IDEX Online & GJF Launch Consumer-Assuring Rupee DRB in India
April 24, 11The GJF and IDEX India executives announced a retail price list for polished prices. GJF immediate past President Vinod Hayagriv (2nd from left), GJF President Bachhraj Bamalwa and past President Ashok Minawalla demonstrate the iPad version of the IDEX Rupee DRB as IDEX Online India MD Yaron Barzilay explains its working. Looking on at left is GJF director Harish Soni. |
GJF Chairman Bachhraj Bamalwa said, "The release of the price benchmark highlights the GJF's commitment to the industry as it will address a long-standing need of jewelers and consumers.” Bamalwa observe that the timing of this release was most appropriate as the industry is currently grappling with rapidly escalating prices. IDEX Online India Managing Director Yaron Barzilay noted that a third-party referencing system like the DRB would bring greater consumer confidence in diamonds.
Even modern, urban Indian consumers, whose jewelry purchases are now driven by fashion and style, are known to seek value in the product. This is what drives the heavy buying of gold and gold jewelry. For this, a reference price is a vital ingredient. A purchase will take place as long as the consumer is clearly aware that the quoted value is in sync with a global referencing system.
To ensure that consumer confidence was maintained and that retailers didn’t spiral downward into a harmful discount war, the GJF initiated a countrywide gold price benchmarking system. The system is voluntary, but has been adopted by over 80 percent of the jewelry retailers who have access to it. Today, twice a day, the GJF sends the latest benchmarked gold price to 50,000 retailers by text message to their mobile phones.
The positive results, with consumers knowing that retailers are charging a fair price, encouraged the GJF to repeat this with polished diamond prices.
Realizing that IDEX Online has already developed a global DRB in US dollars, the GJF naturally sought a collaboration. IDEX Online launched the rupee DRB in its IDEX Magazine — India Retail monthly journal. The magazine goes out to over 5,000 retailers across
The encouraging response spurred IDEX Online to develop an electronic distribution system, launching this week www.DRBindia.com. This website, part of www.IDEXIndiaRetail.com, was formally launched at the press conference in
The website, in conjunction with the accelerated use of tablet computers, has opened an exciting new door for Indian jewelry retailers. At any time in any place in