Ahead of Big Wedding Seasons, KISNA witnessed a 35% rise in gold jewellery, plans to expand presence in 400 cities
Mumbai : Ahead of the forthcoming Big Indian Wedding season, HK Jewels, the retail jewellery arm of the renowned Hari Krishna Group, has seen a decent rise in demand in gold jewellery and ornaments from various parts of the country. It is estimated that close to 25 lakh weddings are likely to take place between November 14- December 13, 2021 in various part of the country, according to an estimate by Confederation of All India Traders (CAIT). Globally, Jewellery accounts for 50% of global gold demand, followed by central bank reserves at 25%, investments at 15% and industrial uses at 10%.
Commenting on the rise of sales, Parag Shah, Director, HK Jewels (KISNA Diamond Jewellery), said, “Weddings are finally starting to be physically celebrated and the impact of which can be seen in the sales of jewellery. Also, weddings are one of the biggest drivers of gold purchases in India, as bullion in jewellery is an essential part of a bride’s costumery. We have witnessed a 30 per cent rise in gold jewellery across various metros and tier 2 & 3 cities for the upcoming wedding season. Most of this demand is for luxury and ethnic jewellery designs through its retail points of presence for the wedding season.”
Established as a partnership firm in May 2002, HK Jewels was converted into a private limited company to cater to the domestic diamond-studded jewellery in 2009. The company launched its flagship brand ‘KISNA’ in 2005 and recently forayed into the manufacture of plain gold jewellery. ‘KISNA’ Diamond Jewellery has more than 450 distributors across 29 States, including Union Territories. It plans to extend the same gradually to 400 cities across India in the next 12 months. Currently, KISNA Diamond Jewellery has more than 4000+ points of presence through a network of distributors. KISNA Diamond Jewellery also undertakes designing as also manufacturing of plain and diamond-studded gold jewellery for B2B customers.
The company’s 86 KISNA Super Normal Mass Consumer Contact (SNMCC) recently completed its unique season experiential event. KISNA plans to expand its brand visibility to garner rich insights to customise future collections for the evolving customers across tier 2 and 3 cities and towns. Each SNMCC event attracted an average attendance of 3000+ people.
Speaking on KISNA vision, Parag added, “At KISNA we believe there lies a huge untapped demand in the tier 2 and 3 towns for branded jewellery. Most of these markets cater to event-led consumption or highly generalised players, but KISNA would also offer everyday jewellery at convenient price points. At KISNA, we are aiming to be the category leaders by catering to the underserved segment of well-designed, affordable yet aspirational jewellery. Being a part of a rich heritage, our strengths around procurement, processing and designing give us an edge to navigate both the price sensitive and premium jewellery categories with a sense of confidence.”