Intergold jewellery stores across the country are about to do a disappearing act. Rosy Blue group, the parent company of Intergold and Orra Diamonds, is repositioning the existing 22 Intergold outlets across the country as Orra Diamond stores. The new stores will be the vehicle for launching the $1.8 billion global diamonds brand Orra in India.
Explaining the rationale behind this move, Vijay Jain, chief executive officer, Orra Diamonds, said, “Our market research has shown that consumers in India have become very discerning. The diamond market in India has seen a 24 per cent growth last year. So, we decided to launch Orra - an all-diamond brand - to garner a larger share of this growing market.”
Although the company will convert Intergold stores into Orra outlets, it will continue to market the Intergold brand of jewellery in India. “Select Orra stores will continue to stock the Intergold brand along with Nakshatra, the DeBeers brand, with whom we have business synergies,” Jain clarified.
Rosy Blue is among the largest sightholders for Diamond Trading Company (the erstwhile DeBeers).
Intergold has doubled its sales last year and has clocked 68 per cent store-on-store growth over the last two years. The brand has notched up revenues of over Rs 400 crore including exports and domestic sales. The company will invest around Rs 100 crore over the next three years for revamping its retail outlets. It plans to double the number of its outlets over the next three years.
The diamond market in India roughly accounts for 15 per cent of the Rs 40,000-crore jewellery market.
The Orra range has been priced at Rs 5,000 at the entry level and up to Rs 7 lakh for the high-end jewellery.
Intergold was positioned as a more affordable brand in the Rs 3,000 to Rs 2 lakh price band.