He left an hassle-free job in investment banking to become CEO of erstwhile InterGold, a jewelry store chain of global giant Rosy Blue Group, a $2-billion Belgium-based company. This was 2002. In 2004, he established a completely new brand Orra, which currently has 30 stores across 20 cities. The company also plans to focus on larger format, 1500 sq ft to 3000 sq ft, anchor showrooms (European interiors with Indian hospitality) this year.

The first anchor showroom was inaugurated in Hyderabad, followed by Mumbai. The third showroom is all set to come up in Delhi in March or April this year. With tie-ups with three big organisations — DTC (DeBeers), PGI (Platinum Guild India) and World Gold Council, Orra has design centres in New York, Antwerp, Hong Kong, Tokyo and Mumbai.

Meet the man behind this all. In this exclusive chat with GJEPC.ORG, Vijay Jain speaks about women’s ever-increasing love for diamonds and its constantly rising demand in India.

What is your opinion on the preference for diamond-studded jewelry in India? Is it just a passing phase or its going to remain for quite sometime now?

I don’t believe that the preference for diamonds is just another phase or a craze. Diamonds have become a part of social norms. Diamonds are now an integral part of all Indian functions and occasions including weddings. And diamonds are a woman's best friend, so this preference will last forever.

Do you really feel that since there’s an unprecedented hike in gold prices, buyers have suddenly shifted towards buying diamonds?

I would say that while the preference for diamonds can be credited to a miniscule extent to the hike in gold prices, the preference for diamonds is more due to volatility as prices of diamonds are more stable. But with the downturn there is a drop in sales.

Despite the gobal recession, in India the online sales of diamonds are doing quite well. What is your opinion about it?

I feel that online sale of diamonds is doing well only for the small price point segments. ORRA does not sell online. But people in India still prefer experiencing their jewelry first hand, which is why it will take some time before online sales increases in the country.

Of all the places, diamonds seem to be selling very well down south especially in places like Hyderabad and Kochi. What is your take on this?

The reason for this can particularly be remittance of currency from abroad as most of the people there work in the Gulf and Middle East. Another reason could also be the population, which has increased considerably due to the growth of the IT sector in Hyderabad. But with people quitting jobs and coming back to the country and also the slowdown in the IT sector, these cities will now see a drop in sales.

Which are the other cities likely to do well as far as diamond-studded jewelry is concerned?

I feel that North, South and the West will do well this year. According to apanews.net, Zimbabwe has invited proposals from foreign companies wishing to partner the government in developing diamond mining claims near the country's border with Mozambique, President Robert Mugabe said.

He said the government was seeking partners from "friendly countries" to develop the vast Chiadzwa diamond claim which triggered a "diamond rush" over the past three years as illegal miners and smugglers moved into the area in the eastern Manicaland province.

"We would want to get a reputed diamond mining company from a friendly country to partner our mining development corporation in this venture," Mugabe said.

The illegal mining and smuggling at Chiadzwa allegedly deprived Zimbabwe of revenue worth US$1.2 billion every month, according to Reserve Bank of Zimbabwe estimates.

Mugabe said his government was currently studying some of the proposals already submitted by some potential investors. He also announced that Zimbabwe was exploring ways of boosting its power generation capacity in the face of rampant electricity shortages.

Some of the considerations being pursued included construction of more hydropower plants or refurbishment of existing facilities. Zimbabwe has battled power shortages since its economic crisis started in 2000 and has relied on imports from neighbouring countries for more than 45 percent of its electricity needs.

Courtesy: www.gjepc.org