"The minute you settle for less than you deserve, you get even less than you settled for," American columnist Maureen Dowd said. So why should customers satisfy themselves with anything less than the purest form of 24 karat gold, asks Vinod Tejwani, director of integrated jewellery solutions company Pranda Jewellery in an exclusive interview to JCKIndia.com. Does Pranda operate as a joint venture in India?
Thailand-based Pranda Jewelry Public Company has formed a joint venture with India’s Gunjan Jewels to set up Pranda Jewelry Private Limited here. Pranda holds a 51% stake in the company, while Gunjan owns the remaining 49%.
Why did Pranda choose to venture into India?
Pranda is always on a lookout to expand across the continents. India being the biggest jewellery consuming market in the world, and also left untapped for 24 karat gold jewellery, it was an obvious choice for the company to come here.
What does your range of collections comprise?
Being the biggest organized brand for 24 karat gold jewellery in the world, we have a very innovative product category, ranging from bridal to casual wear. The Prima gold range has 24 karat jewellery available in three collections, classic, nature and two-tone. Prima’s purity is 99.90%, versus standard gold jewellery’s 99.5% and the pure gold’s 99.99%. This range begins from as low as Rs2,500 and goes up to Rs5lakh. We are going to make a formal launch announcement for Prima at the IIJS (India International Jewellery Show) this year, post which we will decide on our advertising strategy and our brand ambassador.
You also have some thing called Prima Art… Can you elaborate on that?
'Prima Art' is a 24 karat gold sheet art work. Gold of 99.90% purity is rolled into sheets and intricately crafted to produce a unique line of collectibles in various categories of designs. We have a range of categories in this as well including devotion, celebration, decoration and love. However, in India we have particularly launched ‘devotion series’. We provide certification for all our art pieces and jewellery and also have a 75% buyback on the retail price for both.
Isn’t it true that gold becomes softer and more difficult to work with as its purity in increased?
We have the expertise in working with 24 karat gold, and with the help of the latest technology our research and development team has made it possible to make its hardness similar to any 22 karat or 18 karat jewellery. Consumers can wear this 24 karat jewellery for a daily use, and diamonds and gemstones can be set in it as well.
In a time when companies are launching their new brands in 22 karat or even 18 karat why did you choose to launch 24 karat in India?
Unfortunately consumers are not aware that jewellery in 24 karat gold exists. India’s culture is to demand the best, and getting 18 karat or 22 karat is satisfying for less. Currently, the highest purity of gold accepted in India is 22 karat and we see that our 24 karat jewellery too will be widely accepted here.
Where can the consumer find Prima Gold?
We will be distributing our products by adopting the shop-in-shop model through retail jewellers. Prima gold is currently being sold in seven states through 30 of India’s top retailer like in GRT, CKC, Khuranas, Naggi, Damodardas.
What excited you the most about India during your initial research?
Its upcoming demography, which has 40% of the population in the age group of 25 years and above, which will be our targetted section, was the most exciting finding. Also getting an understanding of the fact that the Indian consumer wants value for money, and while they are aware of existing brands, they aren't really bothered about the international outlook of the brand, will help us strategize going forward. The consumer here wants to feel secure about the money he puts into jewellery as it is considered an investment apart from being an adornment.
How many manufacturing units do you have and how is your distribution network placed?
The firm has seven manufacturing units in five countries, of which three are in Thailand and one each in Vietnam, Indonesia, China and Germany. We don't have any manufacturing units in India, as Thailand has a free trade agreement with the country. The group has its own distribution network across continents and has its own subsidiary offices in the US, UK, France, and Germany and now in India too.
What are your expansion plans?
We are coming up with our flagship showroom at Jewel World in Kalbadevi, Mumbai. The store is expected to be launched in the last quarter this year. Also, we are expanding in the eastern part of the Middle Eastern countries in a phased manner.
What do you think are the advantages or disadvantages of being a branded jewellery player in India?
Branded Jewellery has a good future as it brings in transparency for the consumers, as it is available around the world with same consistent quality and with assurances. I won’t call it a disadvantage, but an Indian consumer usually treats his own local jeweller as a brand which is on a very sound foundation. We respect this relation and that's one of the reasons we preferred going for the shop-in-shop model, as these are the biggest brands in Indian jewellery market. We feel until and unless a retail jeweller does not endorse their products, consumers are not very satisfied with assurances. So, it is his word that plays a very important role.