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Mumbai, Sep 7 : Despite high inflation dampening consumer spend, branded jewellery majors have started witnessing a 30% to 35% rise in the sales of jewellery over the previous corresponding period, with the festive season adding to the prospective sales.
Sadanand Pawar, president Gitanjali Lifestyle, told FE, “During the ongoing Ganapati festival, we hope to cover 80% of our sales projections.” Currently, jewellery from the Gitanjali Group is sold through 3,600 retail stores across the country.
Gopal Laddha, chief financial officer Suashish Diamonds said, “With the festival round the corner, people are buying gold jewellery for the diety as well as for themselves in bulk. It seems inflationary trends have not dented consumers’ buying sentiments.”
Tanishq, a leading national jeweller, has started selling Ganesh Chathurthi collection, a range of exquisite platinum Ganesha pendants. Starting from Rs 10,000 onwards, the collection is available across all Tanishq boutiques in India. According to a Tanishq spokesperson, “The demand for the collection has taken off well and we have started witnessing 20% rise in sales, as compared to the targeted 35% for the entire festival period.” Tanishq offers gold and gem-set jewellery (in 22 and 18 carat gold) in over 6,000 traditional, western and fusion looks. The Tanishq retail chain currently includes 112 exclusive boutiques in 75 cities.
With the onset of the festival, local traditional jewellers have started witnessing over 100 footfalls a day, with customers mainly demanding gold and silver jewellery. According to a suburban local jeweller, “Prior to the festival, there was absolute lull due to the monsoon and rising inflationary trends. We hoped the earlier trend to continue even during the festival period and did not expect such high footfall in a single day. Customers shopping during Durga Pooja have also been on the rise. Hence, we now feel that during Diwali too, jewellery sales should take off well.”
Meanwhile, mall developers too hope to witness more footfalls within malls for buying jewellery during the weekends.
Today, India is the fastest-growing jewellery market in the world. With the escalation of organised retail in India, the branded jewellery sector is likely to be the fastest-growing segment in domestic sales. The branded segment in India is estimated to grow by 40% annually till 2010, pushing the market size to $20 bn and $30 bn by 2015. The government has undertaken initiatives like lowering the import duties and exemptions of custom duties to promote investment in...
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