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Friday, April 26, 2013

glittering gold ~ renting out jewellery trend

In the olden days when you did not have so much of TV channels and spare time, magazines provided the best entertainment…… and the butt of many jokes was ‘borrowing’ – not of money but of jewels and apparels for attending functions…… Either – gone are those days and people have stopped borrowing / lending or perhaps it is no longer one worthy of a joke. !!

Gold rates have started stabilizing and perhaps are on the little upward curve… when the month started a gram of 24 ct gold cost 2979 and that of 22 kt 2785…. It dipped and now it is Rs.2785/- & Rs.2604/- for 24 and 22 Carat respectively……. In between did you amass Gold at low rates ?

Today, read an interesting report in Indian Express of a new trend in Kerala, ‘renting out jewellery’.  The report states that the trade practice, which is prevailing in Gulf countries, has now found a place in the state too. The reluctance of the youth to wear more than bare minimum jewellery, drop in sales of rural jewellery shops and the sky-rocketing price are the major reasons behind the emergence of this new trend, point out jewellers. “The youth in Kerala are not crazy about jewellery. Hence, the parents are now opting for renting the jewellery for a few days, especially on the occasion of a wedding in the family. The affluent class and jewellers in rural areas are also following this practice. Soon it will emerge as a business model, though there are many safety aspects to consider,” said M M Ramachandran, Chairman and founder of Atlas Group. He added that since a majority of the jewellery is lying in bank lockers, people are now wearing it only for a  few  hours, that too only on the day of the wedding.

“They are now wondering why such costly jewellery should be bought for a day or  two,” Ramachandran said. According to Sanjeev Kumar G, MD, Progno Financial Planning Systems Private Limited, the risk factor is high in this kind of rent- the-jewellery business model. “The trend emerged when the prices were stagnant and the small jewellers found it difficult to up their sales. But with the gold prices moving northwards, there may be few takers for this scheme. The jewellers will also find it difficult to ensure safety,” he said. However Joy Alukkas, chairman, Joy Alukkas Group, said in the Gulf countries it is common to rent out jewellery for specific occasions. “But in Kerala, the trend is not going to last as it is a different market,” he said.

‘all that glitters is not gold’ is an old adage; now perhaps all that is glittering on somebody is perhaps not theirs too

With regards – S. Sampathkumar
News courtesy : The Indian Express

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