Gold retailing appears unperturbed by the rising price of this yellow metal as Hyderabad saw the opening of two contrasting ‘concept malls’ dedicated to the this jewellery.
The growing middle class base with its extra spending power has surely galvanised the gold retailing. Apparently, the trade is not overtly perturbed by the rising gold prices or the cautious approach of buyers this season.
MBS at Basheerbagh is an exclusive mall developed by Musaddilal Group while ‘Mahalakshmi’s Gems’ at Abids is being projected as a merchandised jewellery mart with 35 independent outlets of various companies under one roof.
“We would like to change the way gold is retailed and are coming up with seven showrooms in the State by next March and by the end of 2008, we would have another 28 such showrooms across the country,” says CEO of Musaddilal Bhagwat Swaroop Jewellers (MBS) Sukesh Gupta. The Musaddilal Group is planning to invest Rs. 1,500 crore to set up its chain of premium jewellery outlets in Nagpur, Vijayawada and even Visakhapatnam. “We have a huge middle and upper middle class patronage because we are century-old in here,” Mr. Gupta said.
On the other end of the spectrum is the ‘Mahalakshmi’s Gems’, which is a fully furnished jewellery mall strategically located at Abids. Jewellers from all over India are expected to set up their retail outlets at this mall, which also has a Wi-Fi facility.
This mall provides ready-made set up for the business. Free of cost quality testing and weighing facilities are added attractions.
“We are planning to open 25 such malls in the country in the next five years. Our projects are under way at cities like Chennai, Kolkata and Ahmedabad,” points out Jitendra Kumar Sharma of Mahalakhmi’s Gems.