Jhalani, 58, is the founder of Janavi India, a Rs 150 crore business, which sends out some of the biggest orders of luxury shawls across the world. Top luxury brands like Chanel, Dior, Emporio Armani, Burberry, Ferragamo and Fendi source cashmere shawls and lines from her.
The BDB’s green signal on trading indicates that there will be more clarity and transparency in lab-grown diamond transactions, which were not there after the bourse stopped trading in those some five years ago.
Compared to the same quarter last year, the retailer noted a jump in ticket size as casual shoppers have been replaced by serious buyers on the floor amid the pandemic. Window shopping at malls has reduced significantly despite ease in restrictions as fears of contracting the corona virus in public spaces continues to loom large.
Orfilame said various products sold through e-commerce platforms and brick-and-mortar outlets have been found to be fake, the company has said in a newspaper advertisement on Thursday.
The board of BDB is meeting on December 28 to vote on the matter and pave the way for lab-grown diamond manufacturers to participate in trading sessions at its premises.
“We have to wait and see like all other countries that are monitoring the developments. The UK has put a lot of travel restrictions,” said Vipul Shah, managing director of diamond exporting firm Asian Star. “There have been a lot of travel restrictions and, hopefully, the outburst of this new strain of virus will be contained within the UK.
Pooja Sheth, managing director and founder of Limelight Lab Grown Diamonds, said India, having the world’s largest millennial population of 410 mn, is also now becoming the most attractive for CVD diamond studded jewellery.
Though the company has witnessed a decline in average purchase basket after pandemic, Oriflame expects its overall turnover to increase, helped by the increase in its sales partners.
Fashion retailers said their online sales during the pandemic received a kind of five-year boost in terms of sales and many expect it to plateau as the new consumer trend. “Fashion as an industry has bounced back to pre-Covid level as it gives feel-good factor at a low price point than any big ticket size item such as travel in pre-Covid times,” said Amar Nagaram, chief executive of Myntra.
Flipkart and Myntra together control about 70% of the online market share in the country. Myntra sells over 3000 fashion and lifestyle brands such as Wrangler, Arrow, Diesel and H&M on its marketplace.
The exporters said that demand for the Chinese New Year is expected to come in shortly. The Chinese New Year in 2021 falls on February 12. This year, the diamond sales were affected during the New Year in China due to the outbreak of coronavirus.
Jain said the year 2020 began on a strong note, however, the second quarter (April-June) was a complete washout due to nationwide lockdown imposed by the government to curb the spread of the pandemic.