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| A necklace for Rs 7 crore plus | | Q&A: Nitin Goenka |
| Anoothi Vishal / New Delhi May 09, 2009, 00:32 IST |
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A personalised, luxury store for diamond jewellery, Ceres, launched in Mumbai with a big society turnout. Anoothi Vishal gets behind the dazzle, quizzing owner Nitin Goenka
What was the thought behind Ceres? What distinguishes it from competition?
Ceres is an exclusive luxury brand that caters to a niche high-end clientele base. We create designs for each customer’s dream jewellery.
Is it the right time to launch a luxury brand?
This year, Ceres will be adding two stores in Bangalore and Kolkata. We plan to open in New York, Paris, London and the UAE too. Jewellery retailing is a $12 billion market in India. The branded jewellery segment has increased by 50 per cent each year. Our high-end customers in India are not as affected by the recession as compared to the USA. Since jewellery is a necessity in India, especially during weddings, there is no compromise and, so far, no one is cutting their budgets.
Who is the target audience?
Ceres caters exclusively to a niche clientele. Our unique retail model is invitation based. We invite clients on appointment basis only as we invest quality time to understand their lifestyle and then suggest the appropriate selection from our treasure. Every client is escorted to our in-store lounge, where an environment of luxury has been created to bond with the guest. Our lavish menu offers the finest of imported beverages and hors d'ouvres. The clients are then drawn to our array of rare and precious stones.
What are some of the most exclusive products designed by you?
Each jewel is a work of art which takes months, if not years to complete. The entire procedure is by hand, with each setting made in various defined styles like “Estate” or “Vintage” jewels, “Royals” or “Riviera” collections. One of the most amazing products designed by me is an Art-Deco bracelet in white gold priced at Rs 19 lakh. It is a beautiful vintage design, at the centre of which a radiant cut diamond is set. Then, there are these beautiful, heart-shaped stones in a necklace, from the most fabulous collection of jewels of the world, which is priced at Rs 7.5 crore.
Since the diamond trade is down, is this a good time to buy jewellery?
The Indian market is estimated to grow by more than 10 per cent. It is expected that branded jewellery in India will grow at a much faster rate.
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