The exceedingly challenging market conditions of the past year have given way to new confidence and optimism in the domestic  Indian jewellery retail sector. Looking back on the past year, brands seem to have weathered the economic upheaval rather well,  expecially the retailing giants with distinct brand personalities.

Most brands succeeded in growing both, the numbers of stores and business, last year. Reliance Retail’s newly launched brand of jewellery has increased its visibility quotient with the Indian consumer by a few notches with the establishment of several new stores. Reliance currently operates 23 stores, nine of them having been added this calendar year alone. Reliance Retail’s Ashok Kaul  believes the group is on track to achieve its aggressive store rollout plan for this year. “The brand has been gaining in terms of  awareness and salience and we hope to build on it going forward,” he states.

Retailing giant Gitanjali too claims to have enjoyed a good run on almost all its brands. Gitanjali Group CMD Mehul Choksi  explains, “All the brands have fared well during the last year and sales volumes of Gitanjali Group rose 28 per cent from  Rs.5,088.88 crore in fiscal 2009 to Rs.6,527.63 crore in fiscal 2010. Within this, revenues from the Indian market rose 38 per cent from Rs.1,883 crore in  2008-09 to Rs.2,605 crore in 2009-10.”