jewelry industry awaits February 14 fever

This Valentine’s Day, jewelry industry is expecting sales to rise by about 15-40 per cent. According to market analysts, a growing class of people seemingly struck with the cupid’s arrow is vigorously gifting diamonds, light weight gold jewelry and semi-precious stones. Valentine’s Day not so long was popular only among youngsters. However, it’s also drawing those in the age bracket of 30-45.

Earlier the target audience for them was primarily youngsters. But now even with married couples looking to gift their partners on this day, brands like Shree Ganesh Jewellery House are increasingly exploring gifting options for buyers who want something precious, classy albeit affordable.

On their part, Retailers are all keen to woo customers with new jewelry collections in the range of Rs roughly 4,000-Rs 20,000. Many of the known brands are offering discount offers to the tune of 10-20 percent to boost sales. They are coming up with dazzling designs that primarily revolve around the core concept and spirit of Valentine’s Day. Mostly, the designs are light weight. Diamond jewelry seems to be the buzz this year.

There’s a quite a bit of impulse buying that takes place on the eve of Valentine’s Day. Top brands want to make the most of it by offering attractive discounts to attract the class of impulsive buyers. For instance, Tanishq will unveil ‘Mia’, its fresh brand as the perfect face of Valentine celebrations. The company is going to promote the line through social media channels such as Twitter and Facebook – so to reach out to the younger people.

This apart, it expects good demand for its latest fashion fine jewelry collections launched under the brand IVA. “We have just recently launched it. This collection is well timed for the Valentine’s season that starts gathering momentum in the last week of January. It’s simple yet sophisticated and will suit the aspirations of youths,” according to Tanishq’s General Manager (Design, Innovation & Development), Revathi Kant. Its Vice-President (Retail & Marketing), Sandeep Kulhalli, has been quoted as saying, “We expect a good jump in sales.”

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