Waman Hari Pethe relaunches Panjim store

Operating in the Goan market for five years now, Aditya said the Goan market was one that loved traditions, one that liked good design coupled with good quality. The jewellery market he said was different in each and every state and city due to the cultural and religious cues. Aditya said “When we came into the market five years ago we did not really know the market and the designs we brought in did not sell. We listened and made the relevant changes.” The tastes of the different communities were distinct and today there were designs like the seven sister bangles and the rosary for the Christian community and equivalent for the Hindu and Muslim communities.  

The continuous fluctuation in gold prices he said had resulted in people sometimes waiting and hoping for a drop in the value of gold. Margins he said were getting squeezed and this was one industry where the consumer wanted a great design but was very reluctant to pay for the production cost. There was he said a general slackness in the market all over the country and Goa more so with the ban on mining. People he said had the money but were reluctant to spend it in this climate. In addition the younger generation was more willing to pay Rs. 50,000 for Apple phone or a tablet instead of buying gold. The challenge he said was to create designs that would appeal to the younger audience which was quite large now.

Asked how he was faring in the market he said he offered everything from a Rs. 25 piece to Rs. 25 lacs ornamental jewellery and the average spend was usually Rs. 50,000.

Jewellery he said was one luxury product which guaranteed protection of capital and one could make a profit. With regards new trends he said gold in different colours were now coming into the market like pink and green in addition to the existing white which approximately 10% of the market was buying. The Goan market he said was a solid market which would continue to grow for the next few generations and the market would see a health annual growth every year. This he said was a given considering that gold was a very good investment and could be kept for generations.