In an exclusive interview with SME Times, Guido Damiani, President & CEO of Damiani Group, an Italy-based jewellery company said, that Indians are still not keen to consume foreign jewellery brands but the trend is about change in the future; jewellery purchases will grow because 'luxury belongs to people.'

                                                                              Excerpts of the interview...

Could you tell our readers something about Damiani?

Guido Damiani: The Damiani story started in Valenza, in the heart of the goldsmith district globally renowned for its jewellery production. In 1924, Enrico Grassi Damiani then successfully created his first jewels, laying the foundations for what has become an international group. Today Damiani is the highest expression of 'Made in Italy' luxury jewellery, popular throughout the world, thanks to its tradition, craftsmanship, design, quality, modernity and innovation. Today Damiani is an International company listed on the Milan Stock Exchange since 2007. Besides our seat in Milan and Head Office in Valenza, we have three subsidiaries in Lugano, Tokyo and New York, various operating offices like in Hong Kong and Macau, and a network of mono-brand boutiques.

Why are you looking at India as a market for luxury products?

Guido Damiani: India is one of the new emerging markets and is very important in our expansion strategy as every Asian country. By the way, Indian customers have good taste, a great knowledge of jewellery as India has a huge tradition in this sector, and they understand quality and know about stones.

We know that the demand for luxury brands in India is minuscule. In that case, how are you planning to promote your brand in India in future?

Guido Damiani: We believe that there is a market that can appreciate the Damiani creations. Our boutique in the Oberoi Arcade will be our first window in India where we will plan exclusive events for Indian Customers.

How much growth do you expect in the Indian jewellery market?

Guido Damiani: India has a rich consumer group that is steadily ever increasing. Respect to other emerging countries like China and Brazil, India is not that keen to consume foreign brands but I am sure that this will change in the future. So our Group has high hopes of growth in India. 

There are major global giants in the luxury segment that have already entered into India. In such a scenario, what kind of strategy you are keeping to compete?

Guido Damiani: We want to penetrate India heading on the exclusivity and the excellence of our products. We bet on customers that appreciate 'Made in Italy', that want to distinguish themselves owning not only something precious but something special and unique, as a Damiani jewel.

In fact, Damiani also produces limited edition and masterpieces that are customized on client request. In India, we are going to open new monobrand stores supporting the openings with advertising investments. We are sure that our products, their quality and high craftsmanship talk for ourselves. They are our best window.

In which cities you are planning to launch stores initially?

Guido Damiani: We are going to open our first boutique in New Delhi in the Oberoi Arcade next November. We are looking for the right location in Mumbai and other cities.

How is the demand for luxury products picking up at the moment?

Guido Damiani: We are going through a difficult period with a long crisis. The negative effects of these last three years are very strong worldwide affecting the capacity of purchasing of customers. I think the crisis has profoundly altered the luxury goods market and consumers have changed. They tend to buy high quality goods, products and iconic brands that have a value which will remain and grow over time. Jewellery, as a true luxury item, is characterized by long-term intrinsic value and surely meets these requests. Our products represent heritage, tradition, 'Made in Italy' and quality. All these make the brand recognizable and appreciated internationally. We are sure that jewellery purchases will grow because luxury belongs to people.