According to Ramesh Soni, Proprietor of AV Gems, a Jaipur-based gold jewellery retailer, “With gold prices stabilising at the beginning of this festive season, retail sales and bookings have also shot up. If this trend continues throughout the season, profit margins of small players in the segment will be augmented enormously.”
Jewellers across the country have recorded increased footfalls in the last few weeks. Significantly, a growing number of jewellery buyers are looking to exchange their old jewellery and have started queuing up at jewellery shops before the commencement of the wedding season.
Jewellers on a marketing spree
Meanwhile, jewellery makers and retailers, in an attempt to cash in on the soaring demand, have initiated several marketing and advertising campaigns. “Owing to the poor margins reported in the first quarter of this year, jewellery makers were forced to curb additional expenditures. However, with the festive season reviving the industry, jewellery retailers are spending considerably on their marketing efforts,” comments Nikhilesh Ghosh, Proprietor of Rajlakshmi Shilpalaya, a jewellery retailer in Kolkata.
Apart from sprucing up their advertising efforts, jewellery makers are wooing their customers by offering special discounts on bulk purchases.
