Online jewellery store Candere Jewellery has launched the ‘Iss Diwali Faida Fix Hai’, a campaign for the current Diwali festival season.
The digital campaign revolves around the brand’s anthem for the Double Gold Rate Protection (DGRP) plan #FaidaFixHai with focus on the various features of the plan.
Rupesh Jain, founder of the Mumbai-based online jewellery store, told BusinessLine that Diwali is generally considered an auspicious time for big-ticket purchases, and jewellery in particular has been a festival season favourite.
“But gold prices have been highly volatile since April and consumers by and large have been quite sceptical about the sky-rocketing rate of the yellow metal. The price has shot up almost 45 to 50 per cent in the last 18 months. This did impact our business as well.”
“We evolved a strategy to tide over this issue with the offer of the DGRP plan. DGRP allows the customer to plan and purchase the jewellery by not only booking it in advance and freezing the gold rate, but also allowing the purchase to revise the rate in the event of a price dip
“The buyer can book at 10 per cent of the order value. For gold jewellery, the tenure for payment of the balance is six months, while it is 12 months for diamond jewellery,” Jain explained, and added that the #FaidaFixHai campaign is aimed at making jewellery purchase hassle-free and easy for the consumer.
“There is good traction for online purchase of jewellery. We are seeing an uptick in the ticket value, a 45 per cent jump,” he said in reply to a query.
On growth, he said that the company registered a 100 per cent jump in business year-on-year in the last three years. “We were sceptical about managing the momentum this year, but thanks to the DGRP plan, we are confident of growing at the past levels this year as well.”
Candere ships its products to the US and UK. “We have recently started working in the Middle East market. It is fashion buying rather than investment, and we are seeing good traction,” he added.