‘Luxury is when a consumer buys a product for its exclusivity’
Amish Shah, President, ALTR Created Diamonds; Shaankar Sen, Director, Senco Gold & Diamonds; Vikram Limaye, MD & CEO, NSE; Ramesh Nair, CEO, JLL, & Sarosh Mody, Director, Luxury Watch Works speak
Industry stalwarts from across 27 corporate and industrial sectors - from FMCG to luxury brands, banks, real estate, media and the advertising industry – came together for a conclave held at Mumbai’s Sahara Star Hotel on Tuesday.
The event saw over 40 speakers speaking on varied topics with some prominent names being Amish Shah, President, ALTR Created Diamonds; Shaankar Sen, Director, Senco Gold and Diamonds; Vikram Limaye, MD & CEO, NSE; Ramesh Nair, CEO & Country Head, JLL, and Sarosh Mody, Director – Founder Luxury Watch Works.
One of the key topics discussed by the panel was how luxury and value could go hand in hand. According to Sachin Jain, MD, Forevermark, one needs to be authentic and exclusive in their approach to consumers. “It is about authenticity clubbed with exclusivity. Nearly 70 per cent of the consumers are millennials and they are very choosy and smart. They are well-researched even before entering the jewellery showroom.”
For another panellist, Ramesh Nair, CEO & Country Head, JLL, luxury has become a common phenomenon. In the world of real estate, even a one-room house can be attributed to luxury.
The panellists said true luxury was when a consumer buys a product of any brand for its exclusivity. For instance, if the same product is being worn by nine- odd consumers, it loses its exclusivity, they said.
Speakers from the banking sector and the gems and jewellery industry spoke about ways to resolve the funding crisis. The panellists shared how being inclusive with banks and non-banking financial companies can help them solve the funding crisis.
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