BANGALORE: The only jewellery store in Karnataka which has a combined retail space of 18,600 sq. ft., Davanam Jewellers has been awarded one-star trading house status by Ministry of Commerce, New Delhi. Today its stores have grown into a global fashion and jewellery enterprise.
DV Ravindranath, Director, Davanam Jewellers speaks with Vyas Sivanand about his stores, schemes and plans.
How has Davanam created a name for itself in the competitive market of jewellery?
In a span of 25 years, we have established our name in the jewellery trade and are ranked among the top five jewellers in the state. At Davanam, trust is tradition. We believe in building relationships with our customers through quality products, service and after sales, which is the reason 70 per cent of our customer are still loyal to us. We are not cheap and we do not give discounts because we are not into just selling gold or silver. We do not believe in building a commercial relationship.
You have floated several schemes as part of your promotion strategy. Can you elucidate on them?
We have created ‘Davanam Sparkling Savings Scheme’ which is a savings scheme that lets the customer invest Rs.1,000/- or multiples of Rs.1,000/- each month, and by the end of 20 months, he would have accumulated Rs. 22,000/- or 22 times of the investment, with which he can purchase jewellery. We have a ‘Chinna Saving Scheme’ where the customer can enroll for 12 months, for example, and get one installment free, which will be paid by Davanam.
The ‘Golden Saving Scheme’ protects the customer from inflation of gold and silver prices, by giving the option of long term investments. Each month the customer will be credited with the gold or silver amount in grams equivalent to his investment, as per the prevailing rate per gram.
The customer can opt for a time period of his convenience from 12, 15, 24, 36, 48 or 60 months. We also have a ‘0 per cent Extra scheme’ which guarantees a 100 per cent return in jewellery with 0 per cent wastage and 0 per cent making charges.
Under this scheme the customer must invest a fixed sum on a monthly basis after choosing a fixed time period. At the end of this period, he can redeem the total amount in form jewellery with no extra charges.
How many showrooms do you currently operate and what are your expansion plans?
We have four showrooms in Bangalore and we plan to open another six branches in the city as well as other parts of the state in about three to four years. We want to be a 6 Sigma company in the next two years which will enable us to avoid error and save time.