Lucky Lakshmi to spell luck on jewellery trade this Diwali

New Delhi, Sep 21 (UNI) With a view to consolidate the fragmented Rs 75,000 crore gems and jewellery industry and cash in on the coming festive season, the All India Gems and Jewellery Trade Federation (GJF) today launched the country's first jewellery festival here.

As per the scheme, every customer who buys jewellery worth over Rs 3,000 from retail outlets participating in the festival between September 22 and November 6 will get a contest coupon.

Answering the question in the coupon correctly will entail the customer to win prizes like discounts, redemption offers and gold jewellery worth Rs 100 crore. Five winners will also walk away with bumper prizes of five and one kilograms of gold each.

The festival 'Lucky Lakshmi', being sponsored by the World Gold Council (WGC) and Diamond Trading Company (DTC), will seek participation from 2,000 jewelers including leading brand names, across 250 cities.

''The festival aims to give a boost to the industry, which is second largest earner of foreign currency and facing competition from other sectors like cellphones, white goods and tourism packages,'' GJF Vice Chairman Ashok Minawala told reporters here.

A sum of Rs 50 crore, including Rs 15-20 crore on television and radio advertising and Rs 20-30 crore on below the line and point of sale material, will be spent on promotion of the theme, he added.

With this inititative, the federation expects to double the industry's revenues to Rs 3,000-4,000 crore, which normally stands at Rs 2,000-2,500 crore, by end of the festive season.

It also seeks to introduce the scheme every year during the same period.

Lucky Lakshmi was earlier kick-started by Union Minister of Commerce and Industry Kamal Nath in Mumbai. It was introduced in Kolkata yesterday and will be launched in Bangalore tomorrow.

GJF is a national federation for the promotion and growth of gems and jewellery trade in India. It represents national issues affecting smooth functioning of the business with the government.

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