewelry is concerned, majority of the popular couture is created for the actors and the actresses that sometimes reaches the market for auction in the name of charity.
In the present scenario film and television have developed a mindset among the people to own jewelry as a part of other lifestyle accessories. There is no doubt that Bollywood has great
influence on the both the young and the old. This is the reason that the fashion savvy country is looking at their fashion icons to lead the way.
Surprisingly it is no longer the usual suspects who are wearing jewelry. No longer do you turn around and see only Bappi Lahiri and Daler Mehendi sporting chunks of gold. It has gone ahead to the Bollywood actors who are now paving the way. From Salman Khan’s signature bracelet to Abhishek Bachchan’s bejeweled look in Jhoom Barabar Jhoom, the fashion is fast catching up.
But fashion does not stop at the heart throbs of the industry. With Anil Kapoor featuring studs and Jackie Shroff wearing a bracelet, even senior actors are joining the fashion wagon. Alongside, television is following suit with actors like Rohit Roy and Ronit Roy wearing studs, chains, bracelets and rings, all at the same time. These men are negating the definition that jewelry does not define masculinity. They are rather ushering in an era of going back to their roots of wearing jewelry with style and an increasing number of men are taking the hint.
Market Untapped
Not long ago the only men’s jewelry available was a ring, a 70’s style pendant, a heavy chain and a watch. Today one can get almost anything from diamond rings and earrings to a simple gold chain. Fashion has opened a big market in the men’s jewelry sector. Indian men are becoming more conscious about their looks. They no longer hesitate to simultaneously sport a ring, a bracelet, a chain and a pendant.
The present day male wardrobe holds a variety of the same product that compliments the dress and the occasion. “Men are getting increasingly conscious of their personalities. Just as in other products, men understand that packaging counts. The entire lifestyle industry for men is growing and jewelry, which is in many ways a method for men to make a statement about who they are, is no exception,” explains Ketan Jhaveri, director, Thia. The fact remains that men are demanding an equal position to women under this sky. There is only one rule that is being kept in mind—no show off! The modern Indian man wishes to be stylish but not loud. To him jewelry is about looking good and not displaying his economic power.
Jewelers who have entered this segment believe that, if developed correctly, this sector can provide a lot of opportunities. “Men’s jewelry has a lot of business opportunity due to the increasing spending power of the people. This factor should be exploited and taken advantage of,” says Kshitij Acharya, marketing manager, Oopal Diamond. Acharya’s point is evident in metros. Men are ready to indulge and spend on luxury items. They are prepared to adorn themselves.
The wheels have already started turning. Jewelers are stocking men’s products and are introducing schemes to increase their sales. Experts maintain that offering a well-thought out selection of men’s range and marketing them to appeal to both the male and the female purchasers would boost men’s jewelry sales. This would ensure a greater visibility and awareness amongst the consumers. As put by Reema Jain, director of Heritage Jewellers Mall in Ludhiana, “when there is so much money being spent on women’s jewelry, there is no harm in spending some on men’s jewelry too and expanding the potential of this sector.” A similar suggestion is voiced by Nasta who feels that promoting men’s jewelry as a part of the entire wardrobe would be a profitable option. These suggestions need to be taken seriously by jewelers and implemented on a major scale. The best way to do this would be to figure out the market demand and desires.
Men Demand More
Indian men can be categorized according to their preferences. The average Indian male is fond of simple designs set in yellow gold. “Men today are not interested in complicated curves and patterns. They want something that will accentuate their personality,” points out Ketan Jhaveri.
Professionals prefer sleek designs. They very rarely go for stones unless astrologically advised. “Indian businessmen favor heavy gold and silver medium sized chains. Single color rings look elegant and sophisticated. For everyday wear they prefer a single diamond or onyx set in gold,” explains Richard E Vince. College students, on the other hand, prefer chunky jewelry with bold designs and monochromatic color schemes. Young men wear funky thumb rings with different styles and patterns.
Preferences also differ according to the income of these men. “The average middle class Indian still swears by yellow gold whereas those in the higher income bracket like to experiment. They indulge in other metals like platinum that come at a higher price but give a new definition to style,” elaborates Kshitij Acharya. Alongside exist those who would like to experiment but their income restricts them. For them the best options are white gold, yellow gold with rhodium plating, sterling silver and stainless steel. These metals come at a lower cost than platinum but give a similar effect to the common eye.
“They favor trendy jewelry that fits their budget. It should be practical for everyday wear, yet highly
fashionable,” says Ketan Jhaveri. This explains the popularity of steel amongst consumers. Vineet Dubey, a software professional, comments, “I would love to wear platinum but I cannot afford it. Steel gives me a good option as it is easy to maintain and gives a similar look as the costlier white metals, without burning a hole in my pocket.”
Men do not wish to spend a lot of time and energy on maintaining their accessories. This has created a market for combination jewelry. Jewelers are experimenting with various combinations like wood with diamonds or leather with steel, steel and titanium with diamonds or plastic with crystals. Today’s style tends to be rugged-looking that combines materials such as leather with silver or titanium.
Religious motifs still rule the design market. The cross and the Om are super hits across age groups. “Religious symbols can never go wrong. It is traditional and trendy, both at the same time,” believe various jewelry designers. It holds a religious connotation for the elder generation whereas it spells style for the youngsters. Another motif that is doing wonders is names and alphabets. “Men like to wear their own initials or that of their loved ones, making it a lucrative chance for jewelers,” points out Acharya.
Rings are an area where men readily experiment and demand variations. Be it the young or the old, both like to keep it simple. But simple does not mean boring. The elder generation favors single metal bands with maximum one stone, whereas the youngsters do not like wearing stones until not astrologically advised. They prefer bold designs without too many curves and complications. Men’s rings are leaving behind their regular signet and rectangular shapes. They are taking on exciting new forms, featuring free-form and asymmetrical designs, intriguing textures, and bold, sculptural details.
For professionals, cuff links and tie pins make an essential part of their wardrobe. However, they are no longer satisfied with just one pair of each. They like to match it with the occasion. Men today have different pairs of cuff links and tie pins depending on whether they would be wearing it to a board meeting, a cocktail party or a day out in the sun. “With the increasing consciousness amongst men regarding their looks, they wish to stand out on every occasion. This is increasing the market for cuff links and tie pins in India too,” believe jewelry designers. Men are giving serious competition to the fairer sex when it comes to dressing for the occasion.
Taking the place of buttons, studs offer men one of the rare chances to wear jewelry with a formal shirt. A stud set, may be black onyx or another gemstone, set in gold or platinum makes an individual style statement. Tribal rings, bracelets and necklaces seem to be very popular nowadays as they allow a man to feel masculine while adding to his personal style. Bangles may soon make a comeback for men. No matter how strange it sounds, with Thia launching a bangles range for men, the tide seems to be swerving in that direction. Ketan Jhaveri elaborates, “Bangles are a part of India’s rich heritage. Kings and princes wore bangles so I don’t see any reason why we can’t revisit our cultural roots. Bangles signify power and prestige and with India shining, as it is today, this is appropriate for men.” The crux here remains that jewelers are not only selling a product but selling an experience to their customers and this experience has to be the best.
It is this experience game where other sectors are overtaking jewelry on the shopping list. Both jewelers and jewelry designers agree that the jewelry industry faces competition from other luxury
goods such as watches, high-end electronics like mobile phones and music players, and high end holiday packages, which are well marketed and brand-driven categories. This reiterates the current market scenario where only brands are visible in the men’s jewelry sector. Brands are marked as a status symbol. They make a statement about the person who chooses it. These days many brands provide value added services such as exchange and buy-back programs which is adds to the attraction. The biggest factor is that branding assures quality, through certifications and guarantees.
It is evident that a deficiency in innovative designs, merchandise selection and product promotion has kept this category underdeveloped. Jewelers are aware that it is a huge market. All that is required is that everyone should join forces and work towards making profits in this section. It should not be a monopoly of a few but a money machine for all.
Jewelry: Luring Men since Classical Times
Indians are famed for their love for jewelries and accessories. A cursory glance at India’s past would amply acquaint anyone of the tryst played out between its emperors and jewels in its full glory. The jewelry repertoire of the former kingly dynasty of Mysore, the Wodeyars, comprised of pearl necklaces with decorative pendants, a pendant studded with emeralds and stones, gold waist belt with carvings among other things.
Jewelry has a strong fan following amongst the male population in South India. Conventionally, a child’s ears are pierced during his/her mundan ceremony and many men continue to wear the gold earrings till their late years. Many of the south Indian dynasties including the Cholas and Pallavas were ardent patrons of goldsmiths and ‘vishwakarmas’ (a community of artisans). However, the use of jewelry is much restrained amongst the men today but thick, mega-size gold wristbands, and many layered gold-chains encrusted with diamonds remain an eternal favorite amongst men of opulence.
Gold earrings studded with gemstones were an integral item in the kings’ gamut of accessories along with jewel-encrusted crowns or diadems made of gold, bracelets, rings, pendants and gold chains. The masses imitated the trend using inexpensive substitutes of the precious gems, metals and stones.
Jewelry meant for Rajput and Jat men has a religious and social significance. It is worn as a symbol of class superiority and power. Ear studs with heavy mina work in gold, mostly worn in both ears, along with thick chains or neckpieces in gold or silver is a common sight in Rajasthan and Gujarat along with the ubiquitous kada or a thick bracelet made of gold or silver, or an imitation of either.
Bracelets, however, were not much of a rage in Bengal. The rich zamindars of Bengal were fond of finger rings made of gemstones like amethyst, emerald, sapphire or pearl. They wore rings on almost all their fingers, and the choice of gemstones was mostly decided by its astrological significance. They also wore gold baalis along with a single gold or pearl chain. Another fascinating adornment for men was gold buttons entwined with a gold chain, which was worn with their traditional attire, kurta- dhoti.
The idea of men adorning themselves has undergone considerable change in our times. Today, men wear jewelry more as a fashion symbol than as a status symbol or a symbol of wealth and affluence of the wearer. Body piercing, excluding nose and ear piercing, is a recent addition to the repertoire and has become an important part of adornment for men. It includes eyebrow, lips, chest, navel or what have you.
The rendezvous between men and jewelry has been a long and loyal one. Even though this loyalty was met with a considerable degree of competition, the newfound interest is all set to revive the lure of ornaments amongst men.