In 30 years of administration, Sanjay Kothari, Vice-Chairman, KGK Group, not only integrated notable verticals but also diversified and upgraded the four-generation family-owned business into a global conglomerate. But the digital transformation of this century-old establishment during the pandemic will surely go down in the history of the Group. Let’s hear from him, how he managed to do it so effortlessly and seamlessly.
Jewelpedia: The past 14-15 months have been very tough for businesses especially for those who deal in non-essential categories. Are we on the road to recovery now? Also, shed some light on the mood of the global gemstones and diamond markets.
Sanjay Kothari: Post Coronavirus, businesses across the globe are expected to take action for the losses incurred. Each industry will endorse a unique approach to address its crisis scenario. Gemstones and diamond markets are not untouched either but keeping the infrastructure intact and working aggressively towards resurrecting back to life with a fresh outlook.
In the fast-paced world of industries, not even hardships are permanent and it’s crucial for businesses to bounce back after the lockdown. The pandemic will certainly have a lasting impression on the customers as well. We are forecasting a definite change in their purchasing behaviour as luxurious items will be replaced by pocket-friendly ones. For e.g. customers will seemingly opt for 1 carat and 1 and a ½ carat instead of 2-carat diamonds. Hence, we expect a considerable surge in the demand for lighter and affordable jewellery.
Also, industries are structurally impacted and so the decision-makers have become far-sighted, looking out for solutions not only for the present but future as well. They are staking big on digital channels to prepare themselves well in advance and combat uncertainties that the future holds for them. The businesses have significantly accelerated the adoption of digital technologies to persist its operations even during this crisis.
We feel that self-isolation has helped business houses to reflect on administrative decisions, rethink and reshape the basic principles. We all must look forward to the second leg of 2021 as a road to recovery.
