Gem Selections eyes to launch 50 stores by March 2021
Gem Selections, a unit of Khanna Gems Private Limited, is planning to launch 50 stores by March 2021. These new stores would be an amalgamation of company-owned & franchised outlets.
Currently, Gem Selections has 9 offline stores and has launched 8 new ones in this very year, at the Le Meridien Hotel, New Delhi; Janak Puri, New Delhi; Idaho, USA; Paul Street, London; Mathura; Mysore and three stores in Bangalore.
Gem Selections: Offering Authentic Gemstones
Gemstones are precious rocks that are believed to be endowed with healing properties, which bestow the person wearing it with several benefits. They are traditionally used as crystals for enhancing the human spiritual connection in the material world. They vary from diamonds, pearls to garnets. Being one of the vast markets, there are several fraudulent misguiding companies who hand their customers' fake glittering stones in the name of gemstones. But, coming to the rescue, Khanna Gems Private Limited has its in-house retail brand of Gem Selections that guarantees Govt. Lab Certified authentic gemstones.
Being a vertically integrated company, they buy the stones in their rough state and get them cut and polished at their factory in Khambhat, Gujarat. Later, they sell the finished gemstones worldwide to their B2B customers, 409 retail dealers, 723 affiliates, and through their e-commerce websites- Khannagems.com & Gemselections.in, which have the traffic of over 5 million visitors every month.
Gem Selections: Khanna Gems is one of the few brands growing even during the pandemic
Like several other industries, the Gemstones industry too has been affected by COVID-19 severely. The import-export has been highly impacted. But despite all this, the brand predicts growth of 150% in retail sales mainly because of two reasons.
The first one considering the current state of the economy and recession, jobs are being lessened, businesses are shutting down and salaries are being drastically reduced. Due to this, the general level of anxiety and depression among individuals is bound to grow. Due to resulting anxiety, people might consult astrologers who would then recommend them gemstones leading to the overall demand for gemstones increasing. Having 723 affiliate astrologers, recommending Gem Selections gemstones will also contribute to their retail sales.
The second reason is that Khanna Gems Private Limited is the only organized company when it comes to astrological gemstones. They have ties with various financial institutions, and can thus provide gemstones worth Rs 5,000-Rs 15,00,000 on EMI for 5 years. Owing to the liquidity crisis, the majority of the people would want to buy gemstones on EMI, thereby automatically purchasing from this brand.
Keeping in mind the power of reassurance that gemstones have on people, the brand sees this as the best time to open up franchise stores. Mainly due to increased retail sales that would lead to higher franchise sales as well. The market situation being in the current state, the franchisee can negotiate good deals when it comes to rentals and set up costs. Manpower would also be available at reasonable salaries, at this point.
Get Gemstones on EMI
In February 2020, the company made a major deal by being the only company in the country selling gemstones on EMI. This is highly beneficial and an important deal because many companies in India sell jewellery on EMI but there is no company in India that sells gemstones on EMI mainly because the value of gold/silver is standard throughout the country. These are funded by the Banks & NBFCs, considering the worth of Gold / Silver as a token of protection or security.
The value of gemstones cannot be determined so easily and is not fixed on any standard. This is a landmark deal for the brand because to buy gemstones on EMI, Gem Selections is the only option available. Gem Selections is defying the odds with a 500% increase in the sale of Gemstones on EMI during the pandemic.