Being in the jewelry business today, designers and retailers are starting to face new challenges when it comes to building brands, distribution channels, selling their products and coming out in the black. As one of those professionals, you may think that you have to follow the latest business trends in order to stay afloat, but in fact there are many jewelers who are willing to say “don’t let social media, influencers, and e-commerce distract you from your core operating principles.” To understand how modern marketing and business practices still require traditional focus, we talked to Prateek Nigam, Director of The Oriental Gem Company and Nigaam Jewels, about how these companies continue to thrive in the digital era.

JA New York: What are two of your biggest challenges in running a jewelry company today?

Prateek Nigam: The first challenge in running a jewelry company today is keeping pace with the constant and quick change in fashion trends. The second challenge is adapting our product lines to changing spending patterns of our customers, especially with how the new generation is shopping for jewelry. Figuring that out is one is the toughest tasks I face I think.

JA: What are two of your greatest joys in running your business?

PN: The two greatest joys are being your own boss (nothing compares to it) and being able to work on different aspects of a business on a regular basis. There are some days you are the sales head, some days you are the management head, some days you are the marketing head. There is never a dull moment.

JA: When it comes to traditional marketing, what are some of the strategies and tactics that you use today that you have used over the past?

PN: We have a very limited marketing budget as we only work in a B2B area, our main traditional marketing tool is advertising during the conventions, targeting the stores that are visiting each show. The additional offerings help us boost buyer interest. We do things like website banners, ad boards on the floor, etc.

JA: How have you approached new channels like social media, email marketing or e-commerce?

PN: We have started to experiment with them a little but have not done a deep dive in them. It is something that we will for sure be getting into very soon but we want to approach it correctly. This takes time and research.

JA: What role do trade shows play in your business today? Why are they important?

PN: Since our company is mostly on the wholesale side our target is very specific. In our business today, trade shows are the single most important aspect. You get to meet and showcase your products to clients in an organized way, and you have the chance of meeting clients from many different parts of the country, or the world, at the same time. To reach all those buyers with your complete line would not be possible if you were planning to travel to each of them.

JA: What is one piece of advice you would give people new to the industry from a business standpoint?

PN:  Don’t get disappointed from the complexity of this industry; there is a lot of change going on which is a good thing. If you can figure out your place and a formula, the upside is fantastic and this industry does have a really good quality of life!