What, in your opinion could be the dominant retail format for jewellery over the coming years?

Size would matter although for a commodity like gold, it does pose a security risk. You cannot imagine 10-lakh sq-feet space for a jewellery mart, but that’s okay considering that you don’t need a huge display area for a high-value product.

If space is immaterial, why go to a mall at all? Why not go to the trusted family jeweller instead?

Because of ambience and integrated services that we offer. Would you believe, we even arrange staff accommodation for outstation jewellers? It’s a win-win deal both for the customers and the jewellers. The customers get more variety, and services of world-class designers like Ruhee Nanda, Rosily Paul and Monica Kapoor. Avenue Montaigne, a consortium of 30 national and international brands, retails a mind-boggling array of lightweight (18 or 14 k) lifestyle jewellery. While retailers get more footfalls at a limited price, they are mistaken in their belief that space is cheaper outside than inside a mall.

Do you have ‘anchor’ stores? What’s your business model?

We don’t have ‘anchor’ brands as in regular hypermarts, because every jeweller is big in his territory. For us, each represents an anchor store. Our business model is mixed. We assign 25% space to city retailers, 25% to outstation guys and the rest are a mix of select brands from across the country. We follow three models: outright sale, lease and joint venture. For some unknown reason, most jewellers prefer to purchase space rather than lease it.

Since trust is a key factor in this business, are you careful while picking your retailers? Any quality parameters that you follow?

We are developers, not an enforcement agency. Regulation is not our business. That said, 95% of our retailers trade in hallmark jewellery and a few like Hazurilal, Tanishq and BC Sen have years of market reputation behind them.