The Gem and Jewellery Export Promotion Council (GJEPC) will soon show-case its recently launched Anant diamond jewellery with the `Made-in-India' tag in West Asia. The move follows encouraging response for Anant in the domestic market.
Mr Sanjay Kothari, convenor of promotion, marketing and business development at GJEPC, said, "We wanted to introduce Anant in Dubai by April, but it has been delayed due to the recent financial crisis in Dubai. It would now be launched in July."
The Council has already spent Rs 9 crore on various promotional activities including advertisements and refurbishing retailers' outlets to highlight the brand.
Actor Sonam Kapoor has also been roped in as a brand ambassador, said Mr Kothari. Retailers stand to gain as the Council will take care of promotional expenses.
RS 11-CR CORPUS
GJEPC formed a corpus of Rs 11 crore, with retailers chipping in with Rs four lakh each, and manufacturers Rs 10 lakh each while the Council itself set aside Rs 2 crore for the promotional activities.
The Council in September had taken upon itself to promote diamond jewellery after De Beers cut its promotional activities in the country, said Mr Kothari.
GJEPC created a new brand Anant Diamond Jewellery by bringing together top 100 retail jewellers including GRT, Khazana Jewellers, Joy Alukkas, Reliance, Tanishq, Orra, TBZ, Rio Tinto, Anmol Jewellers and Carbon.
With the gold prices rising, many people are now considering the single line Anant Diamond jewellery to offer as gift, said a Mumbai-based jeweller.
DIAMOND SHORTAGE
Rough diamond prices have risen sharply in the past few months after most miners such as De Beers, BHP Billiton, Rio Tinto and Alrosa cut their production following the economic downturn and financial constraints. De Beers recently revealed that it has reduced its first quarter production by almost 90 per cent in 2009.
The De Beers Diamond Trading Company (DTC) has raised the prices of rough diamonds by about five and 10 per cent since March this year, said a Mumbai-based jeweller. Most of the DTC's Indian sightholders were the worst-affected as prices of smaller roughs being supplied to the Indian market were raised between 3 and 7 per cent. Surat, the hub for diamond processing, imports about Rs 30,000 crore worth of roughs per annum, with De Beers supplying about 60 per cent.
Source : Business Line