Diamonds have always been known as luxury and therefore they have been out of reach of the commoners. However, in recent times, in order to reach out to maximum buyers, manufacturers / retailers have been working towards making diamonds affordable. Muthoot Exim and Divine Solitaires Pratham Diamonds have teamed up to launch not just affordable but the best quality diamond jewellery.

Muthoot Exim in association with Divine Solitaires Pratham Diamonds has launched SwarnaVarsham Diamond jewellery. Their main motto is to make diamond jewellery affordable and accessible to every Indian. Kavita Parab spoke to Keyur Shah, CEO, Muthoot Precious Metals Division and Jignesh Mehta, MD, Divine Solitaires to know more about their latest venture.

Keyur Shah, CEO, Muthoot Precious Metals Division

Q: What is the main idea behind the launch of SwarnaVarsham Jewellery?

A: SwarnaVarsham plain gold jewellery was launched by the Precious Metals Business Vertical of Muthoot Pappachan Group to provide high quality, BIS hallmarkedand affordable jewellery forthe Indian middle class / lower middle class consumer segments. It is India’s first tamper proof jewellery and has a range of designs / sizes starting from 1.5 gms to 9.5 gms. Additionally it also has coins starting from 1 gm upto 8 gms. Customers can book the jewellery (by fixing the price on the day of booking) and choose to pay in affordable 3, 6 and 9 monthly installments. After 3 years of launch with more than 1,200 kgs, SwarnaVarsham jewellery has been sold to 3+ lakh customers.

Recently, SwarnaVarsham diamond jewellery was launched, which offers a gold ring with 0.14 cents, EF colour and VVS clarity diamond from Divine Solitaire Pratham Diamonds with insurance coverage and buy-back guarantee (buy-back to happen at Muthoot Gold Point branches which are transparent, standardised and technologically enhanced gold buying branches from Muthoot Pappachan Group).

Q: Which regions are you focusing on to sell SwarnaVarsham Jewellery?

A: SwarnaVarsham plain gold jewellery can  be booked/bought from 3600+ Muthoot Fincorp branches across India. The SwarnaVarsham diamond jewellery has currently been launched in 76 branches in 8 cities (Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Madurai, Mumbai and Vijayawada locations will showcase the diamond jewellery in the first phase of launch) and based on the initial response, we will expand to more branches in future.

Q: Your comments on future of affordable diamond jewellery in India.

A: This is the first time a large Organised Sector National Corporate Player (Muthoot Pappachan Group Precious Metals Business) that caters to the mass consumer segment has launched BIS hallmarked gold jewellery with very good quality diamonds. This should hopefully change the market scenario in terms of good quality diamond jewellery being made affordable and accessible by all consumers (until now good quality diamond jewellery was limited to catering to high-end consumers and the midincome and low-income consumers had to make do with low quality diamond jewellery which hardly had any buy-back value). Hence, we are very optimistic of the future scenario in this regards.

Q: In future, do you have any plans to set up a retail store?
A: There are no immediate plans to launch exclusive jewellery stores. We will continue to sell via our Group Company branches as distributors for this and many other products. We don’t want to become jewellers since our model is to cater to the basic needs of our customers via innovative, good quality products and services in a transparent and standardised manner.

Q. Tell us about SwarnaVarsham jewellery and its USP.

A: SwarnaVarsham Jewellery is an effort by Muthoot Exim and has associated with Divine Solitaires to offer diamond jewellery. The USP of this jewellery is that it holds Divine Solitaires Pratham diamonds which are high quality diamonds studded in 18K gold and allows customers to purchase affordable yet best quality diamond studded in hallmarked gold presented in tamper
proof packaging - a first of its kind in India and with options of easy installments. Customers can join the scheme by paying 20 per cent down payment and the balance in 3 or 6 monthly installments.

Q. There are other brands that have launched affordable diamond jewellery earliearlier. How do you intend to beat the competition with SwarnaVarsham jewellery?

A: Divine Solitaires has associated with Muthoot Exim to bring diamond jewellery to the masses. Divine Solitaires, the only branded diamond solitaire offering in India has set new standards of innovation, excellence, affordability and accessibility by launching Pratham Diamonds- which promises to be a revolutionary product with

• Guaranteed Hearts & Arrows craftsmanship in each and every diamond,
• A Nationwide standard and transparent pricing,
• Stringent quality check on 123 quality parameters with guarantee certificate
• Buyback Guarantee for the masses, It has these unique propositions that will help us beat the competition.

Q. As far as affordable range of jewellery in concerned, is it possible to combine design and durability both?

A: Creating a new market space requires a different pattern of strategic thinking. Instead of looking within the accepted boundaries, Divine Solitaires through this association with Muthoot Exim has redefined how we compete.

Initially, Muthoot Exim is offering Divine Solitaires Pratham diamond in gold jewellery from 76 outlets in attractive design. Divine Solitaires already has in-house strong manufacturing capabilities with expertise in offering its discerning customers ample variety. Design and durability is ensured with stringent quality parameters beyond industry standard parameters.

Q. What determines the value of a Divine Solitaires’ diamond, cut and colour or clarity?

A: Every Divine Solitaire comes with unmatched features like Hearts & Arrows, Standard & Transparent Price List, Quality  Guarantee Certification having ethical  sourcing and investment value presented in a state of the art packaging. The solitaires are available in a range of colour and clarity with each diamond having unique ID number laser inscribed for easy identification. The standard features like easy buyback and upgrade, free insurance and PYDS Installment scheme with price protection adds immense value to the solitaire diamond.

Q. Your comments on future of affordable diamond jewellery in India.

A: Buying diamonds is now made easier with the introduction of Divine Solitaires Pratham diamonds that symbolises the stepping stone towards better future, be it in career, marriage, business or personal life. In association with Divine Solitaires, Muthoot Exim has disruptively innovated and substantively expanded the diamond jewellery market by making affordability and accessibility to the India masses at standard and transparent pricing.

We see a very high growth and expansion in market demand to meeting the aspirations of the Indian masses in eventual availability through the 3600 plus outlets of Muthoot Exim.

Affordable diamond jewellery will be now an easy alternative to the masses both as an as pirational item to possess and also as an investment asset with unique buyback guarantees being now offered in this range.