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Jewelers Eye Akshaya Tritiya to Boost Sales

Indian jewelry retailers offer various scheme and discounts to consumers.
Apr 20, 2012 7:26 AM   By Dilipp S Nag
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RAPAPORT... Indian jewelry retailers are offering various schemes and discounts to consumers in order to boost their sales thanks to the upcoming festival of Akshaya Tritiya, one of the most auspicious days in the Hindu calendar to buy gold, jewelry and to make investments. Akshaya Tritiya falls on April 24 this year.

“Akshaya Tritiya is considered a golden season for jewelers in the country as sales soar and reach their optimum level around this time of year," according to Colin Shah, the managing director of Kama Schachter. “Industry sources state that the sales of gold and diamond jewelry in 2011 surged by up to 40 percent.”

To get the maximum benefit out of this occasion, jewelers have devised various schemes for consumers. Gitanjali Group’s Swarna Mudrika offers free silver coins on purchases of gold coins in varied denominations. Reliance Jewels is offering double gold rate protection on pre-booking of jewelry apart from giving some discounts on gold jewelry and waiving making-charges on diamond jewelry.

"We have announced double gold rate protection, which gives every customer an opportunity to shield their gold rates in this fluctuating market. Other discount offers also extends an opportunity to own exclusive jewelry from Reliance Jewels at better rates,” said Ashok Kaul, the senior vice president of Reliance Jewels.

Kama Schachter, a manufacturer and exporter of diamond jewelry, is promoting ''Eternal Luck with Kama'' where the contestants take their chances by biting the lucky cupcake, and if they are lucky enough they stand a chance to win Kama’s diamond ring while the other contestants have a chance to win surprise gifts and vouchers hidden in the fortune cupcakes.

Industry officials said that retailers are also focusing on increasing  platinum jewelry sales since the metal's price has fallen this year compared with higher prices for gold.

Kama’s Shah, citing industry insiders, stated that the share of platinum jewelry in the overall diamond jewelry has increased significantly over the past one year and is likely to reach about 25 percent to 30 percent of the total diamond jewelry sales in 2012. The surge of urbanization and rapidly growing middle-class in India has taken Indian consumerism to new heights, particularly in the platinum jewelry sector, he explained.

Moreover, the younger generation today prefers platinum jewelry for both every day wear as well as special occasions such as marriages and anniversaries and as a result, jewelry retailers are looking at using this opportunity to promote platinum and diamond jewelry in a big way this festive season, Shah noted.

“Only what is truly eternal and white will bring everlasting prosperity for Akshaya Tritiya. Platinum as a metal symbolizes purity and eternity because of its natural white luster that doesn’t age or tarnish with time and more importantly this metal is an expression of integrity,” said astrologer Vivekanand Sastri.

Senco Gold Jewellers is offering customers precious platinum in the form of jewelry and Mahalaxmi Yantra coins on the occasion of Akshaya Tritiya, according to Suvankar Sen, a director at the company.

"The local jewelry demand has improved after the Indian jewelers ended their three weeks strike," said Rahul Vira, the chief executive of Gili India Ltd. “We expect good business during Akshaya Tritiya.”

Indian jewelers and bullion traders, who were on strike since March 17 to oppose the government’s budget proposal, which imposed excise duty on unbranded jewelry and increase some other taxes, opened their business in the first week of April following favorable assurances from the Finance Minister, Pranab Mukherjee, regarding their demands.

“The consumer had not purchased jewelry for three weeks due to the jewelers strike and so now there is good momentum across all the market now," said Divyesh Shah, group head of retail business at Tribhovandas Bhimji Zaveri (TBZ). “The consumer demand has come up in quite in large scale percentage as compared with last year because wedding season is on and as Akshaya Tritiya is falling on April 24. People have started looking for jewelry to buy on that auspicious day.”

The National Stock Exchange (NSE) stated that it has extended the trading session for gold exchange-traded funds (ETFs) on April 24 by few hours to until 8 p.m. IST and also waived the transaction charges for all trades done in gold ETFs.
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Tags: Akshaya Tritiya, diamond, Dilipp S Nag, etf, Gili, Gitanjali, gold, Gold ETFs, India, jewelers, Jewelry, Kama Schachter, National Stock Exchange, NSE, platinum, Rahul Vira, Rapaport, Reliance Jewels, retail, Senco Gold Jewellers, TBZ, Tribhovandas Bhimji Zaveri
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