Reliance Jewels bets on lower prices

Abhishek Law Updated - August 29, 2011 at 11:22 PM.

Reliance Jewels – the jewellery format of Reliance Retail – plans to focus on competitive pricing and quality to make a presence in the segment. The company, which claims to have a lower price tag compared to its competitors, plans to double its store count to 56 by the end of this fiscal.

Having entered organised jewellery retailing in 2007, Reliance Jewels has 28 stores across the country including Kolkata, Mumbai, Delhi, Hyderabad, Pune, Ludhiana, Jamsedhpur and Cuttack.

Mr Ashok Kaul, Senior Vice-President and business head, Jewellery, said that during the year the company will add more outlets in the existing locations as well as enter new markets such as Chennai and Jaipur.

“Our price points are lower than that of our competitors which include both the national and regional players. Other than pricing, all our products are “hallmark” certified and thereby of assured quality,” Mr Kaul said on the occasion of the launch of the first Reliance Jewels store in Kolkata as well as West Bengal on Friday.

According to him, there lies a huge scope in the organised retail format for national players in the predominantly regional entity dominated Rs 1,20,000-crore market. Tanishq, with nearly 4 per cent market share, is currently the largest national player in the organised format.

Reliance, Mr Kaul maintained, was in a position to offer lower prices riding on several advantages, including direct purchase of gold and competitive pricing by its vendors.

Published on July 23, 2011 11:10