Gitanjali to Offer Loose Diamonds, Diamond Price Index to Consumers

Gitanjali Gems, a Diamond Trading Company (DTC) Sightholder, announced plans to sell loose diamonds to consumers as an investment. The initiative, EzeeDiamond, will include a diamond price index.

The price index will list round brilliant cut diamonds, 0.01 to 1 carat in VVS, VS and SI clarities, HIJ colors. According to Anuj Rakyan, VP of the jewelry division, Gitanjali will update the price index every two weeks and publish it in the local press and on their website.

The company is increasing its emphasis on the local Indian market as middle class income is rising. While the average income rose an estimated 15 percent over the past few years, the Indian middle class itself is growing too, creating a budding market for retailers.

During a media event on Tuesday, Gitanjali also launched Infinity- the Indian retail sector’s first retail fund to finance and support multi unit franchises to enhance service and consumer experience through joint ventures with multi unit franchises having 3 or more outlets and finance up to 50 percent of their total inventory requirement.

Their retail efforts are targeting four segments: Giantti- a lifestyle boutique of luxury brands; Gitanjali Signature- premium jewelry multi brand outlets; Gitanjali Exclusive- tie ups with local jewelers to enhance the shopping experience; and independent flagship stores of the brands under the name Gitanjali.

The company will also create Tiesa- the Preferred Jeweler of India to bring together and showcase centers of excellence in jewelry retail. It plans to cover 500 outlets in the first year and increase penetration to 2,500 outlets over 3 years. Tiesa will provide services to its members to enhance image, reputation, sales and profit. Other services would include training support, technology assistance, marketing support as well as design and display support.

“Jewelry retail is undergoing a gradual metamorphosis from a store house of value to a fashion accessory where it is clearly seen as a beauty enhancement tool,” said Gitanjali chairman Mehul Choksi. “This need clearly emphasizes a need for an independent body that brings in best practices and assists the jewelry fraternity to adapt themselves with the changing times.”