Known diamond jewelry brands in India have come
up with an exclusive range with a price point at under a thousand rupees to woo young consumers. From traditional jewelers such as 140-year-old C Krishniah Chetty & Sons to organised retailers such as Tanishq and Gitanjali, all are targeting the upcoming class of patrons by offering them diamonds for as little as Rs 499.
Realising the potential in catering to this crowd that is not too keen on wearing traditional gold, the Tata Group-owned jewellery chain Tanishq has rolled out FQ diamond for teens. Gitanjali Group launched Amore-branded rings starting at Rs 2,500 at a college festival in Mumbai last month. De Beers, the world’s largest diamond group, has forecast India, China and the Middle-East as important as the US, the world’s largest diamond jewellery market, in three years. Jewellery demand in India grew 13 per cent to Rs 1.34 lakh crores in 2011, the World Gold Council said in a report last month.
While Gitanjali, the world’s largest branded jewellery retailer is looking forward to add 7-8 per cent to its revenues in two years by targeting the youth segment. It also plans to extend its Gili and Asmi range to this age bracket. Though these companies’ attempt to create new markets for diamonds involve high margins (nearly double compared with gold at 20-22 per cent), they are using innovations like diamonds set in silver as against gold to reduce costs. Gitanjali, for instance, sells stones set on bands of stylised eva polymer in colors such as pink, red, violet and green.
Bangalore-based C Krishniah Chetty & Sons launched its Denim and Diamonds collection last year in geometric designs. The collection, which also uses steel as a base to set the stones, starts at Rs 3,500. Apart from coming up with exclusive product range, these jewellers are also utilising different sales channels to make these products distinct from their more traditional high-end products.