Diamond,Jewellery,Market,Trend business, insurance Diamond Jewellery Market Trends
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Coming up as one of the most preferred form of jewellery forIndians, Diamond Jewellery market has seen a huge growth recently. It washowever marked some very atypical trends. The June-July period is usually a non-performing period for jewellerymarket in India. Since performance of jewellery markets in India are decidedmuch by other factors like the wedding season and the festive seasons, June-July remain pretty cold as compared tothese seasons. However, unlike expected, there was a good rise in the sale ofDiamond Jewellery instead of a slump. The reason being a drop in the prices ofrough diamonds. The market experienced a fall of around 10% in the prices ofrough diamonds, which in turn converted into some good discounts for customersand hence drove better sales. Mr. Mehul Choksi, Chairman and Managing Director ofGitanjali, worlds largest jewellery brand, stated that the season saw anincrease of 40% in revenues for the group. It was a combination of the drop indiamond prices and the consequent slashing in rates that the group managed totap in profits even in slack season. The Group could offer discounts up to 55%to its customers. This kind of volatility in market was however notexperienced by gold brands. Gold keeping its steady hike in prices hasnt seena major downfall and hence no special incentives for people apart from theregular season induced buying. The diamond jewellery market however had a rough phase whenthe rupee weakened. With the fall in the value of the rupee as against thedollar, diamond import became more expensive, hitting the diamond and diamondjewellery importers. Most big brands are now turning online to sell theirdiamonds. Common reason being the potential of online trade. The online tradingmedium lets them cash on the market volatility. Since an online portal reducesthe physical store cost and also reduces the physical distance from the sourceto the customer, it is easier for sellers to offer instant offers and discounts. In the June-Jul y slump, most of the brandsoffered huge discounts to customers if they made online transactions. Thisallowed the customer the convenience of location and saved costs for theseller.Contribute it to the online arena or the growing taste ofIndians for diamonds, India has recorded a 10-12% increase in polished diamondconsumption. One can expect greater volatility in the days to come. With itsgrowing penchant for diamond jewellery, India is surely going to gain a lot inthe Diamond business.
Diamond,Jewellery,Market,Trend