KalyanJewellers, the popular jewelry chain had a dip of approximately 10% in sales at the first half of the current fiscal. Ramesh Kalyanaraman, the company’s executive director attributed this to a fall in the gold saving schemes that was made to close during the termination of the last fiscal due to change in regulations. Discussing further he stated that they closed all their gold saving schemes towards the end of the year 2014-15. This impacted their top line as such schemes accounted almost for about 20% sales. They have in fact re-launched a gold scheme in conformity with the fresh rules during this year’s first quarter.
KalyanJewellers is also gearing up to launch their e-commerce operations for beefing up their presence. Ramesh Kalyanaraman stated that they will begin online sales soon within the coming two months. Online purchase and sale of gemstones definitely is not something new with brands such as BlueStone and Carat Lane wooing people with a cost-effective range which comprises of pendants, nose rings, earrings and rings. KalyanJewellers however is looking forward in positioning their online range differently. They are planning to target people who buy luxury brands such as perfumes or watches for their dear ones.