High Polished Prices Affecting Jewelry Sales Volumes: Gitanjali Group
February 09, 11
 Polished prices affected the jewelry sales in the wide $330-$11,000 price points range |
“Value-wise, our sales are very good,” Choksi said, “but our volumes could have been much more. The high polished prices have certainly impacted us in this area.” Choksi added that at current prices, global sales of diamond jewelry would also be impacted.
The Gitanjali group owns a range of erstwhile De Beers jewelry brands, which have made strong inroads into the once gold-only Indian market. The group also owns the Samuels and Rogers jewelry retail chains in the U.S.
In India, Choksi said the group had observed consumer resistance in the Rs.15,000-Rs.50,000 ($330-$11,000) price range, adding that because of this, the group was changing its jewelry sales strategy. “We’re redesigning our jewelry to compensate for the high diamond prices,” he said, adding, “we’re using a combination of strategies — lower gold content to offset the price of diamonds in a design and using more colored gemstones among other things.”