“The lean season ending with Pitru Paksha can become a buying occasion with the right strategies”

Ankit Agarwal, Director, Sagarmal Jewellers, Patna  

Traditionally, jewellery retailers view Pitru Paksh—a mourning period in most Indian communities—as a challenging sales window. Considered inauspicious for purchasing jewellery, this period has long been perceived as a low-demand season. However, at Sagarmal Jewellers, we have successfully challenged this notion over the past four years by annually introducing our innovative gold jewellery shopping festival called the ‘Gold Jewellery Mela’, transforming what was once a commercially dormant period into a strategic sales opportunity. 

In our fourth edition this year, we generated nearly Rs. 8 crore in sales volume across all our stores, demonstrating that creative retail strategies can unlock potential in seemingly unpromising market windows. Conventional wisdom suggests jewellery sales grind to a halt during periods of mourning. Still, our approach proves that with the right tactics, retailers can generate significant revenue even during traditionally slow seasons.  

Over the years, our meticulous market research in Bihar has revealed a crucial consumer insight: local jewellery buyers are predominantly motivated by making charges rather than absolute gold prices. As gold prices continue upward, customers have become increasingly discerning, showing a marked preference for attractive pricing strategies, particularly those offering reductions on jewellery-making charges. 

“The Gold Jewellery Mela is especially beneficial for customers shopping for wedding jewellery, who want to make the most of the lower making charges. Our stores see a majority of bridal jewellery customers during these days, and our offerings reflect this demand” 

The strategic positioning of Pitru Paksha—occurring immediately before Navratri, which traditionally marks the beginning of the festive shopping season—presents a unique market opportunity. We have carefully observed that many customers are already mentally preparing their jewellery purchases during this period, even if they postpone physically bringing new items home until after the mourning period concludes.  

Recognising this nuanced consumer behaviour, we pioneered a distinctive approach by launching the Gold Jewellery Mela during this typically lean period. Instead of resorting to straightforward discounts, we introduced an innovative pricing model this year—a flat making charge of Rs, 349 per gram, which represents approximately 5 to 6 per cent lower than our standard rates. This strategic pricing accomplished multiple objectives: it created substantial savings for customers, generated excitement, and stimulated early purchase interest.  

Our market analysis has uncovered significant potential in the bridal jewellery segment. With projections indicating over 3 lakh weddings scheduled between November 2024 and March 2025, we meticulously tailored our collections to address this specific market demand. During our Gold Jewellery Mela this year, we have consistently observed that approximately 70 per cent of visitors are actively seeking wedding-related jewellery, a trend that has influenced our entire product strategy.  

The evolution of our Gold Jewellery Mela tells a compelling story of strategic growth. When we first launched the initiative at our Patna branch in 2021, we achieved average daily sales of Rs. 80 lakh. Each subsequent year has brought remarkable progress, with a consistent 20 per cent annual sales growth. By our most recent edition, we have seen average daily sales escalate to Rs. 1 crore, a testament to the effectiveness of our innovative approach.  

Marketing has played a pivotal role in our success. We have deliberately cultivated an approach of strategic spontaneity, executing carefully planned yet seemingly impromptu promotions just days before the event. Our marketing efforts span social media platforms and local print media, creating a buzz that catches both potential and existing customers by surprise. For our loyal customer base, the Gold Jewellery Mela has transcended being merely a sales event—it has become an eagerly anticipated annual tradition.  

Transparency remains the cornerstone of our business philosophy. During the festival, our purchasing policies are explicit and straightforward. Customers make full payment at the time of sale, with a clear understanding that they will receive their jewellery after the auspicious period concludes. This approach has been instrumental in building and maintaining customer trust, a critical factor in our continued success.  

The impromptu nature of our marketing strategy has proven particularly effective. By maintaining an element of secrecy and suddenly announcing the festival, we generate significant excitement. This approach is especially powerful for attracting new customers who do not anticipate such offers during this typically subdued period. For our existing clientele, the Gold Jewellery Mela has become an event they anticipate months in advance.  

As told to Aparna Bhowmick