Positive, excellent, fantastic, outstanding, rocking...just a few of the words that jewellery retailers from cities big and small are using to describe the last few months of the festive and wedding season...and there is good reason why...Jewellery of all kinds did well, and the medium price segment especially attracted a lot of buyers...most retailers report a healthy sales rise of 25% over last year...Country wide, there is a wave of enthusiasm and happiness that has the industry in a jaunty mood. Taking a cue from the customer’s increase in spending power and changed design sensibilities, this season saw retailers go all creative in promoting jewellery...and the rewards too were aplenty. While diamond jewellery seems to be making some inroads and gaining market share, gold continues to be the choice of many. In the meantime, interestingly platinum too seems to be carving out its own special space, especially in the discerning customer’s jewellery armoires.%% {{Gold dominates, Diamonds do Well:}}%% While the Indian customer is traditionally gold crazy, she is now spoilt for choice in diamond too. “Most consumers seem to be going for diamonds now...says Bacchraj Bamalwa, Partner, Bamalwa Jewellers, Kolkata. “There are two reasons for this – firstly, gold prices have shot up a lot...and secondly, there is the change in lifestyle. Diamonds have always been for the select few from the super rich class. Now, with a huge increase in the number of people working white collar jobs, salaries are rising and because of this the upper middle class can also opt for diamonds.” %% They may be characteristically (and understandably) tight-lipped about the actual sales figures, but on an average, diamond jewellers reported a massive 40% increase in sales from last year. Says Ankit Kimtee, Director, Interstar Gems, Indore, “The consumer’s buying capacity in terms of volumes has definitely increased...so it does look like the recession is gone.” There is also a change in the buyer profile. Vijay Jain, CEO, Orra says, “Though we did not experience a sharp drop during the recession, there is a marked increase in the demand for diamond jewellery with younger buyers walking into the stores to purchase diamond jewellery.”

The cultural significance of gold still retains its importance, according to Vastupal Ranka, Partner, Ranka Jewellers, Pune. “Gold has a lot of traditional patronage. Although the rise in gold prices has diverted many customers towards diamond jewellery, gold is still considered good for investments. Diamonds in their own way were the choice of many... especially the brides to be.” “The chief difference between gold and diamond is that gold is bought by the masses, while only a select few usually opt for diamonds. Surprisingly, we did not see much of a difference in terms of sales of gold jewellery going down, despite the prices getting higher. Having said that, diamond jewellery sales were definitely on the up and up”, explains Kishore Sheth, Partner, Batukbhai and Sons, Nagpur. Sumeet Anand of Punjabi Saraf, Indore agrees, “Diamond is doing well, but gold is not far behind, even though logically the rising prices should have caused a decrease in sales. See, the customer mindset is still favourable towards gold, and she usually walks in to a store wanting to buy gold jewellery...” “Both gold and diamond are doing well...but we have seen that diamond is growing faster in terms of percentage”, sums up Binaisha Zaveri, Director, TBZ - The Original, Mumbai. %% Anil Talwar, Partner, Talwarsons Jewellers, Chandigarh offers yet another perspective...” The percentage growth in diamonds is more than that in gold. The prime reason is that diamond jewellery design is getting more and more innovative. More than 90% of the designs available are now very elite and diverse. The customer also looks for exclusivity.” Vishal Doshi, Group Executive Director, Shrenuj and Company Ltd, Mumbai says, “The response has been overwhelming. Diamonds set in platinum, diamonds set in gold – both did exceedingly well.” %% {{Design fundamentals...}} %% In terms of design and style and aesthetics, jewellery went through a whole spectrum of demand. “Purchases were very need-based – individual tastes, requirement as per the occasion and of course the budget...we did not see any one style only selling more. It was a very healthy mix”, says Sheth. Anand agrees, “The customer is veering more towards design and aesthetics, jewellery that is creative really sells well.” “It’s all a matter of personal choice and requirement”, says Bamalwa. Explains Binaisha, “Choice of design also differs as per age and region. It is also dependant on the objective of the purchase – wedding, auspicious buying, daily wear, gifting and so on.” Ranka elaborates, “Floral designs still remain the most popular choice. Geometric designs on the other hand are very trendy and are served better in artificial forms. It will take time for geometric designs to take root in gold.”

Ishu Datwani, Partner, Anmol Jewellers, talks about the popularity of floral patterns. “Besides the floral design which remained a popular buy, diamonds with coloured gemstones were a big hit. Uncut diamonds held sway over the customer too.” %% Besides the usual diamond jewellery, one more aspect of the diamond trade that has some good news to offer is the solitaires market. Till a few years back, the average Indian just did not understand the intrinsic value of a solitaire...today the times have very definitely changed. The customer response to solitaires has been “fantastic” as most jewellers put it. Says Kimtee, “The solitaires market did really well this year.” Vijay Jain, CEO, Orra agrees, “For us, solitaires were the best performing category this season.” Talwar concludes, “In fact, the solitaire sales figures are on the up and up – nearly 15 to 20% growth every year.”

{{Marketing initiatives...}} %% Retailers matched the consumer step for step in terms of new stocks, improved customer service, inventive ideas and the ubiquitous discount-scheme offerings. The festive season was quite literally a time to make hay... Explains Ranka,”Navratri & Diwali time is the most happening season of the year with endless celebrations. We ran a month long scheme wherein we had offered gifts on the purchase of Rs. 7000/- and above. We had also participated in Pune-Diwali Fest organised by Sakal Daily, a leading Pune newspaper. Our sponsorship of the Shankar Ehsaan Loy- Live in Concert was received very well. Our promotions have worked bang on and we have experienced good response since then.” %% Clearly, nothing quite beats a bit of innovation to get the customer into the store – “We had a fashion show displaying 36 designs. Our privileged customers get an exclusive preview of these 36 one-of-a-kind designs that are created in 36 hours. Something very different this year was the celebration of festivals in the store – for instance for Karwa Chauth we had more than a 100 ladies come in and actually do their traditional puja in the store. We had plenty of activities, games and so on lined up for them. There was also a photo studio set up, where they could get their photos clicked and we gave them the prints for free. All this means a lot of well-heeled customers getting a good look at our jewellery. It gets us exactly the kind of footfall that we want,” says Anand describing Punjabi Saraf’s efforts towards increasing sales. %% As Sheth explains, “Our new jewellery mall of course was the biggest attraction in Nagpur with the store decorations really bringing in the people. With a huge stock and some really good variety, our customers had good choices to make. We also put in place new “on-the-spot-pricing” software that helps our staff provide better, faster service to the customer – this software is used to provide the customer with the prices without using the traditional pen-paper-calculator method.” For Bamalwa however, schemes and discounts are passé...”We only offer new, creative jewellery as our USP to attract customers.” At TBZ, the effort is much focussed and well-planned months in advance. “We have pre-approved marketing and promotions plan in place for the financial year, which include innovative as well as tactical promotions. Implementation of these plans with accuracy helps us achieve desired results“, says Binaisha. %% “Talwarsons opted for a fairly big marketing budget, spent innovatively on hoardings and advertisements in leading fashion magazines and held a fashion show graced by celebrities which got very wide coverage in the media. We simply do not offer any discounts during the festive season. The word of mouth publicity that our products get is more important,” says Talwar. What is noteworthy is that the industry is holding on to the imaginative methods to promote jewellery and that these methods have been successful. %% With 2010 ending in such a glorious manner, here’s looking to not just beginning, but also going through 2011 on a great note...

{{Platinum progressing...}} %% Even as the market response has been very positive, one aspect that gets thrown up repeatedly is how well the platinum jewellery market is doing. Speaking about the direction of the platinum market is taking, Bamalwa explains, “The Indian mindset is still very much in favour of yellow gold – for them jewellery is jewellery only if it is yellow gold...so platinum still has a long way to go before it can pick up well.” %% Initiatives towards popularising platinum are on in full swing though, says Vaishali Banerjee, Manager, Platinum Guild International, India “The PGI runs a very comprehensive marketing programme addressed at two segments - relationships and self-purchase. Besides, our key retailers are promoting their platinum collections. Our latest campaign "Platinum Day of Love" is all about "finding, experiencing and commemorating true love". The idea is to get platinum to represent love in all its forms for all sorts of consumers - from the young woman looking to make an exclusive purchase for herself, a young couple looking for engagement or wedding rings, and even as part of a bridal trousseau.” Efforts fortunately have borne fruit...”We have seen nearly 50% increase in the sale of platinum jewellery from last year...” says Banerjee. %% Anand throws in a word for platinum rings, “We do have a lot of customers stepping in to buy platinum rings for engagements and weddings – a very positive sign for the metal. More sustained efforts from the PGI and additional benefits to the retailer especially for the buyback of platinum jewellery will really fuel growth of platinum jewellery. Now that gold is also really expensive, there is not much of a difference in the pricing of platinum and gold and this can be used to promote platinum aggressively.” %% In the meantime, the PGI has what Banerjee calls “a very strong proposal for 2011 to stimulate consumer demand and to further build newer markets. To address different consumer segments, marketing and product needs. And we will have a very strong trade programme with key retailers and chain stores across the country to further develop the market.”

{{|*Diamonds have always been for the select few from the super rich class. Now, with a huge increase in the number of people working white collar jobs, salaries are rising and because of this the upper middle class can also opt for diamonds. *|}} ------- {{Bacchraj Bamalwa}}

{{|*We did not see much of a difference in terms of sales of gold jewellery going down, despite the prices getting higher. Having said that, diamond jewellery sales were definitely on the up and up.*|}} ------- {{Kishore Sheth}}

{{|*Now that gold is also really expensive, there is not much of a difference in the pricing of platinum and gold and this can be used to promote platinum aggressively.” *|}} ----------- {{Vaishali Banerjee}}%%

{{|*For Karwa Chauth we had more than a 100 ladies come in and actually do their traditional puja in the store. This means a lot of well-heeled customers getting a good look at our jewellery. It gets us exactly the kind of footfall that we want.*|}}-------- {{Sumeet Anand}}%%

{{|*The Choice of design also differs as per age and region. It is also dependant on the objective of the purchase – wedding, auspicious buying, daily wear, gifting and so on.*|}} ---------- {{Binaisha Zaveri}}%%

Positive, excellent, fantastic, outstanding, rocking...just a few of the words that jewellery retailers from cities big and small are using to describe the last few months of the festive and wedding season...and there is good reason why...Jewellery of all kinds did well, and the medium price segment especially attracted a lot of buyers...most retailers report a healthy sales rise of 25% over last year...Country wide, there is a wave of enthusiasm and happiness that has the industry in a jaunty mood. Taking a cue from the customer’s increase in spending power and changed design sensibilities, this season saw retailers go all creative in promoting jewellery...and the rewards too were aplenty. While diamond jewellery seems to be making some inroads and gaining market share, gold continues to be the choice of many. In the meantime, interestingly platinum too seems to be carving out its own special space, especially in the discerning customer’s jewellery armoires.%% {{Gold dominates, Diamonds do Well:}}%% While the Indian customer is traditionally gold crazy, she is now spoilt for choice in diamond too. “Most consumers seem to be going for diamonds now...says Bacchraj Bamalwa, Partner, Bamalwa Jewellers, Kolkata. “There are two reasons for this – firstly, gold prices have shot up a lot...and secondly, there is the change in lifestyle. Diamonds have always been for the select few from the super rich class. Now, with a huge increase in the number of people working white collar jobs, salaries are rising and because of this the upper middle class can also opt for diamonds.” %% They may be characteristically (and understandably) tight-lipped about the actual sales figures, but on an average, diamond jewellers reported a massive 40% increase in sales from last year. Says Ankit Kimtee, Director, Interstar Gems, Indore, “The consumer’s buying capacity in terms of volumes has definitely increased...so it does look like the recession is gone.” There is also a change in the buyer profile. Vijay Jain, CEO, Orra says, “Though we did not experience a sharp drop during the recession, there is a marked increase in the demand for diamond jewellery with younger buyers walking into the stores to purchase diamond jewellery.”

The cultural significance of gold still retains its importance, according to Vastupal Ranka, Partner, Ranka Jewellers, Pune. “Gold has a lot of traditional patronage. Although the rise in gold prices has diverted many customers towards diamond jewellery, gold is still considered good for investments. Diamonds in their own way were the choice of many... especially the brides to be.” “The chief difference between gold and diamond is that gold is bought by the masses, while only a select few usually opt for diamonds. Surprisingly, we did not see much of a difference in terms of sales of gold jewellery going down, despite the prices getting higher. Having said that, diamond jewellery sales were definitely on the up and up”, explains Kishore Sheth, Partner, Batukbhai and Sons, Nagpur. Sumeet Anand of Punjabi Saraf, Indore agrees, “Diamond is doing well, but gold is not far behind, even though logically the rising prices should have caused a decrease in sales. See, the customer mindset is still favourable towards gold, and she usually walks in to a store wanting to buy gold jewellery...” “Both gold and diamond are doing well...but we have seen that diamond is growing faster in terms of percentage”, sums up Binaisha Zaveri, Director, TBZ - The Original, Mumbai. %% Anil Talwar, Partner, Talwarsons Jewellers, Chandigarh offers yet another perspective...” The percentage growth in diamonds is more than that in gold. The prime reason is that diamond jewellery design is getting more and more innovative. More than 90% of the designs available are now very elite and diverse. The customer also looks for exclusivity.” Vishal Doshi, Group Executive Director, Shrenuj and Company Ltd, Mumbai says, “The response has been overwhelming. Diamonds set in platinum, diamonds set in gold – both did exceedingly well.” %% {{Design fundamentals...}} %% In terms of design and style and aesthetics, jewellery went through a whole spectrum of demand. “Purchases were very need-based – individual tastes, requirement as per the occasion and of course the budget...we did not see any one style only selling more. It was a very healthy mix”, says Sheth. Anand agrees, “The customer is veering more towards design and aesthetics, jewellery that is creative really sells well.” “It’s all a matter of personal choice and requirement”, says Bamalwa. Explains Binaisha, “Choice of design also differs as per age and region. It is also dependant on the objective of the purchase – wedding, auspicious buying, daily wear, gifting and so on.” Ranka elaborates, “Floral designs still remain the most popular choice. Geometric designs on the other hand are very trendy and are served better in artificial forms. It will take time for geometric designs to take root in gold.”

Ishu Datwani, Partner, Anmol Jewellers, talks about the popularity of floral patterns. “Besides the floral design which remained a popular buy, diamonds with coloured gemstones were a big hit. Uncut diamonds held sway over the customer too.” %% Besides the usual diamond jewellery, one more aspect of the diamond trade that has some good news to offer is the solitaires market. Till a few years back, the average Indian just did not understand the intrinsic value of a solitaire...today the times have very definitely changed. The customer response to solitaires has been “fantastic” as most jewellers put it. Says Kimtee, “The solitaires market did really well this year.” Vijay Jain, CEO, Orra agrees, “For us, solitaires were the best performing category this season.” Talwar concludes, “In fact, the solitaire sales figures are on the up and up – nearly 15 to 20% growth every year.”

{{Marketing initiatives...}} %% Retailers matched the consumer step for step in terms of new stocks, improved customer service, inventive ideas and the ubiquitous discount-scheme offerings. The festive season was quite literally a time to make hay... Explains Ranka,”Navratri & Diwali time is the most happening season of the year with endless celebrations. We ran a month long scheme wherein we had offered gifts on the purchase of Rs. 7000/- and above. We had also participated in Pune-Diwali Fest organised by Sakal Daily, a leading Pune newspaper. Our sponsorship of the Shankar Ehsaan Loy- Live in Concert was received very well. Our promotions have worked bang on and we have experienced good response since then.” %% Clearly, nothing quite beats a bit of innovation to get the customer into the store – “We had a fashion show displaying 36 designs. Our privileged customers get an exclusive preview of these 36 one-of-a-kind designs that are created in 36 hours. Something very different this year was the celebration of festivals in the store – for instance for Karwa Chauth we had more than a 100 ladies come in and actually do their traditional puja in the store. We had plenty of activities, games and so on lined up for them. There was also a photo studio set up, where they could get their photos clicked and we gave them the prints for free. All this means a lot of well-heeled customers getting a good look at our jewellery. It gets us exactly the kind of footfall that we want,” says Anand describing Punjabi Saraf’s efforts towards increasing sales. %% As Sheth explains, “Our new jewellery mall of course was the biggest attraction in Nagpur with the store decorations really bringing in the people. With a huge stock and some really good variety, our customers had good choices to make. We also put in place new “on-the-spot-pricing” software that helps our staff provide better, faster service to the customer – this software is used to provide the customer with the prices without using the traditional pen-paper-calculator method.” For Bamalwa however, schemes and discounts are passé...”We only offer new, creative jewellery as our USP to attract customers.” At TBZ, the effort is much focussed and well-planned months in advance. “We have pre-approved marketing and promotions plan in place for the financial year, which include innovative as well as tactical promotions. Implementation of these plans with accuracy helps us achieve desired results“, says Binaisha. %% “Talwarsons opted for a fairly big marketing budget, spent innovatively on hoardings and advertisements in leading fashion magazines and held a fashion show graced by celebrities which got very wide coverage in the media. We simply do not offer any discounts during the festive season. The word of mouth publicity that our products get is more important,” says Talwar. What is noteworthy is that the industry is holding on to the imaginative methods to promote jewellery and that these methods have been successful. %% With 2010 ending in such a glorious manner, here’s looking to not just beginning, but also going through 2011 on a great note...

{{Platinum progressing...}} %% Even as the market response has been very positive, one aspect that gets thrown up repeatedly is how well the platinum jewellery market is doing. Speaking about the direction of the platinum market is taking, Bamalwa explains, “The Indian mindset is still very much in favour of yellow gold – for them jewellery is jewellery only if it is yellow gold...so platinum still has a long way to go before it can pick up well.” %% Initiatives towards popularising platinum are on in full swing though, says Vaishali Banerjee, Manager, Platinum Guild International, India “The PGI runs a very comprehensive marketing programme addressed at two segments - relationships and self-purchase. Besides, our key retailers are promoting their platinum collections. Our latest campaign "Platinum Day of Love" is all about "finding, experiencing and commemorating true love". The idea is to get platinum to represent love in all its forms for all sorts of consumers - from the young woman looking to make an exclusive purchase for herself, a young couple looking for engagement or wedding rings, and even as part of a bridal trousseau.” Efforts fortunately have borne fruit...”We have seen nearly 50% increase in the sale of platinum jewellery from last year...” says Banerjee. %% Anand throws in a word for platinum rings, “We do have a lot of customers stepping in to buy platinum rings for engagements and weddings – a very positive sign for the metal. More sustained efforts from the PGI and additional benefits to the retailer especially for the buyback of platinum jewellery will really fuel growth of platinum jewellery. Now that gold is also really expensive, there is not much of a difference in the pricing of platinum and gold and this can be used to promote platinum aggressively.” %% In the meantime, the PGI has what Banerjee calls “a very strong proposal for 2011 to stimulate consumer demand and to further build newer markets. To address different consumer segments, marketing and product needs. And we will have a very strong trade programme with key retailers and chain stores across the country to further develop the market.”

{{|*Diamonds have always been for the select few from the super rich class. Now, with a huge increase in the number of people working white collar jobs, salaries are rising and because of this the upper middle class can also opt for diamonds. *|}} ------- {{Bacchraj Bamalwa}}

{{|*We did not see much of a difference in terms of sales of gold jewellery going down, despite the prices getting higher. Having said that, diamond jewellery sales were definitely on the up and up.*|}} ------- {{Kishore Sheth}}

{{|*Now that gold is also really expensive, there is not much of a difference in the pricing of platinum and gold and this can be used to promote platinum aggressively.” *|}} ----------- {{Vaishali Banerjee}}%%

{{|*For Karwa Chauth we had more than a 100 ladies come in and actually do their traditional puja in the store. This means a lot of well-heeled customers getting a good look at our jewellery. It gets us exactly the kind of footfall that we want.*|}}-------- {{Sumeet Anand}}%%

{{|*The Choice of design also differs as per age and region. It is also dependant on the objective of the purchase – wedding, auspicious buying, daily wear, gifting and so on.*|}} ---------- {{Binaisha Zaveri}}%%

Positive, excellent, fantastic, outstanding, rocking...just a few of the words that jewellery retailers from cities big and small are using to describe the last few months of the festive and wedding season...and there is good reason why...Jewellery of all kinds did well, and the medium price segment especially attracted a lot of buyers...most retailers report a healthy sales rise of 25% over last year...Country wide, there is a wave of enthusiasm and happiness that has the industry in a jaunty mood. Taking a cue from the customer’s increase in spending power and changed design sensibilities, this season saw retailers go all creative in promoting jewellery...and the rewards too were aplenty. While diamond jewellery seems to be making some inroads and gaining market share, gold continues to be the choice of many. In the meantime, interestingly platinum too seems to be carving out its own special space, especially in the discerning customer’s jewellery armoires.%% {{Gold dominates, Diamonds do Well:}}%% While the Indian customer is traditionally gold crazy, she is now spoilt for choice in diamond too. “Most consumers seem to be going for diamonds now...says Bacchraj Bamalwa, Partner, Bamalwa Jewellers, Kolkata. “There are two reasons for this – firstly, gold prices have shot up a lot...and secondly, there is the change in lifestyle. Diamonds have always been for the select few from the super rich class. Now, with a huge increase in the number of people working white collar jobs, salaries are rising and because of this the upper middle class can also opt for diamonds.” %% They may be characteristically (and understandably) tight-lipped about the actual sales figures, but on an average, diamond jewellers reported a massive 40% increase in sales from last year. Says Ankit Kimtee, Director, Interstar Gems, Indore, “The consumer’s buying capacity in terms of volumes has definitely increased...so it does look like the recession is gone.” There is also a change in the buyer profile. Vijay Jain, CEO, Orra says, “Though we did not experience a sharp drop during the recession, there is a marked increase in the demand for diamond jewellery with younger buyers walking into the stores to purchase diamond jewellery.”

The cultural significance of gold still retains its importance, according to Vastupal Ranka, Partner, Ranka Jewellers, Pune. “Gold has a lot of traditional patronage. Although the rise in gold prices has diverted many customers towards diamond jewellery, gold is still considered good for investments. Diamonds in their own way were the choice of many... especially the brides to be.” “The chief difference between gold and diamond is that gold is bought by the masses, while only a select few usually opt for diamonds. Surprisingly, we did not see much of a difference in terms of sales of gold jewellery going down, despite the prices getting higher. Having said that, diamond jewellery sales were definitely on the up and up”, explains Kishore Sheth, Partner, Batukbhai and Sons, Nagpur. Sumeet Anand of Punjabi Saraf, Indore agrees, “Diamond is doing well, but gold is not far behind, even though logically the rising prices should have caused a decrease in sales. See, the customer mindset is still favourable towards gold, and she usually walks in to a store wanting to buy gold jewellery...” “Both gold and diamond are doing well...but we have seen that diamond is growing faster in terms of percentage”, sums up Binaisha Zaveri, Director, TBZ - The Original, Mumbai. %% Anil Talwar, Partner, Talwarsons Jewellers, Chandigarh offers yet another perspective...” The percentage growth in diamonds is more than that in gold. The prime reason is that diamond jewellery design is getting more and more innovative. More than 90% of the designs available are now very elite and diverse. The customer also looks for exclusivity.” Vishal Doshi, Group Executive Director, Shrenuj and Company Ltd, Mumbai says, “The response has been overwhelming. Diamonds set in platinum, diamonds set in gold – both did exceedingly well.” %% {{Design fundamentals...}} %% In terms of design and style and aesthetics, jewellery went through a whole spectrum of demand. “Purchases were very need-based – individual tastes, requirement as per the occasion and of course the budget...we did not see any one style only selling more. It was a very healthy mix”, says Sheth. Anand agrees, “The customer is veering more towards design and aesthetics, jewellery that is creative really sells well.” “It’s all a matter of personal choice and requirement”, says Bamalwa. Explains Binaisha, “Choice of design also differs as per age and region. It is also dependant on the objective of the purchase – wedding, auspicious buying, daily wear, gifting and so on.” Ranka elaborates, “Floral designs still remain the most popular choice. Geometric designs on the other hand are very trendy and are served better in artificial forms. It will take time for geometric designs to take root in gold.”

Ishu Datwani, Partner, Anmol Jewellers, talks about the popularity of floral patterns. “Besides the floral design which remained a popular buy, diamonds with coloured gemstones were a big hit. Uncut diamonds held sway over the customer too.” %% Besides the usual diamond jewellery, one more aspect of the diamond trade that has some good news to offer is the solitaires market. Till a few years back, the average Indian just did not understand the intrinsic value of a solitaire...today the times have very definitely changed. The customer response to solitaires has been “fantastic” as most jewellers put it. Says Kimtee, “The solitaires market did really well this year.” Vijay Jain, CEO, Orra agrees, “For us, solitaires were the best performing category this season.” Talwar concludes, “In fact, the solitaire sales figures are on the up and up – nearly 15 to 20% growth every year.”

{{Marketing initiatives...}} %% Retailers matched the consumer step for step in terms of new stocks, improved customer service, inventive ideas and the ubiquitous discount-scheme offerings. The festive season was quite literally a time to make hay... Explains Ranka,”Navratri & Diwali time is the most happening season of the year with endless celebrations. We ran a month long scheme wherein we had offered gifts on the purchase of Rs. 7000/- and above. We had also participated in Pune-Diwali Fest organised by Sakal Daily, a leading Pune newspaper. Our sponsorship of the Shankar Ehsaan Loy- Live in Concert was received very well. Our promotions have worked bang on and we have experienced good response since then.” %% Clearly, nothing quite beats a bit of innovation to get the customer into the store – “We had a fashion show displaying 36 designs. Our privileged customers get an exclusive preview of these 36 one-of-a-kind designs that are created in 36 hours. Something very different this year was the celebration of festivals in the store – for instance for Karwa Chauth we had more than a 100 ladies come in and actually do their traditional puja in the store. We had plenty of activities, games and so on lined up for them. There was also a photo studio set up, where they could get their photos clicked and we gave them the prints for free. All this means a lot of well-heeled customers getting a good look at our jewellery. It gets us exactly the kind of footfall that we want,” says Anand describing Punjabi Saraf’s efforts towards increasing sales. %% As Sheth explains, “Our new jewellery mall of course was the biggest attraction in Nagpur with the store decorations really bringing in the people. With a huge stock and some really good variety, our customers had good choices to make. We also put in place new “on-the-spot-pricing” software that helps our staff provide better, faster service to the customer – this software is used to provide the customer with the prices without using the traditional pen-paper-calculator method.” For Bamalwa however, schemes and discounts are passé...”We only offer new, creative jewellery as our USP to attract customers.” At TBZ, the effort is much focussed and well-planned months in advance. “We have pre-approved marketing and promotions plan in place for the financial year, which include innovative as well as tactical promotions. Implementation of these plans with accuracy helps us achieve desired results“, says Binaisha. %% “Talwarsons opted for a fairly big marketing budget, spent innovatively on hoardings and advertisements in leading fashion magazines and held a fashion show graced by celebrities which got very wide coverage in the media. We simply do not offer any discounts during the festive season. The word of mouth publicity that our products get is more important,” says Talwar. What is noteworthy is that the industry is holding on to the imaginative methods to promote jewellery and that these methods have been successful. %% With 2010 ending in such a glorious manner, here’s looking to not just beginning, but also going through 2011 on a great note...

{{Platinum progressing...}} %% Even as the market response has been very positive, one aspect that gets thrown up repeatedly is how well the platinum jewellery market is doing. Speaking about the direction of the platinum market is taking, Bamalwa explains, “The Indian mindset is still very much in favour of yellow gold – for them jewellery is jewellery only if it is yellow gold...so platinum still has a long way to go before it can pick up well.” %% Initiatives towards popularising platinum are on in full swing though, says Vaishali Banerjee, Manager, Platinum Guild International, India “The PGI runs a very comprehensive marketing programme addressed at two segments - relationships and self-purchase. Besides, our key retailers are promoting their platinum collections. Our latest campaign "Platinum Day of Love" is all about "finding, experiencing and commemorating true love". The idea is to get platinum to represent love in all its forms for all sorts of consumers - from the young woman looking to make an exclusive purchase for herself, a young couple looking for engagement or wedding rings, and even as part of a bridal trousseau.” Efforts fortunately have borne fruit...”We have seen nearly 50% increase in the sale of platinum jewellery from last year...” says Banerjee. %% Anand throws in a word for platinum rings, “We do have a lot of customers stepping in to buy platinum rings for engagements and weddings – a very positive sign for the metal. More sustained efforts from the PGI and additional benefits to the retailer especially for the buyback of platinum jewellery will really fuel growth of platinum jewellery. Now that gold is also really expensive, there is not much of a difference in the pricing of platinum and gold and this can be used to promote platinum aggressively.” %% In the meantime, the PGI has what Banerjee calls “a very strong proposal for 2011 to stimulate consumer demand and to further build newer markets. To address different consumer segments, marketing and product needs. And we will have a very strong trade programme with key retailers and chain stores across the country to further develop the market.”

{{|*Diamonds have always been for the select few from the super rich class. Now, with a huge increase in the number of people working white collar jobs, salaries are rising and because of this the upper middle class can also opt for diamonds. *|}} ------- {{Bacchraj Bamalwa}}

{{|*We did not see much of a difference in terms of sales of gold jewellery going down, despite the prices getting higher. Having said that, diamond jewellery sales were definitely on the up and up.*|}} ------- {{Kishore Sheth}}

{{|*Now that gold is also really expensive, there is not much of a difference in the pricing of platinum and gold and this can be used to promote platinum aggressively.” *|}} ----------- {{Vaishali Banerjee}}%%

{{|*For Karwa Chauth we had more than a 100 ladies come in and actually do their traditional puja in the store. This means a lot of well-heeled customers getting a good look at our jewellery. It gets us exactly the kind of footfall that we want.*|}}-------- {{Sumeet Anand}}%%

{{|*The Choice of design also differs as per age and region. It is also dependant on the objective of the purchase – wedding, auspicious buying, daily wear, gifting and so on.*|}} ---------- {{Binaisha Zaveri}}%%