Branding of Jewellery

Strategies

Branding of Jewellery

• Branding of jewellery plays a very important role in the jewellery market as it assures consumers that the products are of certain quality, durability, and conform to several social, environmental and durability standards.

• Brand promotion is therefore one of the best modes of market penetration. Though in its nascent stage, brandedjewellery in India has been showing encouraging signs, despite tough competition. According to an estimate by the Indian Brand Equity Foundation (IBEF), the market for brandedjewellery is expected to reach US $ 2.2 billion by 2010. Some of the jewellery brands in India are DeBeers, D’damas, Tanishq, Oyzterbay, and Gili.

• While the success of a particular brand may depend on differentiation and affordability, quality will be a key element in sustaining a brand. In addition, branded players require focused advertising and astute salesmanship to compete with traditional jewellers.

Increasing Market Presence of

Platinum Jewellery

• With the gold prices increasing at record levels, consumers have started showing interest in ornaments made from other metals, like platinum and palladium.

• As the demand for platinum jewellery is increasing and especially when the consumer preferences are shifting to platinum jewellery, due to rise in price of gold, Indian jewellers need to diversify their product range and concentrate more in the manufacture of platinum-based jewellery.

• Leading retail jewelers should also add exclusive space for platinumjewellery in their stores. According to industry observers, atpresent, facilities for ore beneficiation and extraction of platinum group metals do not exist in the country.

Change in Product Portfolio

• Indian gems and jewellery industry may also diversify the export product portfolios on the lines of the change in perception of the consumers.

• Significant opportunities may be available to the players in the Indian jewellery industry, if they leverage and...