Despite rising price of gold globally, demand for gold jewellery may continue to grow in the short term and jewllery sales during ‘Valentine’s Day’ season are expect to rise by 17-18% this year, thanks to the demand in USA and Europe markets, Mehul Choksi, says Chairman, Gitanjali group & D’damas.
The group sells branded diamond and jewellery under its brands Nakshatra, Asmi, Gili, D`Damas, ‘Collection g’ and Gold Expressions.
“There is ‘pause’ in gold jewellery demand in recent days because of higher gold prices and a shortage of rough diamonds. But I think jewellery sales during ‘Valentine’s Day’ season may rise as people prefer to buy more and more gold whenever price moves upward,” he told newsmen.
World Gold Council and D’damas on Friday announced Jacqueline Fernandez (former Miss Sri Lanka) as the new face for their contemporary and light weight 18 carat gold line – ‘Collection g’.
The company has a joint venture with the UAE-based retailer, Damas, to sell jewellery in India under the name D’damas. The collection is created and developed by World Gold Council and is currently being marketed in India exclusively by D’dmas Gold.
The group recently announced the complete acquisition of Nakshatra, the premium diamond jewellery brand promoted by Diamond Trading Company (DTC), for Rs 100 crore.
DTC has given the manufacturing, distribution and marketing rights to Brightest Circle – a joint venture between Gitanjali and two private companies. Gitanjali will now have the sole right of Nakshatra and 100% stake in Brightest Circle.
The company plans to invest about Rs 100 crore for brand expansion and making it a lifestyle brand in the next two years.