Sanjeev Hans is the Founder of Shubh Laabh Jewellers, a leading jewellery retail brand in Odisha, established approximately 30 years ago. Under his leadership, the organisation has grown from a single outlet to a multi-store presence across the state, including key locations in Bhubaneswar. The organisation is committed to providing high-quality diamond and gold jewellery at competitive prices. His vision focuses on blending world-class designs with exceptional customer service to help clients make a distinct personal statement. Excerpts…
What has been the key driving force behind Shubh Laabh Jewellers’ strong presence in a competitive market like Bhubaneswar?
When we launched Shubh Laabh Jewellers, we identified a gap in the market. Many low-value customers were often overlooked by larger brands and did not receive adequate attention. We focused on serving this segment by offering personalised service, transparent pricing, and assured quality in gold and silver jewellery. By understanding their needs and building trust, we were able to create a loyal customer base and establish a strong presence in the market.
How have rising precious metal prices, driven by geopolitical tensions and inflation, influenced customer purchasing behaviour?
The evolving geopolitical situation has driven gold prices to all-time highs. In times of stock market uncertainty, consumers naturally turn to gold as a safe-haven investment. However, these elevated prices have significantly impacted demand and altered buying patterns. While purchases continue, consumers are increasingly opting for lighter and more affordable jewellery. Although overall value sales have been sustained, the volume of sales has declined noticeably, reflecting a more cautious and price-sensitive approach among buyers in the current market environment.
Are you witnessing a shift in consumer preference between gold, diamond, and silver jewellery?
Recently, we have observed a noticeable shift of consumers towards branded jewellery. While our existing business continues to perform well, much of the growth is happening in branded stores, with Gen Z customers increasingly preferring national brands that offer pan-India presence and a strong brand image. To stay aligned with this trend, we have also expanded our presence by opening an Indriya store, part of the Aditya Birla Group, on Cantonment Road in Cuttack.
How significant is the old gold buyback program in maintaining repeat customers and inventory flow?
The rising prices of gold have led to a surge in the use of gold exchange as a mode of payment. A transparent and reliable old gold exchange policy plays a crucial role in driving business and maintaining customer trust.
What inspired you to venture into this line of business, and what advice would you offer to aspiring entrepreneurs looking to enter this field?
Most businesses today face risks due to technological and channel disruptions, with rapid growth in quick commerce and modern retail impacting small retailers across sectors. However, the jewellery industry remains relatively resilient, as customers still prefer to see and feel products before purchasing. For new entrants, this sector offers comparatively lower risk, as precious metal prices tend to appreciate over time, providing a sense of stability and long-term value.
