Joseph Diamond sets a world record at Christie's Auction

The flawless Golconda stone fetched a sum of US $21.5 million setting a world auction record for a colourless diamond.

Post By : IJ News Service On 16 November 2012 3:25 PM
Presently, the company markets it’s jewellery under two labels – AKM Couture for formal evenings and Kasmia for casual wear. %%Currently, the next generation’s two brothers, Naveen Mehra and younger Deepak Mehra, have given a new direction to the AKM House bringing it glory of unmatched luxury, quality and premium craftsmanship. Presently, the company markets its fine jewellery under two big labels both very popular.%%Deepak Mehra, Partner in AKM elucidates the philosophy that drives AKM Group today.%%Diamond World : AKM has shifted from mass produced gold jewellery to more exclusive stuff. Was this change difficult and whose idea was it? %%A.: Any change is difficult. For example, when you like a new car or a new toy, it’s not just about acquiring it, you need to understand it. For change of perspective as a jeweller you need to know your consumer. We did a recent show of our line at Bridal Asia and the old customers who have not been visiting the store immediately noticed the difference. The company image changes slowly, but it has been successful for us. It’s a long term commitment to the customer.%%Q. How do you define your clients today?%%A.: Today’s clients are different, you cannot sell them poor quality stuff, you have to cater to their demands which have also undergone change. They want the best quality and the best craftsmanship – no compromise for the client who understands good jewellery. %%Q. Do you think retailing jewellery is different in Delhi as compared to other cities of India?%%A.: Delhi is a metropolitan city. The market is diverse. Customers either already have definite tastes or are aspiring to certain tastes. I don’t have much experience of Mumbai but I can compare it to say, Ludhiana in Punjab where only just a handful of people are in the high end market. But the definition of the upper middle class changes in Delhi where we have a huge clientele which demands 5 ct. diamonds or more!%%Q. How is AKM different from other players in the market?%%A.: There are not many jewellers doing our kind of retailing. There are boutiques like Mirari or Rose but their products are altogether different. We realize that it is important to have a large inventory as well as good quality stuff. We have a balanced approach to a product and its design. We have commitment and dedicate ourselves entirely to each product in our exclusive range. %%Q. What is your speciality to impress your clients?%%A.: We like to win over our customers with choices. We are concerned with our image and not just the sales we notch up. Your own ideas change with time and compel you to innovate. Today we know that our customers are the upper to high-end consumers and we ensure that we give them what they desire.%%Q. What are the expansion plans of your company?%%A.: We are firmly set on the path to boutique jewellery. We have already made a beginning in the Middle-East. Within our country too, we shall be expanding moderately.%%Q. What are the core competencies of your corporate ?%%A.: We have tied up with the right people and the gemstones are sourced directly from the mines and refined in-house to give the desired quality to our products. Our manufacturing unit consists of craftsmen skilled in every technique involved in the art of jewellery making.%%Q. Among colored gemstones which is popular currently? %%A.: The multi-colored gemstone is out. More classy options like emeralds and rubies are in. Color is always exciting, what is important is how you use it. %%Q. :What is your role in AKM today, and what is your background to manage it?%%A.: Well, I am responsible for high end clients, product development is also part of my responsibility though I do not have designing background but exposure and experience gives edge over just a degree. I take care of advertising and marketing too. What AKM stands for today is surely different to mass marketing, this is more personalized. %%
Q. How do you differentiate AKM and other players in the market?%%A.: There are not many jewellers doing our kind of retailing. There are boutiques like Mirari or Rose but that is a different product altogether. As the customer is learning so are jewellers. We realize that it is important to have a large inventory but it is also important to keep good stuff. We have a balanced approach to a product and its design. We have commitment and my heart and blood, my soul goes into each piece that is designed in our exclusive range. %%Q. What are your strategies to woo your clients?%%A.: Nobody or no single aspect can be an island. I should win over my customer with choices. We are concerned with our image and not just the numbers of sales we make. I joined the business in 1991, still a teenager (35 today). Your own ideas change you with time and force you to rebel. I always knew the direction in which I wanted to go. Today we feel our customers are the upper to high end consumers and we ensure that we give them what they desire.%%Q. What are AKM’s expansion plans?%%A.: We hope to strategically take on the boutique route. That strategic placement is very important to me. We have already made our beginning in the Middle East. Expansion within the country – I am not in a position to reveal it, but plans are under way for reasonable expansion.%%Q. What are the core competencies, as you perceive them, of AKM?%%A.: Today we are backward integrated. We have tied up with the right people and the gemstones are sourced directly from the mines to ensure quality and are processed in-house to give the desired character to our products. Our manufacturing unit consists of craftsmen skilled in every technique involved in the art of jewellery making.%%Q. How many designers you have working for you and how many pieces do you make from a single design?%%A.: We have two on rolls plus we work with a known designer – Farah Khan. If it is high end jewellery its usually one piece ever made. Shelf life of these is important. The pieces don’t sell every day. If a client is coming back in a few months he cannot be shown the same pieces. Rarely does it happen, but its possible that a piece goes out the moment it comes in.%%Q. Colored gemstones – what is popular currently? Do you believe in lucky gemstones or bad luck harbingers like sapphire?%%A.: The multi color is out; more classy options are in – emeralds and rubies. Color is always exciting, what is important is how you use it. Belief in what is lucky and what is not is conditioning since childhood. You tend to believe what you have heard all your life.%%Q. What happened to your earlier clientele?%%A.: No ifs and buts about it, we lost a majority of them. Its not possible to ride two boats. If you deal in high-end jewellery you have to let go of the segment of mass produced gold items. Aesthetics of design is important. To get here has taken us own time. I have not abandoned the mass market but only in the gold segment. I no longer deal in that category. I might phase out gold completely, and do gemstones. We can have affordable gemstone set jewellery. Gold jewellery is no longer for the fashion conscious clients. %%To give an example in the food segment, Restaurant such as Sagar can do a Swagath, but they cannot have a more expensive outlet at the floor above. Each has its own clientele and they do not get to the same outlet! When they are ready for what AKM stands for, they will come to us.%%
Q. Do you foresee any threat from the corporate sector entering into this field?%%A.: We also have our identity. You will see a change in the jewellery market and in my opinion eventually corporates may well be wiped out. The cost of presence is increasingly more; yes they have distributorship and stock strength but the market is big enough for all to survive as far as core competencies are identified. %%Q. Is precious sale in Delhi seasonal?%%A.: Yes, and No. Delhi is huge. There is so much entertainment around, Clients may be buying for a birthday, an anniversary, or an important social gathering. %%Q. Many jewellers and brands have a mascot, a face to identify their product. Does AKM plan to follow?%% A.: No. We believe that every customer is our mascot! Every customer is an individual with her own sense of style and personality trait. Every customer is our brand ambassador. They individualize the jewellery they wear and do not need another face to identify it. Everybody is important in his or her own way. %% In conclusion it can be summed up that AKM is poised at the juncture where they have a distinguished presence in both segments – the designer, variety one of a kind bespoke designer jewellery and slightly more affordable, classy yet not mass produced pieces that are individualistic. With their two level display the customer knows where the destination is. The basement level has shining examples of what designer jewellery is all about where sprawling sofas greet the discerning customer. Presentation, class and quality is at its opulent best here, displayed without apology and with aplomb. Air of relaxed comfort and aroma of strong coffee can entice the international customers and put them at ease. As their presentation explains, ‘We source are gemstones directly from the mines to ensure quality. They are then further processed in our very own facilities and finally retailed through our formats. This imparts finest shapes and character to our products. Our diamonds come from Botswana, Emeralds from Columbia but customers from across the globe.’%% AKM is positioned at the threshold where the younger generation has changed the direction of the company, that identifies its customer and has moved from mass produced ordinary gold jewellery to well designed and perfectly executed gems studded jewellery. They have no reason to regret their decision because the brothers work in tandem and understand each other’s philosophy, respecting each other’s contribution. They have their road to success defined and clear; advancement now is a matter of time.%%

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