commerce Bahrainthismonth.com November 2023 43 What about market types and audience? The market is very diverse. Machine-made costume jewellery is at the lower end of price points. Next comes handcrafted not very pure precious metals followed by pure precious metals and gemstones. Combinations on 18k gold with gemstones and similar combinations are also a very growing trend. International brands like Roberto Coin, Hublot, Tiffany & Co., Van Cleef & Arpels, Damas or Chopard and De Beers; most global jewellery and wearable brands are present in Bahrain. The lower prices due to tax implications and sourcing methods make the GCC an attractive jewellery market for retail. Niche products within the luxury wearables space are also gaining traction in the region. Bahrain owned Qannati for instance makes high end luxury, themebased, customised watches and wearables. In jewellery, Tiny Om which is an established brand locally and new brands like Kyan Jewellery which make customised earthy jewellery, all seem to have found their footing. Is it a crowded supply market? Bahrain jewellers source their products mainly from India, France and Spain. These products are then either worked on or rebranded or sold as brands themselves depending on the underlying arrangements. The number of personalised, custom-made jewellery providers is also gaining an audience. Online channels to sell jewellery has meant that costs have become easier to manage. However, the market is very competitive and finding a dedicated audience to showcase the products is the biggest challenge. Exhibitions and regional promotional events like Jewellery Arabia become a relatively easy and essential way to reach an audience in order to raise awareness of the products and services. How does all this tie up? It ties up quite beautifully into a market that has a certain extent of price inelasticity. What that means is, at the higher end of luxury, demand justifies the costs of production. As we move lower on the price range, volumes start to play a larger role in profitability. Demand comes from having high levels of disposable income, a demand for personal care and beauty and an intangible element of “how it makes you feel”. The last bit is what changes the game. If a product makes you feel beautiful or wealthy, if it speaks to the people around you, that creates a sticky customer. Sticky customers are great for volume. And steady business is always good business. Pria is the Founder of GMI Advisory WLL– a Management Consultancy that helps companies with idea assessments, feasibility studies, strategy, business plans, presentations and preparing for investors. You can visit her company website gmiadvisory.com/ to connect with her. You can follow Pria at her Instagram handle @guide_my_idea Bahrainthismonth.com/gallery bystander Gulf Night Out Gulf Hotel Bahrain celebrated the return of its famous event “The Gulf Night Out 2023”.
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