CHENNAI: Kalyan Jewellers has started off its chain of budget diamond stores in Tamil Nadu, with the most basic piece of diamond jewellery starting off at a little over Rs 5,000.
The jewellery chain, with over Rs 10,000 crore in revenue, is seeking to dispel the myth that diamonds are still the exclusive domain of the rich. “It is a myth and we are seeking to change that perception among people. Diamonds are affordable and are quite within reach of many budgets,” said T S Kalyanaraman, CMD of Kalyan Jewellers.
The chain has chosen to market its affordable diamond collection through its My Kalyan chain of kiosks, largely spread across Tier III and IV centres in the state - currently, My Kalyan kiosks number over 140 in Tamil Nadu, spread out 40 - 50 km away from the 16 Kalyan Showrooms in major cities. The move comes at an investment of Rs 30 crore.
The chain is targeting Rs 100 crore in revenue from the affordable diamond portfolio alone by the end of this fiscal year.
Initially mooted as customer service centres, My Kalyan kiosks in the state will showcase and sell a catalogue of affordable diamond products, ranging from Rs 5,000 to Rs 25,000, and across the spectrum of jewellery - earrings, pendants, necklaces, rings and nose pins.
The transformation of My Kalyan stores into mini, budget diamond outlets is also set to turn the chain into one of the largest diamond chains in the state. The move, which comes just after the concepts launch in Kerela and Karnataka, is in line with the aggressive policy that Kalyan has adopted in TN.
Earlier this month, Kalyan opened the world’s largest showroom at an investment of Rs 200 crore in Chennai and plans are one for three more showrooms in the city - at an outlay of Rs 300 crore. TN is also the chain’s largest market outside of Kerela, with over Rs 800 crore in investment having gone into it so far.
Kalyan plans to increase the size of its My Kalyan stores, currently around 600 across the country, to 1,000 by the end of the fiscal and simultaneously roll out the affordable diamond concept in all of them in a phased manner.