Uber-Modern Retailing

Harshit Soni, Director of Lakhtarwala Jewellers, tells The Retail Jeweller how Luire—the 75-year-old brand’s new venture in lab-grown diamonds, re-invigorates a woman’s love for diamonds by weaving innovative tales in marketing and a ground-breaking store concept.

Lakhtarwala Jewellers’ new showroom for lab-grown diamonds, launched in December 2023, marks a bold step for the several decades-old Ahmedabad-based retailer and manufacturer. Luire, a contemporary offshoot of its legacy business, makes a significant advancement in creating an unusual retailing experience with its retro-futuristic terracotta design. The uncommon choice of materials—leftover slabs of red travertine and lime plaster with a distinctive geru matte finish—lend an interesting hint of the broader idea of sustainability associated with the category whilst offering an unfamiliar contrast to the gleaming diamonds. The strategic location of Luire’s flagship store on Sindhu Bhavan Marg, surrounded by national chains and high-end apparel shops, is a testament to the brand’s confidence in creating a strong foundation to deliver the relevant product, experience and value

Edited Excerpts:

MAITHILI PATANGE (MP): As a legacy jeweller, what propelled the shift to lab-grown diamonds?

Harshit Soni (HS): As a retailer and manufacturer, Lakhtarwala Jewellers has been in the industry for 75 years. We entered the lab-grown diamond market in Ahmedabad due to a lack of existing stores and the affordability of these products. We aim to offer customers the opportunity to wear larger diamonds at lower prices. We opted for a new high street location popular with millennials. We established Luire as a separate brand to avoid confusing customers at our main store, LW Jewels, which focuses on natural diamonds and has been operating since 2015.

MP: What was the strategy behind opening a lab-grown diamond store in a location with many legacy players and national chains selling precious jewellery?

HS: The store is located on Sindhu Bhavan, Ahmedabad’s high street, known for its premium real estate. It is surrounded by national chains and several other jewellers, with more expected to open soon. We identified an opportunity to open a lab-grown brand, as none were in the area. This new market will take 2-3 years to establish; we anticipate significant growth and brand recognition with no direct competition.

The area’s high-end apparel shops make it a convenient destination for bridal shopping, allowing us to attract a significant share of engagement customers. Lab-grown diamonds attract high-net-worth individuals and engage bridal customers looking for affordable options.

MP: The store draws inspiration from Heatherwick’s Little Island in New York. Could you describe your store’s design and interior features?

HS: The Mumbai-based company was selected for their unique material choices and monochrome aesthetic. The store layout lets clients view 400-500 designs in 10-15 minutes. Spanning 900 square feet, it features an amoebic landscaped display with portable mushroom-shaped structures for jewellery, much like a discovery island with winding lanes where you slowly unfold small pockets of wonders.

These portable displays allow us to reposition items regularly to maintain a dynamic display, ensuring customers’ fresh and engaging experience during their visits. Terracotta was chosen for its calming qualities, enhancing the overall buying ambience.

“When customers try the jewellery themselves, the level of engagement is like nothing else. Customers enjoy the engaging display that creates a unique retail trajectory in the unassisted discovery of designs”

-Harshit Soni, Director, Lakhtarwala Jewellers

MP: How has the customer responded to the store’s interior design? What was the idea behind creating it this way?

HS: Our main aim is to make the experience interactive and engaging. We use glass bell jars to cover the jewellery so customers can open and try it. When customers try the jewellery themselves, the level of engagement is like nothing else. Customers enjoy the engaging display that creates a unique retail trajectory in the unassisted discovery of designs.

MP: What segment of the market are you targeting?

HS: The jewellery ranges from Rs. 15,000 to Rs. 3-4 lakh, including rings, pendants, earrings, tennis necklaces, bracelets, pendant sets, and solitaires. We have not included bridal jewellery, as customers in Ahmedabad prefer natural diamonds for such purchases. Luire focuses on everyday wear, and for those wanting large diamonds, we take custom orders, avoiding disruption to our established natural diamond business.
We mainly have millennials buying from us who seek engagement rings, solitaires, tennis bracelets, and diamonds for astrological reasons, as they cannot wear natural diamonds.

MP: You have also taken a fresh marketing approach. Can you talk about it?

HS: Yes, I believe it is essential for the category to be marketed as uniquely as possible to the youth. Our positioning statement, ‘mad about diamonds’, is a subtle way of stirring emotions in a tone relatable to young women. We received good traction from our campaign, which is set against the style and elegance of the 1960s and intermixed with the confidence of modern women through their choice of diamonds. We are avoiding the hackneyed narrative of lab-grown versus natural, instead building desirability and modern relatability for the category.

MP: How has Luire progressed so far? Are there plans to launch an e-commerce website?

HS: Luire’s progress has been satisfactory, averaging over 150 footfalls monthly. New customers visit regularly and we see consistent orders, but we can’t disclose sales figures yet. Our website showcases 150-200 product photos and price ranges, allowing customers to browse before visiting the store.

MP: What are your plans for the store?

HS: We want to complete a year to assess the market’s reaction to the lab-grown category. Understanding client needs will guide our decisions, as this market has no established database. Expansion plans will be based on this experience. We may consider opening in multiple locations or launching an e-commerce platform.

Written by Maithili Patange