GJF, India to Organize Massive Jewelry Shopping Festival

The All India Gems and Jewellery Trade Federation (GJF) has announced the launch of Lucky Lakshmi, a 45-day countrywide jewelry shopping festival. The event, which will be held from September 22 to November 6, is expected to be one of the largest organized jewelry promotions worldwide.

The 45-day period covers 14 major Indian festivals that have traditionally been associated with the purchase of jewelry, including the most important, Diwali. During the festival there will be an intense promotional drive including advertising in the mass media and special point of sales publicity drives,

The festival, which has been dubbed Lucky Lakshmi (Lakshmi is a Hindu goddess of wealth and plenitude), is being launched at a time when the rising prices of gold have affected trade, with many jewelers reporting a slowdown in sales during the first half of the current year. At a meeting in Mumbai, the vice president of the GJF, Ashok Minawala exhorted the assembled jewelers to unite and boost the promotion of jewelry to better compete with the massive promotional and festival offers used to attract the consumer in other luxury and up market product groups.

During the festival, which has a promotional budget of over Rs 120 million ($2,563,828), prizes of Rs 50 million ($1,068,261) are up for grabs. Jewelers who enroll in the festival will be entitled to give all buyers who spend over Rs 3,000 ($64) coupons making them eligible for two schemes – a Scratch and Win offer with surprise on-the-spot gifts, totally valued at Rs 2.5 million ($53,413) worth of diamonds and an equal value of gold, as well as a contest-cum-lucky draw with a first prize winner being awarded 5 kilograms (11 lb) of gold and four other winners who will win 1 kilogram (2.2 lb) of gold each.

The festival is jointly supported by the Diamond Trading Corporation (DTC) and the World Gold Council (WGC).  

Formed in 2005, the GJF wants to unite over 3000 Indian jewelers to participate in the festival. During the first phase of the program, the trade body has organized 55 road shows in major cities and towns across India to encourage jewelers / retailers to participate. The campaign kicked off at two widely attended road shows held in Mumbai and Thane earlier this week.