|*Straddling the two worlds of the contemporary and the conventional with comfort and ease, Pune city’s retail and wholesale jewellery market is riding high, reports {{Roli Gupta}}*| It’s hard to restrict Pune to a single definition – the city is so much like a colourful kaleidoscope with vivid imagery that changes with every twist and turn. Established in the 17th century by the brave Peshwa clan, the city is culturally as rich as it is historically important, and of course well known as a centre for education. %% The National Defence Academy, Fergusson College, Film and Television Institute of India, the Osho Ashram, Yerawada Jail, the towering Dagdu Sheth Halwai Ganapati, Shaniwar Wada and the famous peths in central Pune, all form the backdrop of a vibrant city that is fast emerging as one of the leading IT centres of the country. The software industry in Pune is arguably one of the best in the country and several IT companies have set up shop here. The city is prospering on the wave of the economic boom – this obviously has led to a phenomenal growth in the market in general and the jewellery market in particular. %% A curious combination of the conservative and the cosmopolitan, Pune city’s thriving jewellery market reflects the attitudes of its denizens – a populace that’s gradually recognising jewellery as a must-have that is meant to complete the overall ensemble. %% |*“Pune is an upcoming city...rich in culture and tradition, known for its educational institutions and industries. People here have a high purchasing power and the retail market is flourishing”, says {{Kishor Shah, Director, Chandukaka Saraf and Sons Pvt Ltd.}}*| %% |*“The booming economy in Pune has pushed up the standard of living in Pune quite a bit. Since it is the IT hub, people have a high disposable income,” agrees {{Sarang Lagu, Director, Lagu Bandhu Brothers.}}*|%

|*“The jewellery business here is always booming thanks to the service class, especially the Maharashtrians – they are regular customers,” says {{Vastupal Ranka, Partner, Ranka Jewellers}} reiterates.*|%% “For the traditional Maharashtrian, buying at least a gram of jewellery on every auspicious occasion is a tradition.” People not only queue up to buy jewellery on such occasions, they also buy gold bars, coins he informs us. “Their strong, positive sentiment for yellow gold combined with its traditional value and their age-old trust in gold as an excellent investment option makes Pune a good place for the jewellery business,” Ranka adds.%% Pune is clearly more of a retail and wholesale centre rather than a manufacturing major. Traditionally, the retail market was mostly confined to Laxmi Road and Raviwar Peth. It has now expanded and spread to other areas like Karve Road, Hadapsar, MG Road and PCMC. The Sonya Maruti Chowk and Phadke Haud Chowk are known for their wholesale markets.

“Jewellery manufacturing in Pune is still limited to handmade jewellery done by small-scale units and there aren’t too many professionally managed jewellery manufacturing units here,” says Lagu. “The retail market has always been good and over the last 10-15 years has picked up really well. Buying jewellery here is a great value for money proposition – prices are three per cent to four per cent lower than in Mumbai. Also fine quality diamonds are priced lower.” %% Explaining the limited growth of Pune as a manufacturing centre, Ranka says, “Octroi especially is a major hurdle in developing the jewellery industry in Pune.” However he feels that the jewellery wholesale trade in Pune is pretty strong. “Pune happens to be a hub of the jewellery business for districts and villages in and around Pune,” he elucidates. “Around 300 wholesalers cater to such requirements and there are almost 1500 retail jewellers in the city.” %% Saurabh Gadgil, Partner, PN Gadgil and Co, however feels that whatever the city does manufacture is special. “In fact, the handmade jewellery manufactured in Pune is quite unique. Traditional Maharashtrian jewellery known for the graceful thushi, mohanmal, bhudgi and saaz that were integral to the Peshwa rule are quite popular too,” he says. %% Jewellery artisans in the predominantly handmade jewellery manufacturing units come from all corners of the country and are specialists in their own right. “We have Maharashtrians, Gujaratis and Bengalis artisans in Pune. Each has his own speciality – There are certain ornaments made only by Maharashtrians or artisans from Karnataka – for instance the nimboli mala, the gol mani mala and the patta bajuband. Our Calcutta artisans are renowned for the intricate designs, and the Gujaratis work mainly on the embossed items,” says Shah.

The market in Pune is doing well, and the teeming retail stores and crowded wholesale markets bear testimony to the Puneite’s love for jewellery. But the Puneite is quite a tough cookie too – well aware of what she wants and extremely price conscious. Describing the customer’s mindset, Lagu says “Traditional designs in gold rule the market here. The increase in the number of young buyers has led to a demand for fusion designs – however modern designs are still not doing too well.” He adds, “The market for designer jewellery is nascent, though we expect it will pick up soon. In fact, branded jewellery is not very popular here – mainly because the consumer does not want to pay more just to get a brand name. The Pune customer is very price conscious, will visit the store several times, and make detailed enquiries before she will finally make her purchase. Trust in the family jeweller still runs high.” %% “The consumers are from all economic sections of society hence jewellery of all kinds is doing well,” opines Shah. “Value for money is the key word here - the consumer is very conscious of the price.” %% “The customers of Pune prefer yellow gold jewellery in 22/23 carat with hallmark and that which is fairly priced. Traditional Maharashtrian Jewellery is most popular in Pune. With the changing fashions however we are seeing a significant inclination towards diamond and platinum jewellery”, explains Ranka.

According to Gadgil, “The customers usually prefer traditional jewellery...however there is a gradual shift towards contemporary designs as well. The consumers are extremely sensitive to durability, %%exchange value and making charges. Coming from all segments of society, our clients purchase all kinds of jewellery. The festive season – Diwali and the Ganpati festival usually sees a lot of sales of high end jewellery.” %% The Pune retailer is interestingly unruffled by the rising prices of gold, diamonds and silver - they are definitely not losing any sleep and the legendary afternoon siesta remains pretty much undisturbed. “Despite the price rise, the demand is still good. We have not really witnessed any change in the buying pattern,” says Shah. %% “The increasing prices of gold, diamonds and silver had affected the sales for a while but with the changing face of the industry in Pune it has picked up again. The industries require silver as their raw material... while the IT sector and other big companies have increased the demand for corporate gifts – the business is doing wonders”, agrees Ranka. %% “The sale of jewellery is booming because people now feel jewellery is more of a necessity rather than a luxury – it is an integral part of their lifestyle.” says Lagu enthusiastically, reflecting the mood in the market. %%

As Saurabh sums up, “We have managed to retain our clients despite the price rise -- people are willing to buy even with the increase in prices.” %% Obviously then, unbridled optimism is in the air in Pune – retailers are expecting good growth over the next few years and even anticipating that the city will soon turn into a major jewellery centre in the country. Gadgil says, “We are confident about the growth, but proper development of the jewellery industry here will take place only if the octroi issue is resolved.” %% “Right now, all factors like liquidity, crop, rains, and the global economy seem to be conducive for growth in the jewellery market in Pune, says Shah. %%Lagu predicts a positive future saying, “We are expecting a good 20 per cent to 25 cent growth in the next 5 years for the city.” %% Ranka looks at the Pune market as a strong contender for top position in India. “Currently, the south Indian market covers around 40 per cent of the jewellery business in India,” he says. “I believe the Pune market will soon be standing next to the southern market – it will grow three times at least in the next few years.”

{{Kishor Shah: The consumers are from all economic sections of society hence jewellery of all kinds is doing well. Value for money is the key word here - the consumer is very conscious of the price.}}

{{Sarang Lagu: The sale of jewellery is booming because people now feel jewellery is more of a necessity rather than a luxury – it is an integral part of their lifestyle.}}

{{Saurabh Gadgil: We are confident about the growth, but proper development of the jewellery industry here will take place only if the octroi issue is resolved.}}

{{Vastupal Ranka: Strong, positive sentiments for yellow gold combined with its traditional value and the age-old trust in gold as an excellent investment option make Pune a good place for the jewellery business.}}

|*Straddling the two worlds of the contemporary and the conventional with comfort and ease, Pune city’s retail and wholesale jewellery market is riding high, reports {{Roli Gupta}}*| It’s hard to restrict Pune to a single definition – the city is so much like a colourful kaleidoscope with vivid imagery that changes with every twist and turn. Established in the 17th century by the brave Peshwa clan, the city is culturally as rich as it is historically important, and of course well known as a centre for education. %% The National Defence Academy, Fergusson College, Film and Television Institute of India, the Osho Ashram, Yerawada Jail, the towering Dagdu Sheth Halwai Ganapati, Shaniwar Wada and the famous peths in central Pune, all form the backdrop of a vibrant city that is fast emerging as one of the leading IT centres of the country. The software industry in Pune is arguably one of the best in the country and several IT companies have set up shop here. The city is prospering on the wave of the economic boom – this obviously has led to a phenomenal growth in the market in general and the jewellery market in particular. %% A curious combination of the conservative and the cosmopolitan, Pune city’s thriving jewellery market reflects the attitudes of its denizens – a populace that’s gradually recognising jewellery as a must-have that is meant to complete the overall ensemble. %% |*“Pune is an upcoming city...rich in culture and tradition, known for its educational institutions and industries. People here have a high purchasing power and the retail market is flourishing”, says {{Kishor Shah, Director, Chandukaka Saraf and Sons Pvt Ltd.}}*| %% |*“The booming economy in Pune has pushed up the standard of living in Pune quite a bit. Since it is the IT hub, people have a high disposable income,” agrees {{Sarang Lagu, Director, Lagu Bandhu Brothers.}}*|%

|*“The jewellery business here is always booming thanks to the service class, especially the Maharashtrians – they are regular customers,” says {{Vastupal Ranka, Partner, Ranka Jewellers}} reiterates.*|%% “For the traditional Maharashtrian, buying at least a gram of jewellery on every auspicious occasion is a tradition.” People not only queue up to buy jewellery on such occasions, they also buy gold bars, coins he informs us. “Their strong, positive sentiment for yellow gold combined with its traditional value and their age-old trust in gold as an excellent investment option makes Pune a good place for the jewellery business,” Ranka adds.%% Pune is clearly more of a retail and wholesale centre rather than a manufacturing major. Traditionally, the retail market was mostly confined to Laxmi Road and Raviwar Peth. It has now expanded and spread to other areas like Karve Road, Hadapsar, MG Road and PCMC. The Sonya Maruti Chowk and Phadke Haud Chowk are known for their wholesale markets.

“Jewellery manufacturing in Pune is still limited to handmade jewellery done by small-scale units and there aren’t too many professionally managed jewellery manufacturing units here,” says Lagu. “The retail market has always been good and over the last 10-15 years has picked up really well. Buying jewellery here is a great value for money proposition – prices are three per cent to four per cent lower than in Mumbai. Also fine quality diamonds are priced lower.” %% Explaining the limited growth of Pune as a manufacturing centre, Ranka says, “Octroi especially is a major hurdle in developing the jewellery industry in Pune.” However he feels that the jewellery wholesale trade in Pune is pretty strong. “Pune happens to be a hub of the jewellery business for districts and villages in and around Pune,” he elucidates. “Around 300 wholesalers cater to such requirements and there are almost 1500 retail jewellers in the city.” %% Saurabh Gadgil, Partner, PN Gadgil and Co, however feels that whatever the city does manufacture is special. “In fact, the handmade jewellery manufactured in Pune is quite unique. Traditional Maharashtrian jewellery known for the graceful thushi, mohanmal, bhudgi and saaz that were integral to the Peshwa rule are quite popular too,” he says. %% Jewellery artisans in the predominantly handmade jewellery manufacturing units come from all corners of the country and are specialists in their own right. “We have Maharashtrians, Gujaratis and Bengalis artisans in Pune. Each has his own speciality – There are certain ornaments made only by Maharashtrians or artisans from Karnataka – for instance the nimboli mala, the gol mani mala and the patta bajuband. Our Calcutta artisans are renowned for the intricate designs, and the Gujaratis work mainly on the embossed items,” says Shah.

The market in Pune is doing well, and the teeming retail stores and crowded wholesale markets bear testimony to the Puneite’s love for jewellery. But the Puneite is quite a tough cookie too – well aware of what she wants and extremely price conscious. Describing the customer’s mindset, Lagu says “Traditional designs in gold rule the market here. The increase in the number of young buyers has led to a demand for fusion designs – however modern designs are still not doing too well.” He adds, “The market for designer jewellery is nascent, though we expect it will pick up soon. In fact, branded jewellery is not very popular here – mainly because the consumer does not want to pay more just to get a brand name. The Pune customer is very price conscious, will visit the store several times, and make detailed enquiries before she will finally make her purchase. Trust in the family jeweller still runs high.” %% “The consumers are from all economic sections of society hence jewellery of all kinds is doing well,” opines Shah. “Value for money is the key word here - the consumer is very conscious of the price.” %% “The customers of Pune prefer yellow gold jewellery in 22/23 carat with hallmark and that which is fairly priced. Traditional Maharashtrian Jewellery is most popular in Pune. With the changing fashions however we are seeing a significant inclination towards diamond and platinum jewellery”, explains Ranka.

According to Gadgil, “The customers usually prefer traditional jewellery...however there is a gradual shift towards contemporary designs as well. The consumers are extremely sensitive to durability, %%exchange value and making charges. Coming from all segments of society, our clients purchase all kinds of jewellery. The festive season – Diwali and the Ganpati festival usually sees a lot of sales of high end jewellery.” %% The Pune retailer is interestingly unruffled by the rising prices of gold, diamonds and silver - they are definitely not losing any sleep and the legendary afternoon siesta remains pretty much undisturbed. “Despite the price rise, the demand is still good. We have not really witnessed any change in the buying pattern,” says Shah. %% “The increasing prices of gold, diamonds and silver had affected the sales for a while but with the changing face of the industry in Pune it has picked up again. The industries require silver as their raw material... while the IT sector and other big companies have increased the demand for corporate gifts – the business is doing wonders”, agrees Ranka. %% “The sale of jewellery is booming because people now feel jewellery is more of a necessity rather than a luxury – it is an integral part of their lifestyle.” says Lagu enthusiastically, reflecting the mood in the market. %%

As Saurabh sums up, “We have managed to retain our clients despite the price rise -- people are willing to buy even with the increase in prices.” %% Obviously then, unbridled optimism is in the air in Pune – retailers are expecting good growth over the next few years and even anticipating that the city will soon turn into a major jewellery centre in the country. Gadgil says, “We are confident about the growth, but proper development of the jewellery industry here will take place only if the octroi issue is resolved.” %% “Right now, all factors like liquidity, crop, rains, and the global economy seem to be conducive for growth in the jewellery market in Pune, says Shah. %%Lagu predicts a positive future saying, “We are expecting a good 20 per cent to 25 cent growth in the next 5 years for the city.” %% Ranka looks at the Pune market as a strong contender for top position in India. “Currently, the south Indian market covers around 40 per cent of the jewellery business in India,” he says. “I believe the Pune market will soon be standing next to the southern market – it will grow three times at least in the next few years.”

{{Kishor Shah: The consumers are from all economic sections of society hence jewellery of all kinds is doing well. Value for money is the key word here - the consumer is very conscious of the price.}}

{{Sarang Lagu: The sale of jewellery is booming because people now feel jewellery is more of a necessity rather than a luxury – it is an integral part of their lifestyle.}}

{{Saurabh Gadgil: We are confident about the growth, but proper development of the jewellery industry here will take place only if the octroi issue is resolved.}}

{{Vastupal Ranka: Strong, positive sentiments for yellow gold combined with its traditional value and the age-old trust in gold as an excellent investment option make Pune a good place for the jewellery business.}}

|*Straddling the two worlds of the contemporary and the conventional with comfort and ease, Pune city’s retail and wholesale jewellery market is riding high, reports {{Roli Gupta}}*| It’s hard to restrict Pune to a single definition – the city is so much like a colourful kaleidoscope with vivid imagery that changes with every twist and turn. Established in the 17th century by the brave Peshwa clan, the city is culturally as rich as it is historically important, and of course well known as a centre for education. %% The National Defence Academy, Fergusson College, Film and Television Institute of India, the Osho Ashram, Yerawada Jail, the towering Dagdu Sheth Halwai Ganapati, Shaniwar Wada and the famous peths in central Pune, all form the backdrop of a vibrant city that is fast emerging as one of the leading IT centres of the country. The software industry in Pune is arguably one of the best in the country and several IT companies have set up shop here. The city is prospering on the wave of the economic boom – this obviously has led to a phenomenal growth in the market in general and the jewellery market in particular. %% A curious combination of the conservative and the cosmopolitan, Pune city’s thriving jewellery market reflects the attitudes of its denizens – a populace that’s gradually recognising jewellery as a must-have that is meant to complete the overall ensemble. %% |*“Pune is an upcoming city...rich in culture and tradition, known for its educational institutions and industries. People here have a high purchasing power and the retail market is flourishing”, says {{Kishor Shah, Director, Chandukaka Saraf and Sons Pvt Ltd.}}*| %% |*“The booming economy in Pune has pushed up the standard of living in Pune quite a bit. Since it is the IT hub, people have a high disposable income,” agrees {{Sarang Lagu, Director, Lagu Bandhu Brothers.}}*|%

|*“The jewellery business here is always booming thanks to the service class, especially the Maharashtrians – they are regular customers,” says {{Vastupal Ranka, Partner, Ranka Jewellers}} reiterates.*|%% “For the traditional Maharashtrian, buying at least a gram of jewellery on every auspicious occasion is a tradition.” People not only queue up to buy jewellery on such occasions, they also buy gold bars, coins he informs us. “Their strong, positive sentiment for yellow gold combined with its traditional value and their age-old trust in gold as an excellent investment option makes Pune a good place for the jewellery business,” Ranka adds.%% Pune is clearly more of a retail and wholesale centre rather than a manufacturing major. Traditionally, the retail market was mostly confined to Laxmi Road and Raviwar Peth. It has now expanded and spread to other areas like Karve Road, Hadapsar, MG Road and PCMC. The Sonya Maruti Chowk and Phadke Haud Chowk are known for their wholesale markets.

“Jewellery manufacturing in Pune is still limited to handmade jewellery done by small-scale units and there aren’t too many professionally managed jewellery manufacturing units here,” says Lagu. “The retail market has always been good and over the last 10-15 years has picked up really well. Buying jewellery here is a great value for money proposition – prices are three per cent to four per cent lower than in Mumbai. Also fine quality diamonds are priced lower.” %% Explaining the limited growth of Pune as a manufacturing centre, Ranka says, “Octroi especially is a major hurdle in developing the jewellery industry in Pune.” However he feels that the jewellery wholesale trade in Pune is pretty strong. “Pune happens to be a hub of the jewellery business for districts and villages in and around Pune,” he elucidates. “Around 300 wholesalers cater to such requirements and there are almost 1500 retail jewellers in the city.” %% Saurabh Gadgil, Partner, PN Gadgil and Co, however feels that whatever the city does manufacture is special. “In fact, the handmade jewellery manufactured in Pune is quite unique. Traditional Maharashtrian jewellery known for the graceful thushi, mohanmal, bhudgi and saaz that were integral to the Peshwa rule are quite popular too,” he says. %% Jewellery artisans in the predominantly handmade jewellery manufacturing units come from all corners of the country and are specialists in their own right. “We have Maharashtrians, Gujaratis and Bengalis artisans in Pune. Each has his own speciality – There are certain ornaments made only by Maharashtrians or artisans from Karnataka – for instance the nimboli mala, the gol mani mala and the patta bajuband. Our Calcutta artisans are renowned for the intricate designs, and the Gujaratis work mainly on the embossed items,” says Shah.

The market in Pune is doing well, and the teeming retail stores and crowded wholesale markets bear testimony to the Puneite’s love for jewellery. But the Puneite is quite a tough cookie too – well aware of what she wants and extremely price conscious. Describing the customer’s mindset, Lagu says “Traditional designs in gold rule the market here. The increase in the number of young buyers has led to a demand for fusion designs – however modern designs are still not doing too well.” He adds, “The market for designer jewellery is nascent, though we expect it will pick up soon. In fact, branded jewellery is not very popular here – mainly because the consumer does not want to pay more just to get a brand name. The Pune customer is very price conscious, will visit the store several times, and make detailed enquiries before she will finally make her purchase. Trust in the family jeweller still runs high.” %% “The consumers are from all economic sections of society hence jewellery of all kinds is doing well,” opines Shah. “Value for money is the key word here - the consumer is very conscious of the price.” %% “The customers of Pune prefer yellow gold jewellery in 22/23 carat with hallmark and that which is fairly priced. Traditional Maharashtrian Jewellery is most popular in Pune. With the changing fashions however we are seeing a significant inclination towards diamond and platinum jewellery”, explains Ranka.

According to Gadgil, “The customers usually prefer traditional jewellery...however there is a gradual shift towards contemporary designs as well. The consumers are extremely sensitive to durability, %%exchange value and making charges. Coming from all segments of society, our clients purchase all kinds of jewellery. The festive season – Diwali and the Ganpati festival usually sees a lot of sales of high end jewellery.” %% The Pune retailer is interestingly unruffled by the rising prices of gold, diamonds and silver - they are definitely not losing any sleep and the legendary afternoon siesta remains pretty much undisturbed. “Despite the price rise, the demand is still good. We have not really witnessed any change in the buying pattern,” says Shah. %% “The increasing prices of gold, diamonds and silver had affected the sales for a while but with the changing face of the industry in Pune it has picked up again. The industries require silver as their raw material... while the IT sector and other big companies have increased the demand for corporate gifts – the business is doing wonders”, agrees Ranka. %% “The sale of jewellery is booming because people now feel jewellery is more of a necessity rather than a luxury – it is an integral part of their lifestyle.” says Lagu enthusiastically, reflecting the mood in the market. %%

As Saurabh sums up, “We have managed to retain our clients despite the price rise -- people are willing to buy even with the increase in prices.” %% Obviously then, unbridled optimism is in the air in Pune – retailers are expecting good growth over the next few years and even anticipating that the city will soon turn into a major jewellery centre in the country. Gadgil says, “We are confident about the growth, but proper development of the jewellery industry here will take place only if the octroi issue is resolved.” %% “Right now, all factors like liquidity, crop, rains, and the global economy seem to be conducive for growth in the jewellery market in Pune, says Shah. %%Lagu predicts a positive future saying, “We are expecting a good 20 per cent to 25 cent growth in the next 5 years for the city.” %% Ranka looks at the Pune market as a strong contender for top position in India. “Currently, the south Indian market covers around 40 per cent of the jewellery business in India,” he says. “I believe the Pune market will soon be standing next to the southern market – it will grow three times at least in the next few years.”

{{Kishor Shah: The consumers are from all economic sections of society hence jewellery of all kinds is doing well. Value for money is the key word here - the consumer is very conscious of the price.}}

{{Sarang Lagu: The sale of jewellery is booming because people now feel jewellery is more of a necessity rather than a luxury – it is an integral part of their lifestyle.}}

{{Saurabh Gadgil: We are confident about the growth, but proper development of the jewellery industry here will take place only if the octroi issue is resolved.}}

{{Vastupal Ranka: Strong, positive sentiments for yellow gold combined with its traditional value and the age-old trust in gold as an excellent investment option make Pune a good place for the jewellery business.}}