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Jewellery Scenario Reflects Confusion & Gradual Transition
With gold prices fluctuating unpredictably in the recent past people have become hesitant about going in for gold jewellery...
By: Manjari Sabrawal
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Jun 27 2006 12:00AM
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Reference: 2269  

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The latest trends in the jewellery market of Kanpur, UP in June 2006 are divergently interesting. Here is an overview.

Gold Price Confusion Everywhere :

With gold prices fluctuating unpredictably in the recent past people have become hesitant about going in for gold jewellery.

Lal Jasnani, wholesale dealer of gold at Birhana road; the hub of jewellery market in the city, says, "At the moment individual purchases are on a low because of the fluctuating market price of gold. The recent sharp increase in gold price to 10,800 per 10 gms brought down sales by approximately 30 per cent. The decline in price to Rs. 10,000 per 10 gms in May couldn’t bring relief to the jewellers, as, the moment sales picked up there was a sharp increase in price again."

Shalini Shukla, Manager Tanishq, PPN market, puts it aptly. "People have not been able to adjust themselves to the capricious gold market trends".

Great Investment :
Raghvendra Seth, owner of Kashinath Seth Sons at Swarup Nagar reveals, "Business class forming the major chunk, gold has become a good investment option for people investing in shares and stocks. There has been an aggregate 40 per cent growth in gold investment market. Investments are made in the form of one kg gold biscuits, popularly known as bars."

Sisters Cheered :
Sisters are all smiles, when Tanishq is coming up with its latest collection of ‘affordable diamonds’ especially for the festive occasion of Raksha Bandhan.

Shalini Shukla, says "Tanishq is launching a new range of ‘affordable diamonds’. It is being introduced in the first week of July keeping in view the festive occasion of Raksha Bandan. The collection ranges from Rs. 5,000-Rs. 15,000. It is light weight single diamond series in pendants, earrings and finger rings."

Such launches orgnised by Tanish received good response in the past as well. Shalini adds, "We normally come up with our collection of new brands around Diwali, Raksha Bandhan and Karva Chauth. Releasing collections during festive occasions leads to almost 30-40 per cent increase in sales."

Diamond Upswing for Weddings :
Ravleen Singh, Manager DTC, North India informs, "Cities like Kanpur, Allahabad and Lucknow are reporting an increase of 30 per cent annually in diamond market, which is no doubt noteworthy. Last year we received good response in the ‘Diamond Season Exhibition’ we organized in Kanpur and Lucknow. This year also we are launching ‘Gifted Diamond Program’ by the end of July in both these cities. The best part about purchase patterns in Northern India is that, previously during weddings gold oriented purchases were high. But now there is an upswing diamonds purchasing during the wedding season because bulk purchases are made for marriage."

Antique is still Scoring :
"Antique jewellery is in vogue these days," says Vivek Kumar Gupta, owner Lala Purshottam Das Gupta & Sons.

"Alike outfits, old patterns in jewellery market are once again being repeated with a pinch of style. Antique jewellery, both for bridal purpose and for casual wear are available in black, oxidized and copper polish," Gupta adds.

Speaking about the durability of such antique gold ornaments, Vivek says, "The polish is not done locally. It lasts for at least two to three years."

Fusion Rocks :
Monica Singh, a regular Page 3 notable of the city says, "Fusion jewellery is really picking up with the crème-de-la-crème of the city. Today working women need something they can wear to a party as well as to work. The core design concepts are Indian but the style, finish and metals used are Western."

Just For Teens :
Shalini Shukla, says, "Tanishq has an altogether special collection for teenagers called ‘G’ and ‘Day Time Diamonds’. It comprises light weight, affordable daily and office wear jewellery. Pendants, earrings, rings and light weight necklaces are available in the range of Rs. 1,900 to Rs. 10,000."

Celebrity Impact :
Shalini of Tanishq, where small-screen divas like Sweta Tiwari Prerna and Juhi Parmar alias Kumkum were invited to endorse jewellery, says, "Although inviting a celeb to endorse brands does cost around Rs. 5 lakhs per celeb but they go a long way in keeping cash registers ringing."

It’s all in Display :
No wonder, city based jewellers are spending whooping amounts upto Rs. 10 lakhs for window dressing. Window dressing has gone innovative with the use of antique items, fine silk material, crystal showpieces, focus lights and bright paints.

Raghvendra Seth, owner Kashinathseth Jewellers says, "Jewellery is basically a luxury item. We need to lure people to purchase it. For this we even call designers to get window dressing done. It costs somewhere around Rs. 10 lakhs. Although this is a one time investment yet the re-hauling of show window needs to be done every six months which is important."

Vivek Kumar Gupta, Director, Lala Purshottam Das Gupta and Sons, was the only one nominated delegate from UP for Best Window Display Award.

"World Gold Council and DTC jointly organize such competitions at national level on an annual basis. We were the only one nominated from UP for three categories: ‘Best Retailer Promoting DTC products’, ‘Best Retailer for Outdoor Campaign’ and ‘Best Window Dressing of the Year’. We were the first runner-ups for all three categories," says the man proudly while examining a diamond studded bracelet.

Hi-tech ka Zamana :
Vijya Kapoor, Director, Kay’s Jewellers says, "We keep just 916 International Hallmark standard jewellery. Since we do not have any option for hallmarking standard in Kanpur, we have got state-of-the-art Carat meter installed in our showroom. It is quite an investment but the satisfaction we see on a customer’s face is worth it."

She adds, "Nearly 4-5 jewellers in the city also have got this instrument."

Owing to the increased number of cases of robbery, many city based jewellers have installed close circuit cameras in their showrooms.

Cashing in on Religious Beliefs :
However, high the gold prices rose, people in Kanpur didn’t miss a chance to charm Goddess of luck!

Lal Jasnani wholesale gold dealer says, "Akshay Tritiya is basically a festival of south. But since last two years, World Gold Council is promoting this day as a ‘gold buying day’ all over India.

In Kanpur the sales on April 30, 2006 which was observed as Akshay Tritiya increased to five times!"

Diamond Wear for the Male :
With metrosexual males flaunting ear studs, necklaces and rings, there are ample options for the male too in the jewellery market.

Shalini Shukla, says, "Usually men in Kanpur prefer gold and diamond studded bracelets and watches, if talking about jewellery per se. Titan deals in brands like Nebula and Tommy Hilfiger. The range spreads from 15,500 to 60,000."

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deepak Agarwal
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Dear Brother, I am having the show room and big shop at Panch Kula at Chandigarh,Punjab. I am interested to take the dealership of your Tanish jewellaries. Kindly mail me the formalities to be completed. Thanking you,Deepak Agarwal Date: 25.03.2010
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