De Beers set to target middle-class
Being the highest consumer of gold, India is seen
July 08, 2010 | comments ( 0 ) |
Being the highest consumer of gold, India is seen as the potential market for all gold anddiamond brands. With the same aim, De Beers, the world’s leading diamond companyis now taking the to reach the largest consumer base – the Indian middle class audience.At present, this Forevermark branded jewellery is available for 1.5-2 carat diamonds,with high net worth individuals as the target customers. But now, this year end, theRs 3500 crore Indian diamond jewellery market would see the entry of this brandwith ‘Forevermark’ encrypted in 18-21 carat gold at the beginning price of Rs 10, 000-12,000.
This would generate the head-to-head competition with the other players in the marketsuch as Gili, Nakshtra, Tanishq, Agni etc. Tanishq diamond jewellery, for example, isavailable at a price beginning Rs 9,999 and D’damas has fixed its starting price at Rs15,000. The starting price for Gili and Ashmi is Rs 8000 and Rs 15,000 respectively.Nakshatra, catering to premium customers, is more expensive with a starting price of Rs25,000.
De Beers is also getting the distribution act together for a volume-led sales growth. It hasentered into marketing alliances with leading jewellers like Gitanjali Gems, the owner ofbrands like Nakshatra, D’damas, Gili and Ashmi.
While India has shown a growth of 15 to 17 per cent, the number for China is 14 to 15per cent, the retailers are not disturbed by the new entrants, rather they assert that thisnew competition would strengthen the branded jewellery market.
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