Learn Jewellery business marketing from Vastupal Ranka

“Yes, I strongly believe that going digital is the ‘new way’. Currently, the online purchase of jewellery in India compiles to less than 1% of the sales and people usually buy small-ticket items between INR 20,000 to INR one lakh.” – Vastupal Ranka, Director, Rare Jewels- A Ranka Legacy

Jewellery is a tricky product to market as neither it’s a primary/ basic need nor does it save time/ money/ effort. Rather, jewellery is for status or emotional purposes. 

Now with digital marketing progressing, has the playbook changed or been edited? Let’s know from the expert himself Vastupal. 

Read on to learn about Jewellery Business Marketing

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1. Tell us about your life journey in brief, Vastupal?

Being born and brought up in a jeweller family and living right above our showroom, the business comes naturally to me. 

As a child, I remember spending a considerable amount of time at the showroom and watching my family work very hard. My father and elders have always been my source of inspiration. 

I was a curious child who always wanted to learn and know more about the business which we would often discuss over meals. As soon as I was done with my board exams, I instantly got involved in the business and didn’t wait for even a day. 

Ever since the age of 16, I have been an active and integral part of the business, walking hand in hand with my father. 

After my schooling, I took up commerce at BMCC, post which I completed my MBA from Symbiosis University, Pune in the year 2015 immediately after that I took up a course on navigating family business at IMD School of Business – Switzerland. 

I constantly take up courses in various business schools like IIM Ahmedabad and London School of Business to name a few. A strong advocate of the power of learning, I seek more as I believe there is a lot to learn and work for.

Being a creative and innovative person, I am constantly working on what can be introduced or improved. For instance, we introduced the new era silver “Challa” with the sanitizer just a few days back. 

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2. Jewellery is a high ticket item and there are emotions attached as well. What are all things one should consider for Jewellery marketing?

Jewellery to me is an emotional financial investment, an asset that one appreciates over a period of years which gives one joy and strong financial security. 

I believe that one should follow a holistic marketing approach. Buying jewellery is a tradition that Indians follow for more than 5000 years. Keeping that in mind, marketing campaigns should be relatable to people.

We at Ranka were the first brand in Pune to introduce Vidya Balan Kapoor as our brand ambassador in 2010, followed by Dimple Kapadia and Twinkle Khanna showcasing the mother-daughter bond, as jewellery is always passed onto the family for ages from mothers to daughters and daughters-in-law. 

This campaign is a sheer example of connecting emotions with jewellery, showcasing the value of the same. 

While building trust is one of the most important aspects for any jeweller, trust reflects only in the long term. Jewellers need to earn their buyer’s trust so that they feel a sense of security and can trust you with your buyback options and rely on you for immediate cashback in times of need. 

Our word matters and a customer’s trust is my priority. I am proud to say that I have managed to achieve this trust with my customers.

Even in the current situation, where the jewellery market has been low, I have kept up to my promises and given fair buyback services to my customers. 

I am futuristic and progressive in my business approach and firmly believe in evolving with time by introducing technological and operational innovations, yet keeping the traditions alive. Rare Jewels by Ranka Legacy is an example of the same, where the brand is launched specially to cater to modern brides with exclusive tastes. 

Keeping in mind the ‘new way’ and safety concerns, Rare Jewels also has virtual buying options where they will be provided with virtual assistance through the website as well as video calls. 

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3. Has online or digital changed Jewellery business marketing? If yes, how. If not, why hasn’t it?

Yes, I strongly believe that going digital is the ‘new way’. Currently, the online purchase of jewellery in India compiles less than 1% of the sales and people usually buy small-ticket items between INR 20,000 to INR one lakh. But, it definitely is the future. 

Rare Jewels has created its online presence and also promoted the new collection to the audience by direct messaging over one lakh customers via Whatsapp, and its online presence on Instagram as well as its website. 

I am sure that we will benefit from it in the long run. 

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4. What is the future of the online Jewellery market?

–  65% of the Indian population is below 31 years of age and these are my future customers who are tech-savvy and live life on the click. 

As mentioned, the future is changing and the online market will be the way forward. However, at the same time, I also feel that the traditional way of buying jewellery for a higher value will never fade. 

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5. What advice you would like to give to marketers when it comes to Jewellery marketing?

–  Being innovative, creative, and thinking out of the box is the key. All marketing campaigns should be impactful and convey brand values. Marketers should be able to effectively communicate all the internal innovations, improvements, and changes to the outside world.

As a marketer, one should be a partner with the brand and not an outsider. I consider myself to be a hard-to-please boss when it comes to my marketing team as I am always looking for “the idea” that catches my attention. 

I have always followed the extraordinary way of marketing right from making the first-ever gold shirt to placing the first-ever 1kg silver brick at Ayodhya Ram Mandir.  

I like to be ahead of the game and constantly innovate and evolve with time. Rare Jewels by Ranka Legacy is a prime example of the same.