Kolkata diamond markets outshining the rest of the country

By Soma

Kolkata, Jan.28 : It seems Kolkattans are in love with diamond now-a-days, as the city has emerged to be the biggest market for diamond by recording a maximum growth rate for five years in comparison to other markets for the same in rest of the country.

The growth rate of 32 per cent witnessed in Kolkata's diamond market in comparison to the national growth rate of 24 per cent speaks volumes of this new reality. The city has outshined three other metropolitan cities-- Delhi, Mumbai and Chennai.

According to the Business Manager of De Beers, Premjit Sengupta, "The growth rate of diamond market in Delhi is 21 per cent, Mumbai 23 per cent and Chennai 19 per cent while Kolkata's rate is 32 per cent.

With investments flooding Bengal and IT companies setting up their shops the overall purchasing power and attitude of common people of the city has undergone a sea change.

Kolkatans, who have been viewed as conservative buyers in the past, are now experiencing a revolution in the retail market with new shopping malls and brands opening up their outlets.

Local Bengalis, who are known for savings and once a year long travels, are now spending a lot on their lifestyle. This new purchasing trend among Bengalis is boosting the trades such as retail garments, jewellery and many other items related to one's social status.

Sengupta of De beers said: "The main drivers behind this phenomenal growth are availability, stock and range. Earlier, it was thought that diamonds are for the rich and famous. Continuous campaign has break the common myth . Now all established jewellers in the city devote 40-50 per cent stock space to diamond ornaments suitable for all pockets."

Anarghya Chowdhury, the owner of Anjali Jewellers, says that the tremendous growth has been reflected in their all outlets.

"Diamond is actually one's style statement and it talks about power. Earlier, Kolkatans did not know what to do with their money. But now they have the places to spend," he added.

Customers admit that now small diamonds are available which enable middle-class buyers to opt for diamond jewellery.

Swasati, a customer, said: "Earlier, diamond was out of our reach but now it is available in small budgets. So we can also buy diamond items."

The sky-rocketing price of gold is another reason for diamond to shine.

The Executive Director of Senco Gold, Subhankar Sen, says: "The most interesting thing is that Kolkata has been recorded 30 per cent growth in diamond market for quite a long time so it's a consistent growth."

At the same time, the concept of Diamond Mall, like Fortnox, where all diamond brands are available under one roof, is also another boosting factor.

ANI