It is Diwali time in India and all Indian homes are beautifully adorned with lightings, garlands, diyas (lamps) and lanterns (Ah! The bright, twinkling sight in the evenings is just awesome!). What adds to this festive season is the joy of buying new clothes, home appliances, properties and…..did we miss out anything? Oh yes, GOLD!
28October marks this year’s Dhanteras and people have already started crowding jewellery showrooms to invite Goddess Lakshmi (Goddess of wealth and prosperity) to their homes. Acknowledging this as the perfect time for promotions, Indian online jeweller Bluestone has come up with a very innovative way of celebrating Diwali with us- by offering gold coins through Automatic Teller Machines (ATMs)! The jeweller has started this mechanism in a Bengaluru ATM and is likely to stretch this idea to other cities soon.
In place of green INR notes, the Bengaluru ATM dispenses gold coins weighing from 1gm to 20gms. All you have to do is- use the machine like a regular ATM and deposit money into it; either hard cash or through debit/credit card. The machine then dispenses gold coins along with a certificate declaring its genuineness and purity. Value of these gold coins are no different from the current rate in the market (convenient and exciting for the ‘stuck-in-the-office’ folks, right?).
“This Diwali we may have ATMs that dispense gold coins, thanks to Ratan Tata-backed online Jeweller Bluestone”
Bluestone says that it is presently enjoying a massive, positive response in Bengaluru. This, according to the jeweller, was an experiment to reach out to the general Indian crowd who are a bit hesitant to shop expensive, luxury jewellery online. The company, established in 2011, hosts 5,000 listings and hopes to have a total of 30,000 listings in the next four years. It expects its revenues to surge to INR 1,000 crore by the year 2018. Presently, the Indian Jewellery market is valued at around USD 60bn and is dominated by the offline segment. The online segment accounts for only USD 50mn to USD 100mn. This means that online player Bluestone’s rivals are the offline biggies like Tanishq, Malabar Gold and Diamonds, Bhima, Tribhovandas Bimji Zaveri, and Kalyan. Tanishq, the largest Indian jewellery retailer, alone accounts for USD 5bn of the offline segment.
In order to fight these industry giants, Bluestone is ceaselessly taking efforts to stand out of the crowd and yet look appealing and credible to the customers…. After all, it’s gold they are dealing with. To offer the ‘touch-feel-&-judge’ experience to its customers, Bluestone introduced the Home Try-On service, attracting 150 to 200 customers a month. It also offers customised/personalised jewellery pieces and has full cash-back policy. It is reported that almost 50,000 people have already shopped at Bluestone.com.
Looks like this jewellery brand is going to bring some really interesting changes in the jewellery market in India and we can’t wait to see what more it has got to offer us. Let’s hope the gold-coin-dispensing-ATMs come near our homes before the festive season ends.