Business Daily from THE HINDU group of publications
Sunday, May 31, 2009
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Business Daily from THE HINDU group of publications Sunday, May 31, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Gold & Silver Markets - Investments Marketing - Strategy
K. Ram Kumar Mumbai, May 30 You can rent a house, a car, a locker, and even a dress. Now, how about renting jewellery made of real gold and studded with precious gems? Well, with the chips down in the export as well as domestic markets, a leading Mumbai-based jewellery exporter has hit upon the idea of renting out his inventory of earrings, bangles, necklaces, rings, etc. The move should warm the cockles of women’s hearts, especially those who do not want to be seen wearing the same jewellery during social functions such as marriages, birthdays, parties, anniversaries, etc and those who are particular about matching the jewellery with the dress they wear. As for the men folk, they could heave a sigh of relief. According to Mr Sanjay J. Shah, Chairman, India Capital Company, “The global slowdown has impacted the demand for jewellery worldwide. While we were mulling various options to overcome the weak demand scenario, we came upon this concept of jewellery on rent. The blueprint of our plan is now ready. To begin with, we will kick-start the new business from Mumbai in three months.” Expensive jewellery, according to Mr Shah’s assessment, is worn by women, on an average, on not more than 4-5 occasions a year. So, why spend a princely sum buying jewellery when design trends keep changing so often? Further, jewellery made of one gram gold, the latest fad, does not last long, he pointed out. Mr Shah intends displaying around 5,000 pieces of jewellery, with their price ranging from a few thousand to few lakh rupees, on the company’s Web site. Once a customer zeroes-in on the jewellery, all that he/she would need to do is call up India Capital Co to place an order. Company officials will deliver the jewellery at the customer’s doorstep after he/she signs an agreement, containing photograph and details of the jewellery being taken on rent, customer’s photograph, PAN card number, returnable deposit (if any) taken, details of guarantor (if any), charges, etc. The company will allow a customer to keep the jewellery for a maximum of three days for an upfront fee ranging between 2 and 5 per cent of the value of the jewellery. If a customer wants to take the jewellery abroad, then he/she will be charged 10 per cent. Before handing over to the customer, the jewellery will be tested in front of him/her with the help of a laser-based analytical instrument and a print-out of the weight and composition of gold, silver, copper, and nickel is given to him/her. Similar procedure is repeated when the jewellery is returned by the customer. NSEL to launch gold, silver contracts on May 18 Gold on a bull run Gold has upside potential in medium term More Stories on : Gold & Silver | Investments | Strategy | Gems & Jewellery
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