The jewellery retailers have been experiencing a setback since the financial budget issued in March. After nearly a month long protest/bandh, with Akshaya Tritiya tomorrow, the retailers are all set to capture the eyes of the jewellery loving Indians.
Akshaya Tritiya, the festival of prosperity and good fortune, is a Hindu and Jain holy day. Though it has been considered a festival for doing charity, with time this thinking has been changed into bringing good luck via investments. This festival was started down south but now has become pan-India significance.
This year the festival comes across as a rescue for jewellery retailers to vouch on this opportunity and gain what they have lost in past one month.
Jewellery retailers this year have launched unique promotions to vow their customers. Kama Schachter, one of the Asia’s leading manufacturers and exporters of diamond jewellery, on its first retail interaction with Indian consumers launched an “Eternal Luck with Kama” contest. “We’ve recently launched our own retail store in Mumbai and have planned a unique event for Akshay Tritiya. Customers walking in at the outlet will be offered a cupcake, in which the prizes will be hidden. We’re giving away many attractive prizes on this occasion including a diamond ring, diamond pendants and gold coins. Besides, there’s silver Ganesha pendant, complimentary with each purchase,” says Colin Shah, MD & CEO, Kama Schachter. Moreover, the Kama Schachter’s store will remain open for extended hours to meet the demand of the day.
On the other hand, as an every year ritual, MMTC, the government of India enterprise, has organised an exhibition-cum-sale at Hyatt Regency, New Delhi. Inaugrated by Raima Sen along with Vijaylaxmi Joshi, CMD, MMTC, the 5 day sale is exhibiting design from various states of the country and also present would be Shuddhi Jewels, the MMTC and Gitanjali Group’s retail JV. “The jewellery in India has been considered as a good investment. The appetite of Indian women for jewellery is huge and that is something which, even when the duty structures change, will not be impacted,” says Joshi.
The brands are taking all the pains to lure the customers this Akshaya Tritiya, even to an extent that they are selling gold on a lower price. Reliance Jewels, the jewellery retail arm of Reliance Retail Limited, is offering its customers double gold rate protection on pre booking jewellery. The brand is offering double gold rate protection for the festival. In this offer a customer can do the pre-booking and can buy the jewellery on the auspicious day of Akshay Trithiya at the prevailing rate or the rate on the booking day, whichever is lower. Customers can also avail upto Rs. 150 off on making charges on gold jewellery and up to 100% off on making charges of diamond jewellery. The offer is available from 17th April to 24th April 2012.
E-retailers are also not leaving any stone unturned, Fashionandyou.com, the fashion e-portal, is giving away a chance for consumers to win solid gold coin every hour. The offer is running between 10 am to 12 am from 20th to 24th April, 2012.
Limited opportunity & high expectations
The offers being launched are short lived but retailers are making every sale count. Though the stores launch week long offers, the consumers tend to come in and shop on the day itself. “The popularity of this occasion is such that its day long duration is not a limitation. The stores run offers minimum for a week, customers also screen offers and choose what they are going to eventually buy on the festival. Some customers even go to the extent of pre booking their purchases and take a delivery on the auspicious day. Also in our culture there many such one –day occasions that we celebrate. With such occasions the sales numbers for even that 1 day are considerably high on account of the significance of jewellery purchase for that day,” says Shah.
“We’ve been carrying out activities to create awareness about the store and are expecting a good turnout on account of the Akshay Tritiya promotion at the store. We are positive about at least 100-150 new customers to walk in,” he adds.
“During our last year’s exhibition, which stretched for 8 days, we saw sales of about Rs 35 crore and this year we are hoping to do the same business in these 5 days,” concludes Joshi.