Indian Diamond Jewellery Market Is Highly Competitive, Says Dipu Mehta, MD, ORRA

Dipu Mehta, Managing Director, ORRA, says over the years ORRA has been committed to quality, innovation, and customer satisfaction which has earned us a strong market presence and a loyal customer base. As the festive season is around the corner, ORRA is set to embark its journey designed to capitalize on emerging market trends and seize untapped opportunities

How has ORRA Fine Jewellery evolved over the years?

The journey of ORRA began in 1888, evolving from diamond sculpting and manufacturing to becoming a leading name in crafting and retailing the finest diamond and gold Jewellery. Today, ORRA is recognized as one of India’s premier diamond jewellery retail chains, with 95 stores across 40 cities. Always at the forefront of design, leadership, and product innovation, ORRA boasts five global design centers. Our master craftsmen, carrying a rich legacy of Jewellery making, work with the finest Belgian diamonds, creating delicate designs, stunning bridal sets, every day minimalistic designs and the patented 73-facet ORRA Crown Star. Each ORRA store offers a unique shopping experience, truly making ORRA the ultimate destination for diamond Jewellery.

What kind of response are you expecting this festive season?

The upcoming festive season presents a significant opportunity for our business like every year. With increased consumer spending forecasted and a strong preference for jewellery shopping during this time due to festivities and the upcoming wedding season, we anticipate a surge in demand. By leveraging our unique product offerings, exceptional customer service, and strategic marketing initiatives, we are confident in our ability to capitalize on this peak period and achieve substantial growth.

Which range of products will you be focusing on to market this season?

We have launched a special, exquisite festive collection for Dhanteras and Diwali, where we’ve focused on a curated selection designed to resonate with the traditions and aspirations of these two unique festivals. We'll also feature lightweight diamond jewellery that is ideal for everyday wear, appealing to those seeking versatile yet simple pieces. For Diwali, which is centered around gifting and celebration, we have planned a broader range including statement diamond pieces for various festive occasions as well. We will even highlight our men's collection and bridal jewellery, recognizing the wedding season often coincides with Diwali. Overall, we believe this targeted approach will cater to the diverse needs of our customers during this important festive period.

What according to you are the untapped opportunities in the competitive market?

While the Indian diamond jewellery market is highly competitive, there are still significant untapped opportunities for brands like ours. A few areas of growth including:

There is a growing affluent population in Tier II and III cities, who are increasingly seeking premium and luxurious jewellery. Tapping into such markets and consumer segments by expanding our retail presence and offering customized products catering to their preferences has a great potential.

Within the diamond jewellery market, such as antique jewellery or personalized pieces is on the rise. These segments offer unique selling propositions and can attract an additional loyal customer base.

To differentiate ourselves from competitors, we can also focus on creating unique and memorable shopping experience for our customers through experiential retail offerings. We have already initiated this via in-store events, and immersive retail experiences, but there’s potential to do more and build consumer consideration through such experientials

By strategically targeting these areas, we can continue to grow our market share and maintain our position as a leading diamond jewellery brand in India.

Which are your biggest competitors and how do you plan to counter them?

The jewellery market is highly competitive, but ORRA differentiates itself through a customer-centric approach. We offer top notch quality, with a digital platform for bespoke design and expert consultations. We are also working towards building a strong community through exclusive events and online website, fostering deeper engagement with our brand. ORRA's longstanding reputation for exquisite craftsmanship and meticulous quality also remains a cornerstone of our offering. Orra is the only national brand which is completely diamond focused.

What is the kind of target audience you cater to?

ORRA Fine Jewellery's target audience primarily consists of affluent, style-conscious individuals who appreciate high-quality, luxury jewellery. This audience includes both men and women, often in the age group of 25 to 45, who seek exclusivity and sophistication in their jewellery choices. They are typically from Tier 1 and Tier 2 cities, having a refined taste for contemporary yet timeless designs, making them inclined toward products that offer both tradition and innovation. Special occasions, such as weddings, festivals, and personal milestones, play a significant role in their purchasing decisions.

What are the emerging market trends for this season, and do you have the products on offer?

There is a growing demand for minimalistic, everyday-wear jewellery. Consumers, especially millennials and Gen Z, are shifting towards lightweight, affordable luxury jewellery. There is also a preference for jewellery that can be worn daily or on semi-formal occasions, blending fashion with function. Keeping in mind the preferences of the audience, ORRA has launched an exquisite collection - Solis, your go-to brand for minimalistic dainty looks for everyday purposes.

Fusion of tradition and contemporary designs is also another trend emerging, with consumers looking for a blend of modern aesthetics with traditional motifs, especially in the diamond and gold jewellery segments. This fusion caters to a younger audience looking for jewellery that is versatile enough for both traditional and western outfits, offering a seamless blend of past heritage and modern elegance.

How big is the market for traditional designs with a contemporary outlook?

The overall Indian jewellery market was valued at approximately $88.12Bn in 2024, and it's expected to grow at a CAGR of around 6.01 per cent in the coming years. Traditional designs remain a dominant segment, but there is increasing demand for modern interpretations of these designs. Jewellery that combines traditional motifs with modern design elements is becoming more popular, particularly in the fine jewellery and bridal segments. While precise figures for this sub-segment are not widely available, estimates suggest it could make up 20-30 per cent of the overall fine jewellery market

What is your festive collection launch strategy?

With the launch of our new festive collection, ORRA aims to celebrate generational traditions through intricately crafted designs, while also embracing the evolving tastes of our valued customers. In line with the Dhanteras and Diwali tradition of buying Jewellery. This season, customers can explore our classic collections with flexible EMI options and enjoy exclusive festive discounts. Apart from offers, we’re also curating special and exclusive in-store events and activities across select centers, a warm and personalized experience for each consumer.

In fact, the in-store activations at ORRA Fine Jewellery are designed to bring the festive spirit to life while offering an immersive and exclusive experience for customers. These invite-only events, hosted in select markets during key launches and festivals, create a sense of celebration with thoughtfully curated elements. From live demonstrations of jewellery craftsmanship to personal styling sessions, the events engage customers on a deeper level. Complemented by delectable snack offerings, the gatherings foster a lively and interactive atmosphere, where customers can explore the latest collections in a relaxed, engaging setting.

What are your best festive offers? Do you prefer discounts or free gifts?

For the upcoming Dhanteras and Diwali season we are offering exclusive discounts such as flat upto 25 per cent off Diamond Jewellery along with flat 20 per cent off on Diamond Bangles and flat 25 per cent off on making charges of gold jewellery. We also provide exclusive and attractive EMI options at zero cost and 100 per cent exchange value on old gold jewellery.

ORRA's commitment to craftsmanship and elegance is also beautifully showcased through our unique collections, ensuring that every piece tells a unique story of love and celebration. ORRA is known for providing 100 per cent certified jewellery with complimentary insurance and free lifetime maintenance. We offer a lifetime exchange, buyback, a seven-day return policy, and our diamonds are conflict-free. Additionally, ORRA also provides a 6-month upgrade facility, and all its jewellery is BIS Hallmark Certified. So, we’re definitely going all out to make this festive season even merrier for our consumers.