Retail Plus
Hyderabad
In the Business of Forging Relationships
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Retailing some of the finest jewellery pertaining to gold, diamond and silver, Neelkanth has carved a niche for itself on Hyderabad’s ornament retail sector.
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“We are not just talking about business transactions. It’s more to do with establishing ever enduring relationships with our clientele” says Mr. Rituraj of Neelkanth Jewellers. The jewellery chain is backed by a lineage of over seven decades spanning three major cities, Chennai, Bangalore and Hyderabad. Retailing some of the finest jewellery pertaining to gold, diamond and silver, the chain has carved a niche for itself on Hyderabad’s ornament retail sector.
The business model powering Neelkanth is pretty simple and fluid. Speaking about the same, Mr. Rituraj says “We not only showcase some of the world’s leading brands but also retail our own products. We are ably backed by fully equipped work-shops complemented by in-house designers. Our designs and patterns rival that of any leading brand in the world and come with rock solid quality assurance thanks to the multi-layered quality circles we have deployed.” And yes, the company also gives due importance to visual merchandizing and in-store ambience. The fact that the Hyderabad showroom was voted as the best diamond retail avenue by GTC for four consecutive years is proof enough.
The retail outlet based in Somajiguda provides ample parking, spacious interiors and soothing ambience as a package. “Shopping for jewellery is a luxury in itself and due comforts should be provided to the shoppers. We encourage people to stroll around our 8000sq.ft. shop and experience a visual thrill. All our wares are neatly divided into separate counters for the convenience of the patrons” adds Mr. Rituraj. When quizzed about the core focus retail product of Neelkanth, he avers “We give equal significance to gold, diamonds and silver. Though I must admit that the diamond market is where the growth is. It’s growing at a whopping rate of 30% per annum.
Moreover, it does not have the constant threat of depreciation staring at it.” He broadly classifies the gold products into light jewellery and antique section which includes wedding finery. While the younger lot patronizes the light jewellery section, the more affluent classes shop for antique jewellery.
Talking about the critical success factors of the segment he pinpoints adequate inventory, innovative designs and quality. “All our diamond products are VVS1f variety certified by IGI which is a huge sales-driver” adds he.
Elaborating about the market segment he opines that the Hyderabad market is perhaps the fastest growing in the country. “All other metros are reaching the saturation point whereas we have just started warming up to the trend of investing in diamonds” adds he. According to him, the majority of diamond shoppers comprise of the upper and upper-middle classes while the middle class concentrates more on gold.
Talking about having a sound CRM mechanism in place to retain clientele, he says “Most of our patrons have been with us since years and they have been instrumental in getting us new customers.
We strongly believe in CRM and interact with our clients regularly. Organizing special previews for new launches, informal gatherings and other special events keep us in constant touch with the customers.” Forecasting a great future for the diamond market he quips “The future belongs to the diamond market as it is growing phenomenally. Moreover, the price range too is very affordable contrary to the popular perception. Our range starts from as low as Rs 3000/-.”
As a parting shot he says “It all boils down to quality assurance, value for money pricing and innovative designs to succeed in this sector.”
C P RAJ
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Hyderabad
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