Organised retail jewellery sector growing by 40%

The country’s organised retail jewellery sector is growing by 30-40 per cent annually, thanks to the rising brand consciousness among the masses. However, it still accounts for a measly three per cent of the consolidated jewellery retail space, which is estimated at Rs 70,000 crore.

“Although, the organised pie is quite small, it is growing rapidly. In the next five years, it is likely to account for 10 per cent of the total market,” Vijay Jain, CEO and director of leading jewellery retailer Orra, told Business Standard here.

High prices of precious metals, including gold, had not dampened the buying pattern of domestic consumers, he said.

“In fact, due to the high prices, the investment demand has shot up. Fund managers also suggest investors to invest 5-10 per cent of their portfolios in gold assets. Besides, people buy for weddings and other customs,” he added.

Primarily a diamond jewellery retailer, Orra entered the gold jewellery space to cater to the rising domestic demand.

Jain was in town to flag off the company’s anniversary sale. The company is offering up to 25 per cent discount. It also vends Bureau of Indian Standards (BIS)-hallmarked gold/silver coins and bars.

The company showcased its Million Euro Diamond Bustier, which has been crafted by its international design centre with 500 carats of diamonds.

Headquartered in Antwerp, Belgium Orra is part of the world’s largest diamond manufacturing company, with presence across 15 countries.

After entering the Indian market in 2004, it has opened 30 exclusive high street boutiques in 21 cities. It is planning to open another outlet in Lucknow.