“Promotions flood consumers, causing chaos and doubts about jewellery quality”

Jayantilal Challani, Managing Director, Challani Jewellers

There is a significant transformation in the industry, driven by many offers flooding the market. While these offers may initially seem appealing, they have inadvertently led to confusion among consumers and a subsequent decline in profits for jewellers across the board.

Jewellers are now competing on the promotion front, often at the expense of their bottom line. This relentless race for consumer attention through offers has created a chaotic environment, where temporary incentives overshadow the quality and value of jewellery. The deluge of promotional offers leads consumers into a state of chaos, leaving them uncertain about the quality of the jewellery they buy, paving the way for a further decline in sales.

In today’s dynamic jewellery market, traditional brand loyalty has given way to a more discerning consumer base that not only seeks exciting offers and freebies, but challenges retail jewellers to stay ahead by prioritizing quality, workmanship, unique designs and excellent post-purchase services. Consumer knowledge now surpasses that of store employees, emphasizing the need for jewellers to adapt to changing trends and consumer behaviour for sustained success in the industry.

At Challani Jewellers, we stand firm against the trend of promotions and discounts, opting instead to distinguish ourselves through brand integrity, unique designs, personalized service and our loyal customer base. Our clients are discerning individuals who prioritize quality over quantity, seeking jewellery as distinctive as their own identity. They belong to the upper-income group, steering clear of mainstream trends and are drawn to our newest, exclusive creations.

We opted out of the yellow gold market to provide unique designer jewellery crafted to suit the preferences of our diverse clientele. Our focus is not merely on selling jewellery; rather, we position ourselves as providers of an experience characterized by exquisite designs, hospitality, and brand image, leading customers to trust our brand.

Contrary to common belief, our decision not to offer promotions does not result in a loss of sales or profits. While other jewellers may resort to aggressive marketing tactics and promotional blitzes, we rely on the power of word-of-mouth and the endorsement of our satisfied customers. Our clientele, spanning local connoisseurs to international patrons, serves as our most potent brand ambassadors, spreading the word about our exceptional offerings far and wide, making our brand image and unique designs stand out in the market.

“While the prevailing trend may dictate a race to the bottom in pricing and promotions, we remain steadfast in our commitment to preserving the integrity of our craft and the value of our offerings”

Jayantilal Challani, Managing Director, Challani Jewellers

We do unique advertisement campaigns instead of discounted promotions. We opt for intimate events such as diamond mela, temple jewellery mela, or polki mela as our monthly in-store melas. These events showcase our latest collections and also engage the customers to connect with the brand. These melas do not offer any discounted prices, but our customers get to see a range of variety here. This creates intrigue in our customers about the new designs and also helps them get a variety of designs from one place instead of going to other stores. These melas are a huge hit for us and every year we see a 20% increase in footfalls for these events.

While the prevailing trend may dictate a race to the bottom in pricing and promotions, we remain steadfast in our commitment to preserving the integrity of our craft and the value of our offerings. The challenges posed by the proliferation of offers in the jewellery industry necessitate re-evaluating priorities and reaffirming values. Excess of offers and promotions get in the way of jewellers building profitability and brand identity. As custodians of tradition and innovation champions, we stand firm in our conviction that true success lies not in the fleeting allure of promotions but in the enduring legacy of excellence and integrity.

As told to Maithili Patange