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Author Name: Karishma Roy
Contact Email Address: netlinkindia007@
WebSite: http://coproategift
Category: Society, Relationship, , ,
Description: TThis article is related to use of jewellery as novel gifting.
Keywords: Corporate Gifts, Diamond Jewellery,
Word Count: 1473
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Article Content:
Diamond market further flourishes with it's entry in the corporate sector serving itself as an important gifting and promotional tool.
Jewellery has been part of the Indian traditions for centuries. In the past it was treasured as a stone of value and security, but today more than even before the Indian consumer is lining up to buy jewellery that makes a fashion statement or expresses her individuality. Not only the richer class but also the sales were seen to be high in middle class section i.e. we are talking about
approximately 300 million middle class consumers.
The rising purchasing power of the Indian consumer at all levels and the boom in the IT and the BPO industries has pushed up people's desire to spend. India, which has long been the world's largest consumer of gold, has in the last few years seen the overall jewellery market expand beyond expectations, with changing consumer preferences leading a shift away from heavy gold jewellery to lighter, trendier ornaments. India has tremendously increased it's sales of diamond jewellery and taught Indians to value design where they once only looked at the intrinsic value of the jewellery.
Diamond no longer is a rich man's possession, more or less it has turned out to be a fad today to gift diamond studded jewellery. This year itself in the month of February during the Valentine Day one had seen a remarkable upward trend
in sales. The valentine day is no longer restricted to only youngsters but now older couples and families enjoy
the occasion equally. This was very much evident in the jewellery market this year. Gifting has become an exclusive way of expressing your love and speaks just more than words.
The diamond boom in corporate world Recently small, branded diamond Jewellery products are seen exchanged in the corporate gifting industry. Brands are playing a major role in propelling growth in the diamond jewellery industry. Branded products are bolstering consumer confidence with their assurance of quality. Brands cater to vary segments at different price points and new collections of the season are seen with the very coming festival - diwali, giving the customers the power
of choice. Particularly remarkable is the huge boom in the demand for diamond studded jewellery in the corporate
segment. Within overall jewellery sales the diamond segment accounts for around 20 - 25% of the total sales in which it obtains 75% of it's sales from metros. In which around 5-7% of the market sales is seen in corporate gifting. Though constituting in a small manner the corporate market is showing fast growth. It is seento grow approximately 20% more per year.
The products seen to be most saleable as corporate gifts include small heart shaped diamond pendants, spiritual pendants, coloured diamond jewellery, small bud earrings, balis good for casual wear, minakari, kundan and polki work diamond jewellery products etc. Rings are also considered while gifting but they face the problem of size however delicate rings of standard size are also seen to be a part in the corporate gifting product range.
Some of the well known brands ruling diamond market, who have put their foot in corporate gifting are D'damas, Ciemme of C.Mahendra, Adora brand of Concept Jewellery (India) Pvt.Ltd., DTC's Asmi and Nakshatra to name a few. Festivals play an important role in a person's life and diamonds have successfully managed to merge itself as a part of their gifting traditions. The sales for diamo further spike up in the coming diwali festival.This year it's seen that though Department stores, specialty stores
and malls are the major channel partners of all branded diamond jewellery companies, diamond product manufacturers
are also coming out with their own stores and marketing strategies targeting many corporate bulk orders at very exciting competitive low prices, for example C.Mahendra, under it's Ciemme brand are now providing 10Kt. diamond pendants and rings at just Rs.999/- & Rs.1999/-. When asked about the market of diamond jewellery in corporate gifting to Mr. Mahendra, - Director of C. Mahendra and Ciemme Jewels Pvt. Ltd. he was of the opinion that " The market for corporate gifting has become a vast emporium and diamond jewellery is slowly gaining importance in this field too as people are now looking for innovative gifts
with a touch of reliability and value. The market demand for diamond jewellery has definitely improved than last year and the growth seems to be fast moving."
So the market definitely seems to be promising. One has seen that the dominant consumers of diamond jewellery for corporate gifting are the all major pharmaceutical companies and electronic companies. Diamond jewellery products are also used for cross promotions by many travelling agencies, cosmetic manufacturers, clothing industries etc. Even in the banking and service sector this kind of jewellery has worked as an effective promotional tool. Many well known banks present their premium customers with small branded diamond pendants on becoming the proud owner of their gold credit card and such other schemes. Also Adora a renowned company in branded diamond jewellery products had tied up in a particular scheme with HDFC in the 'Dream come true offer' where HDFC gifted diamond jewellery products to all the HDFC's premium customers
who qualified the criteria of shopping with HDFC's credit card to a certain people who went beyond the limit given by HDFC . Branded diamond product serves to be an ideal gift to the valued customer and being branded it also comes with a touch of trust. The customers are known to preserve such gifts forever. Not always as a promotional tool, the diamond jewellery product is also used in the corporate industries as tool for boosting the employee moral like giving a small diamond pendant or a
ring or a pair of small earrings to an employee who have completed twenty-five years of service in the company or for giving away low priced diamond studded gold pendants as gift to all the employees during festivals or when the company completes it's silver or golden jubilee years etc.
Diamond Jewellery Gifting Diamond jewellery as a gift is emerging in the market and not only in the corporate sector but with so many brand ambassadors advertising the brands, it is growing at an individual gifting platform too. The most recent, 'Swaranjali' from Adora, to hit the marquee is the signature collection of noted playback singer Lata Mangeshkar, which is said to open a new spectrum in the premium branded jewellery segment in India. Further the retail scenario which is on an upswing in India is said to be supporting the growth of diamond jewellery. There are exclusive jewellery malls opening up in the cities where some of the best brands in the country are deciding to set up shops. Such malls are guaranteed to bring about a revolution in the highly fragmented jewellery industry where the retailers could provide which consumers deserved and desired. This will redefine jewellery-retailing standards, which will encourage Indian consumers, NRIs and foreign tourists to spend more on jewellery thus boosting the Indian industry.
Women Power Last but not the least the Indian woman's persona too has changed perceptibly, she is young, urban and independent. The percentage of Indian women who preferred to have a diamond set has grown by more than 300 per cent. It is
found by a survey that approximately 15 per cent of Indian women within the upper-economic class own diamond jewellery. Thus the new Indian woman is a reality that no marketer can overlook. Also the diamonds are not just restricted to rings and earring they have now also become a part of a women's other personal accessories, like diamonds are now studded in watches and bracelets, in their hand bags, clips etc.
One needs innovative ideas to attract and retain customers. Apart from the privilege of choice offered to the consumer, the branded diamond jewellery market has to face competition from the local fragmented jewellery market too and one has to keep it's step cautiously. A customer today needs to be pampered and it is very essential to know your consumer, as it becomes easier to respond to their needs. Advertising has increased brand consciousness markedly and most importantly, branded and machine-made diamond jewellery has become increasingly more affordable. Diamond jewellery has consumption grown at a blistering 24% in 2003. India has seen a similar growth pattern in 2004 & 2005 and it will be no different in 2006. The diamond has
also stepped into the marriage market, until recently, which was had veritable strong hold of gold jewellery only. Diamond jewellery market is definitely at it's zenith and has a very promising future ahead as far as
corporate and personal gifting is concerned.
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Author Biography:
The Author compiles and puts together information for interesting reading.
Karishma Roy
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