L. Gopal and Sons launches the Diamond Jewellery brand of the east with a star-studded glittering
East is still a virgin market when it comes to diamond jewellery retailing, as no other diamond jewellery brand has so far tried to make inroads into the territory because customers there still treat diamond as a valuable proposition. But L Gopal & Sons, Assam’s premier jewellery manufacturer and retailer, is on a mission to wipe out that mental block among the buyers by introducing its flagship diamond jewellery in December last year. The launch of Pragya also marks the completion of 25 years of L Gopal in Guwahati.
With Rs 3,000-50,000 price-band, intense promotional activities and banking on a well-knit retail network, L Gopal & Sons is projecting Pragya as a viable alternative to gold jewellery as well as leading popular diamond jewellery brands.
“To be honest, we can’t compete with premier diamond jewellery brand with such a limited resource. That’s why we are trying to touch the emotional chord of the buyers by promoting it as Assam’s first diamond jewellery range,” says Vikas Soni of L Gopal and Sons.
Pragya made it’s debut on December 28, 2008 with gala launch-event that featured audio-visual presentation and a fashion show. L Gopal and Sons also took this opportunity to facilitate eminent people of Assam from various walks of life for their contribution with a specially designed and crafted diamond jewellery named Gems of Assam. The idea is basically to draw parallel of those luminaries whose sparkle has been inspiring fellow Assamese with diamond.
In addition to whipping up the local emotions and sentiments, L Gopal & Sons is banking heavily on economical price-point and customers’ awareness to make Pragya a success. “We are putting our best effort to bust the diamond-is-pricy myth. We want to make buyers aware of that fact that you won’t have to shell out Rs 10,000 or more to buy diamond jewellery or that of popular brands. Thanks to Pragya, you can go for diamond jewellery with a modest Rs 6000-7000 budget What’s more, they are getting 18-carat hallmarked diamond jewellery certified by Diamond & Gem Laboratories of America,” says Soni. Thus, they have walked the extra mile to assure customers of the quality of their product as well as give Pragya an international flavour.
In addition, Pragya wants to get the edge over other diamond jewellery brands with superior and prompt after-sales service. L Gopal and Sons is keeping its service network on its toe all the time when it comes to repairing any diamond jewellery set within record turn-around time.
Unlike other cities in India, the north-east doesn’t have market for diamond jewellery and the absence of market was probably the biggest hurdle for Pragya. But L Gopal turned those challenges into opportunities and tried to create awareness among jewellery retailers to make them understand the value of diamond as an alternative to gold.
L Gopal has three stores in Guwahati promoting Pragya in every possible way. Soni will be opening another 4000 sq. ft. jewellery store in Guwahati in September to expand their presence in the city.
L Gopal has also teamed with one retailer each from cities like Diburgarh, Jorhat, Dimapur, Shillong, Agartala, Dhubri and Bongaigaon to merchandize Pragya in their respective catchment areas. Although, the jewellery giant is selling their products to those retailers, they are also doing business on consignment basis with a departmental store in Shillong. In addition, the retailers have the option to return 20% of the stock within six-month time period.
L Gopal has also teamed with one retailer each from cities like Diburgarh, Jorhat, Dimapur, Shillong, Agartala, Dhubri and Bongaigaon to merchandize Pragya in their respective catchment areas. Although, the jewellery giant is selling their products to those retailers, they are also doing business on consignment basis with a departmental store in Shillong. In addition, the retailers have the option to return 20% of the stock within six-month time period.
However, Soni doesn’t think his job ends the moment he sells their product to retailers. In fact, his ultimate goal is to get it sold to the end-customers. That’s why he has been helping the retailers with every possible way to attract buyers. From packing materials, ad promotions to various other inputs, he arms his retailers with everything they need to make profit-register ringing.
So far the market response is satisfactory for Pragya and credit should go to that promotional event and subsequent promotions in various media like print, outdoor etc. Soni claims thanks to such a strategic media-mix, they have been able to enhance Pragya’s visibility and sales to a considerable extent.
Available in regular wear, party wear and fancy wear range, Pragya has got everything going in its favour. However, Soni is not ready to go places with Pragya at the moment. He wants to keep his business restricted to east only, as he thinks he has got the market in his grip. That’s why he doesn’t have any IIJS-centric promotional plan for Pragya. May be in 2010, Pragya could make its IIJS debut, hints Soni.
Right now Pragya’s next stop would be Kolkata. “As we have office in Kolkata along with wholesale and manufacturing unit there, we are thinking of introducing this Assam-inspired diamond jewellery line in Kolkata sometime next year. We will be doing elaborate market survey to determine the retail marketing model and promotional blend for the city of joy,” says Soni.
As Soni is well aware of how often big jewellery brands falter while foraying into the local markets, he has consciously toned down Pragya’s brand proposition to make it a more localized affair and to make it more appealing to your local customers.
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