In what was, through the afternoon, referred to as a “game-changer”, Muthoot Exim and Divine Solitaires announced the launch of their new initiative at a press conference held in Mumbai today. The two well-known entities in  their respective areas – gold products and diamond solitaires – are introducing ”Swarnavarsham Diamond Jewellery” for the middle and lower income segments of society in the country.

The first product  to be introduced is a solitaire ring with a 14 cent, EF colour VVS clarity Divine Solitaire Pratham  diamond set in a 18-kt gold band, for approximately Rs. 23,000 (at today’s gold rate). The rate will vary both according to the prevailing gold price at the time of purchase as well as depending upon the size of the band.    

Muthoot Exim, not too long back, launched its affordable gold jewellery brand, Swarnavarsham, which has been very well-received and already sold one ton -- or 1000 kgs -- worth of jewellery with an average weight of 4 gms.

“We perceived a desire amongst the lower income segments in urban and semi-urban areas to own a piece of diamond jewellery,” explains Keyur Shah, CEO, Muthoot Precious Metals Division.  “However, for a variety of reasons – whether price points, lack of transparency in buying etc, they were hesitant to do so. That is when we decided to tie up with a company like Divine Solitaires and make it possible for them to own a piece of diamond jewellery.”

Remarking that there is a great change coming over India and that consumers, both in urban and rural areas demand both quality and transparency when buying a product, Jignesh Mehta, Founder and Managing Director of Divine Solitaires went on to explain the various aspects which together are the mark of the unique Divine Solitaire.

“After doing extensive market research, we create a price list every month,” says Mehta. “All across India, our diamonds are sold on the basis of this price list. We also grade every diamond on the basis of 123 parameters and only after fulfilling all the criteria, can a diamond be considered a Divine Solitaire. We also have a buyback policy and consumers can return their diamonds at 90% of the prevailing price at the time they sell it back.”

Mehta adds that the introduction of the new product with Divine Solitaires’ Pratham diamonds will bring about a “big transformational change across the country” as consumers will have access to diamond jewellery at prices never before available to them.

Moreover, the Swarnavarsham Diamond Jewellery, like its gold counterpart comes in tamperproof packaging.

Hitesh Mehta of H. Dipak,   and a Director of Divine Solitaires said: “The marriage between the Muthoot Group and Divine Solitaires is going to be a game-changer. It will take diamond jewellery to the remotest corners of India. Muthoot’s retail network and knowledge together with Divine Solitaires’ guarantee of price and quality is a unique proposition.”

“Diamonds are forever and every Indian desires to own them but many feel that it’s a luxury beyond reach,” commented Thomas Muthoot, Executive Director, Muthoot Pappachan Group. “In a pioneering initiative, the Muthoot Pappachan Group Company Muthoot Exim Pvt Ltd., is now introducing an innovative offering – Swarnavarsham Diamond Jewellery with Divine Solitaires’ Pratham diamonds, which enable customers to purchase assured high quality diamond jewellery through easy monthly payments. We want to make quality diamonds affordable and within the reach of every Indian. Our focus is to empower underprivileged sections of society to buy and own diamonds and realise their dreams. The Swarnavarsham Jewellery with Divine Solitaires’ Pratham diamonds will be available initially at 76 branches of Muthoot Fincorp Ltd across nine cities.’’

Muthoot has also worked out finance packages whereby customers can make a down payment of 15%-20% of the value of the jewellery and then pay in instalments.

After the initial roll-out, and depending on the response, Swarnavarsham Diamond Jewellery could be extended to other products like earrings, noserings etc. 

Pic Cap:   (L-R):   Thomas Muthoot (Executive Director, Muthoot Pappachan Group),   Keyur Shah (CEO, Muthoot Precious Metals Division), Mr. Jignesh Mehta (Founder & MD, Divine Solitaires), Shailen Mehta ( Co-founder and Director, Divine Solitaires) and  Hitesh Mehta (Director, Divine Solitaires) and   at the launch of the Swarnavarsham Diamond Jewellery by