CaratLane, a Tanishq partnership, has opened its fifth store in Chennai in the shopping hub of the T Nagar area. With this launch, India's leading omnichannel jeweller now has 25 stores in the southern region and 81 in India.
Gurukeerthi, Co-Founder and CTO, CaratLane, said, “We are planning to launch one more store in Chennai by this year-end or next month. We are planning to have about 90 stores by March 2020.”
CaratLane provides modern lightweight jewellery for working women, who could wear it all the times and on all occasions.
“Since last year, we have grown manifold. We had a 75 per cent growth in Q2 of the current fiscal, as against the Industry trend'. The CaratLane sales in October this year were highest ever in India and the numbers would be revealed in Q3 results,” Gurukeerthi added.
New store launch
Spread over 800 sq ft retail space, the new store will be offering both traditional and fashion gold and diamond jewellery, with comfortable pricing, providing a perfect match for the people. The new hi-street store will offer 600 pieces of jewellery, having designs starting from as low as Rs 5,000.
Gurukeerthi stated, “As an inaugural offer, we are offering a flat 25 per cent off on diamond prices of all diamond designs for a limited period.”
The brand’s new products under Solitaire section offer an unmatched price band.
“The speciality of this store is a virtual try-on mirror, an extremely helpful team of jewellery experts and a very unique spin on the traditional Indian jewellery stores,” he further added.
Jewelry Market in India
Jewelry has been a significant part of India culture from ancient times. Indians' love for precious jewelry can be vouched for the fact that India is the biggest buyer of gold in the world.
In India, the Gems and Jewellery industry is one of the largest in the world, contributing 29% to global jewelry consumption. Gems and Jewellery’s market size in the country contributes to about 7% of India’s GDP and has grown at a CAGR of more than 14.8% over the last 50 years.
A major shift from unorganised to organised sector
Previously, the jewelry market was largely dominated by local jewelers and unorganised players. However, with time, people became skeptical of the quality and purity of the jewelry made by local players. This has made the consumers increasingly shift from the unorganised to the organised sector.
With the rise of the urban population and increased disposable income, there has been an increase in demand for premium products and established brand names.