As the gold prices are tumbling since couple of days, retailers are witnessing a surge in demand and expect up to 50 per cent spike in sales volume in this marriage season.
The total sales volumes of gold for 2012 stood at 2.47 lakhs crore and total quantity of gold sold in the country was 864 tonnes, Vipin Sharma, Director (Jewellery) WGC told PTI. He further added that gold jewellery continued to attract Indian consumers due to its unique features such as for investment purpose and as gift items.
As the market is on a complete turmoil and jewellers are doing good business, here are six Indian jewellers, listed by Nidhi Nath Srinivas & Sutanuka Ghosal, Economic Times, who are ruling the gold trade market not only regionally and nationally, but also internationally.
1. Malabar Gold & Diamonds
Chairman: MP Ahamed
Turnover: 12,000 crore
Key Business Fact: Among top 5 jewellers in the world
USP: Value for money
He had no idea that one day he will be among the top five jewellers in the world. Hailing from a farmer family and starting his carrier ice-making factory, MP Ahamed, Chairman, Malabar Gold has an annual turnover of around 12,000 crore.
At the age of 36, Ahamed was advised to try his hand in the gold trading business. Ahamed, a high school graduate took his chances. “I started with the 50 lakh I had earned from my business and opened the first Malabar Gold & Diamonds showroom at Calicut,” says Ahamed.
Ahmed recalls that when he started the business, there were frequent unfair trades practices, which he made a key point and launched the first 100 percent BIS hallmarked jewellery.
Understandin the importance of a brand image, market savvy Ahamed hired global branding agency Brand Union to develop a unique corporate image to make a mark in the overseas market.Currently Malabar Gold has 82 outlets, 52 in India and 30 in Gulf countries.
2. Rajesh Exports
Chairman: Rajesh Mehta
Turnover: 30,000 crore
Key Business Fact: Integrated player
USP: No making charges
Being a rank holder in the board examinations, Rajesh Mehta, instead of going for higher studies, joined his father’s business in supplying semiprecious and imitation stones to jewellers. The sixteen year old gradually started to develop interest in the business and today his company Rajesh Exports has annual turn over of around 30, 000 crore.
Rajesh started making jewellery in the garage of his Bangalore home by borrowing 1, 200 from his brother and in 1995; Rajesh Exports raised 10 Crore from the capital market through its public issue.
Initially in order to sell their jewellery to the retail customers they cut manufacturing costs below 1 percent and sold jewellery at ‘real rate per gram’. That became the key factor and USP of the company, i.e. no making charges.
Commenting on the future roadmap of the company Mehta said, “Within four years, we plan to have 2,000 showrooms pan-India”.
3. Senco Gold Jewellers
ED: Suvankar Sen
Turnover: 900 crore
Key Business Fact: Largest player in West Bengal
USP: Affordable bridal jewellery
Though he already had a set business to join started by his great grand father Maranchand Sen, the responsibility was huge. Suvankar Sen after completing MBA from IMT Ghaziabad joined the family business which was started seventy five years back and opened its first shop in 1968 in Kolkata’s jewellery heart, Bowbazar. By the time Suvankar joined the business his father Shankar Sen already ran a chain of 30 stores.
“I have added 16 new stores and we have expanded to Odisha, Assam, Jharkhand and Delhi. We now have the largest number of retail outlets in West Bengal,” says Suvankar. Senco Gold is also exporting to U.S., UK, Dubai and Singapore.
With the basic business sense which he got already from his family and the professional knowledge gained through his academics, Suvankar wants to highlight the art and creativity that gold artisans from Bengal.
4. Krishniah Chetty & Sons
Managing Director: C Vinod Hayagriv
Turnover: 600 crore
Key Business Fact: Jeweller to the rich and famous
USP: World-class design
Based in Bangalore, C. Krishniah Chetty & Sons is a 140 years old jewelry company founded by Cotha Krishniah Chetty in 1869. Krishniah Chetty at first started by simply resourcing gems and gold, but from 1880 shifted on to jewelry also. The business moved to bigger place as the jewelry designs found recognition in the Royal families of Mysore, Sandur and Travancore. Krishniah Chetty’s clientele generally included the royal families and the British, who were then very much a part of India’s colonial landscape.
The company was then appointed as the official distributor for Rolex of Switzerland, and imported products from Mappin & Webb, and The Goldsmiths and Silversmiths Company of London.”Rolex made diamond-encrusted dials with the name C Krishniah Chetty & Sons on top. Not many companies in the world can claim that honour,” says C Vinod Hayagriv.
Today Krishniah Chetty & Sons has an annual turnover of 600 crore and is among the top jewellers best know for their world-class design.
5. Tribhovandas Bhimji Zaveri
CMD :S Gopaldas Zaveri
Turnover: 1,385 crore
Key Business Fact: Public listing in May 2012
USP: Strong brand recognition
Tribhovandas Bhimji Zaveri is a renowned Indian jeweller and jewellery retail chain based in India. The company was founded in 1864 by Tribhovandas Bhimji Zaveri in Zaveri Bazaar, the jewellery hub of Mumbai. Later the throne was taken over by his son Gopaldas Tribhovandas Zaveri, and now Shrikant Zaveri, is the present Chairman and Managing Director of the group.
At the age of 19 when Shrikant Gopaldas Zaveri joined the family business he already knew how he wanted to take if forward. I knew the tricks of the trade and the areas where I could add value to the business,” says Zaveri, who took over as CMD in 2000.
The company today, has 16 showrooms in ten cities across six states, including Mumbai, Hyderabad, Kolkata and Rajkot and has an annual turnover of around 1, 385 crore.
6. Bhima Jewellers
CMD: Dr. B Govindan
Turnover: 8, 000 crore
Key Business Fact: Kerala’s highest tax-paying retailer
USP: Certified purity
Bhima Jewellers was found by Late Sri Bhima Bhattar in the year 1925. Bhima Jewellers is an ISO certified Indian jewellery group based at Alappuzha, Kerala, India. The first shop started was a small outlet which now holds chain of more than two dozed showrooms across South India.
The company founder Bhima Bhattar was the first person to introduce the concept of ready made jewellery. The unique selling proposition of the company has always been “sell pure gold” from the very initial days. “This learning has helped me and my brothers to run the business successfully and to be a part of the lives of countless people,” says Dr B Govindan.