The jewellery industry might witness slight difference in the amount of sales, however, sentimental purchase and prominence of gold in Indian weddings, will drive the demand for jewellery in 2020, says Vaibhav Jewellers, a Visakhapatnam-based jewellery brand.
Pinning hopes on steady sales across the Telugu states, Vaibhav Jewellers will launch four new stores at Guntur, Tuni, Vizianagaram, in Andhra Pradesh and Kukatpally in Hyderabad.
According to the retailer, each store would be around 2,500 to 5,000 sft.
"We expect the jewellery market to be stable this year. There might be change in the sales of jewellery, in terms of volumes and value. However, as a brand we have seen peaks and falls in last 25 years. We feel that unexpected gold price adversity can be overcome by buying factors like traditions and the value for gold in Indian weddings, which are deep rooted in our society," G Mallika Manoj, Chairperson and Managing Director, Manoj Vaibhav Gems & Jewellers Private Limited, told The Hans India.
Vaibhav Jewellers, a jewellery brand of Vaibhav Gems and Jewellers Private Limited, in December, received the Best Retailer award in Lifestyle category from The Hans India, as part of The Hans India Retail Ratna Awards-2019.
The brand has total 12 stores spread across 66,000 sft. At present their stores are in Andhra Pradesh (Visakhapatnam, Vizianagaram, Srikakulam and East Godavari districts) and Telangana presence in Hyderabad.
Currently, they have employed more than 1,150 people and the retailer will add 200 people, with the geographical expansion in place.
Going by the ideology, 'a jewellers true identity rests in their design,' Vaibhav Jewellers provides jewellery designs in metals and precious stones such as gold, diamonds, platinum, and silver.
Their signature designs of curated jewellery are handpicked in varying workmanships like antique, temple, ruby- emeralds, pachi, kundan, jadavu, meenakari and precious, semi-precious stone jewellery.
Vaibhav Jewellers recently transformed itself into a click and mortar store with the launch of their e-commerce platform - vaibhavjewellers.com. The brand introduced live shopping experience with 'Video Shopping & Virtual Try-On.' The CMD explains, "Through our online platform, customers can experience real shopping feel, from the comforts of their home.
Initially, our NRI clients had to fly down to the stores present in India, for their jewellery shopping needs. But, now with the infusion of technology, many of our NRI customers are selecting their jewellery design over our online platform." Through clicks and bricks presence, Vaibhav Jewellers has served over one lakh customers including the NRI clients, with the range of jewellery designs available in the occasion and wedding category, alone. Speaking about the trend in preference for jewellery purchase, Mallika Manoj says that there is a change in the rationale behind buying gold. "Over the years, there has been a rise in casual buying, occasion-based purchases, discount or offer-based shopping alongside gifting of gold. Also, we get to see many customers drawn towards customised jewellery. Moreover, now a days, buyers are well-informed about the jewellery industry per se. This helps us to work towards the demand a customer would put forth in different seasons, keeping us prepared in advance to serve them accordingly," she adds.
Vaibhav Gems & Jewellers Private Limited was founded in 1994 by Grandhi Manoj Kumar. The first store was operated from 800 sft space at Visakhapatnam. The store grew into a flagship store of 30,000 sft in 2007.
After the demise of the founder in 2012, Vaibhav Jewellers continued to flourish with G Mallika Manoj at the helm. A philosophy and psychology graduate, Mallika Manoj also known as GBM Ratna Kumari has bagged many recognitions -- Women Entrepreneur award, being one of the several. Their second daughter Keerthana Manoj, a Chartered Accountant, leads the branding, e-commerce and corporate team. Under Corporate Social Responsibility, the organisation has put in effort to reduce carbon footprint through solar power projects, planting 2,000 saplings and usage of environment friendly packaging material.
Courtesy - The Hans India