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IT’s out and it’s official. Hyderabad is the fastest growing diamond market in India registering a growth rate of 29% per annum, in the process leaving behind metros like Mumbai, Delhi and Chennai. The news has to be authentic as it comes from none other than Mr. Umesh Jethwani head honcho of Meena Jewelers and an authority on diamonds. “Though gold has its own charm and registers the highest sales amongst ornaments, it’s the diamond market which is resonating with the hyper growth buzz. One of the reasons for this phenomenon is that the fact that Hyderabadis have now started appreciating the finer aspects of diamonds. They are also realizing that diamonds have a longer life and better resale value” opines Mr. Jethwani. He is credited with the accomplishment of driving the Meena Jewelers brand right up the popularity charts.
Answering the query whether Meena Jewelers’ obvious pedigree helped in its market positioning, he says “Of course it helps to have a big legacy behind you. But it only helps in giving the initial head start. The rest depends on how effectively you are retailing your wares. One of the biggest reasons for our success is the ‘innovation’ factor. We are the first ones to introduce the market to a brand new way of evaluating a diamond’s true worth. We initiated the certification procedure wherein every diamond has a tag of certification from an authorized body.
Reputed international bodies like GIA and IGI issue the certifications which immensely help the buyers to evaluate the worth of diamonds. Moreover, we are the biggest diamond dealers in India operating from 3 prime locations across Hyderabad. Each of our outlets is spread across an expansive 30,000sq.ft, retailing some of the finest brands including Asmi, Sangini, Solitaire, Nakshatra etc. Our international jewelry cum accessory brands include Cartier, Schopard, Mont Blanc, Origa, Bvlgari, Frank Mueller, Omega, Rado, Longines, Tissot and others. The focus is on providing the consumers with several options.” Meena Jewelers operates from 3 exclusive stores located at Basheerbagh, Panjagutta and Begumpet. All the outlets are spread across 3 floors of opulence and glitz which create the right ambience for discerning customers.
The group also deals with gold, silver and pearls apart from diamonds. But due to obvious reasons, it’s more known for its exquisite diamond collection. The gold retail sector too has been lent a touch of innovation by Meena Jewelers. “We are the only dealers who guarantee lifetime, 100% buy back of ornaments without deflating the value or price. We calculate on the basis of current prices when buying back and that makes a lot of difference to the customers” adds Mr. Jethwani.
All the gold, silver and pearl products retailed from Meena Jewelers are given shape in their own factories located in Mumbai and Hyderabad. When quizzed about the group’s critical success factors, he quips “The range we offer is mind boggling and literally unmatched. The transparency mechanism which enables customers to evaluate the true worth of whatever they are investing on and our buy back guarantee have helped us in a big way. Above all, our personal equation with most of our customers, some of who have been with us for generations together, gives us a distinct identity.” After all, it does pay to leverage a 70 year old legacy.
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