Trying to break away from the age-old mould of selling traditional Indian jewellery, 38-year-old Bhasker Verma established Noble Jewels in Jaipur in 2008. The company was established with a desire to create unique, personalised, custom-made and high-end jewellery designs for customers, he says.
Bhasker says he used his personal savings of Rs 5 lakh as an initial investment to set up the jewellery business. Today, the company is seeing an annual turnover of around Rs 20 lakh and employs 50 people directly.
The company also provides special services like designing bridal trousseau, jewellery upgradation and jewellery redesigning for its customers.
After completing his senior secondary education, Bhasker started working at a local jewellery store, where he learnt the basics of jewellery designing. After gaining enough experience in the sector, he decided to start his own venture. Bhasker says,
“My vision was to provide customers with jewellery that was personalised, representing their likes and choices and something that they can relate to when they wear it.”
He says,the company specially caters to a high-profile client list such as sportspersons, politicians, spiritual leaders, etc.
Bhasker says the products are valued high because the company offers hand-picked and exclusive designs in its gold and diamond jewellery collections. “From classical designs to modern pieces, our fine craftsmanship highlights each precious piece of jewellery and there is something for everyone,” he adds.
The digital shift
Bhasker says he is working on improving his company’s presence online, where he wants to get genuine feedback and reviews from customers. He says, while reaching out to new and potential customers online, he also wants to ensure that he retains his existing customers.
In order to reach out to a larger customer base as well as exploit the ecommerce market, the company launched an official website. It also launched another ecommerce website called ‘Jewelsera’, where it sells customised jewellery. Bhasker says,
“Whatever our customer’s dream design is, we try to give it a shape and turn it into a beautiful piece of jewellery.”
He further claims that Jewelsera’s products are different from others as it gives more emphasis on the design. “We never compromise on the quality of our products and pay attention to every minute detail until the finishing. They have unmatched purity and this is why our brand is a celebrated name in Jaipur,” he adds.
To draw more customers, the website also provides between 20-30 percent discount on a select range of products and also offers 10 percent discount to those who register on the website for the first time. The website ships its products to all locations across India. The company also runs a blog showcasing the varieties of its product range.
He says, “The website showcases our hard work, the efforts and professionalism. The customers are just a click away from buying their favourite jewellery. Social media has also proved to be helpful and has had a huge impact and we are trying our best to gain mileage out of it.”
The website also offers mementos like 3D trophies and medals, apart from its traditional silver, gold and diamond jewellery collection. It also sells customised gifts for various occasions.
Apart from managing the business, Bhasker has been trying to help families of martyrs of the Indian Army by providing assistance in terms of gifting them his company’s products. He says, “This is the least I can do from my side to help these bereaved families. I believe these families have already given everything to the nation and now it’s our time to help them.”
Like every other business in the market, Bhasker also faced a few problems in the initial stage of setting up the business. He is facing a lot of competition in Jaipur and his main concerns are reaching to his potential customers and planning better marketing strategies for the business. He says he had to hire professionals to help him out to overcome these issues.
“After demonetisation, the business wasn’t affected directly, but the sales were disrupted because of the unavailability of cash in the market. Several customers refused to buy gold, and hence there was a slowdown in demand,” says Bhasker.
“Though the government has started many schemes to encourage startups and promote entrepreneurship like the ‘Make In India’ initiative, the jewellery sector still remains unregularised. If the government revises the tax structure and reduces the current rate of taxation on jewellery products, then it can help our business expand and grow,” he adds.
The road ahead
Bhasker aims to increase his market presence across the world and wants to cater to a global clientele in the future. He says, “We are trying to increase our social media outreach to capture newer markets online and increase our sales by adding new global customers.”
Giving a piece of advice to those who plan to make a mark in the sector, he says, “Entrepreneurs should never compromise on the quality of their products and services, and should always strive to keep the standards high. Having strong faith and dedication will eventually make them successful.”
(This story is published in partnership with the MSMEs Ministry to showcase success stories of SMEs)