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While the going has gotten tough for jewellery manufacturers and retailers, Silver Emporium (SEPL), the Zaveri Bazaar-based silver jewellery and artifact manufacturers, has decided to expand its footprint across the country. SEPL is one of India’s largest importers of virgin silver and exporters of silverwares, artifacts and antique pieces to Dubai, West Asia and European countries.
After opening up its fifth store in Mumbai’s western suburb in June, SEPL is opening another in Chennai on Monday. This is the second of the total four retail stores planned for this year. The company plans to open two stores in Jaipur soon.
SEPL, currently, has four retail stores, one each in Zaveri Bazaar (Mumbai), Bengaluru, Hyderabad and Jaipur. Jewellery retailers are facing tough times due to weak demand from consumers. Leading jewellery producer Gitanjali Gems has deferred its expansion plans for 2015. “Certain type of jewellery is not performing well. This is not a problem only for Gitanjali but for the whole industry,” said Mehul Choksi, managing director of Gitanjali Gems.
Rajesh Exports, another leading jewellery producer and retailer, is currently concentrating on acquiring one global retail chain to step up its overseas sales. “Jewellery demand is mediocre now. But, we are doing comparatively well. So, our retail expansion plan is going as per schedule,” said Rajesh Mehta, managing director, Rajesh Exports.
Undeterred by the ongoing weak sentiment in the jewellery segment, SEPL plans to open company-owned showrooms to strengthen its presence across all major Tier I cities.
“When demand revives, we will be the first to benefit,” said Rahul Mehta, managing director, SEPL
