High-end items' sales low at jewellery fair

The Bangladesh Jeweller's Association (Bajus) Fair yesterday attracted a large number of visitors with small ornaments of new designs, discounts, and various offers made ahead of Valentine's Day.

However, bigger or pricier ornaments were sold in a very small volume at the fair due to the high price of gold and the dire condition of the economy, said businessmen.

"Most of the customers are purchasing small and low-priced jewellery, so none of the participants expect high sales in the fair. We are here just to connect with the people and advertise our products," said Gazi Nazmeen Islam, director of Amin Jewellers, told The Business Standard.

Dr Dilip Roy, former president of the Bajus, told TBS that the high price of gold and the bad economic condition might be discouraging people to make bigger purchases.

Royal Malabar Jewellery General Manager Opu Ashraf told TBS, "People now want to save more than spend during this choking economic conditions. Besides, people often just come to visit a fair and see new products, which they might buy later."

Anwar Hossain, sales executive of Diamond Bazaar, said, "Small items like women's rings and nosepins are in high demand. Most of the customers, including young couples, are purchasing those items as a gift for the upcoming Valentine's Day."

Despite the low sales of big ornaments, participants termed the three-day jewellery exhibition as a successful event due to the large number of visitors and enthusiastic customer response.

"People have been thronging to the fair from the first day. They were seeing the products and buying if they like. We can say it is successful," said Amin Jewellers Director Gazi Nazmeen Islam.

"To attract customers, we have brought new collections of jewellery with local and foreign designs. We are providing up to 60% discount on the making charge of gold and 35% on the diamond jewellery," she added.

Tanjia Afrin, an employee of a firm, came to the fair with her husband and bought a diamond ring and a gold bracelet. She told TBS, "We have bought ornaments as special gifts for each other to celebrate Valentine's Day. We have come to this fair as the jewellery shops are giving discounts and making many other offers."

Subrata Saha, a businessman visiting the fair, said, "I have come with my wife to buy a nosepin and a ring for her. It saves my time and energy as there are many stalls in one place.

Meanwhile, a number of customers expressed dissatisfaction over the discounts offered for big jewellery.

Imdadul Huq, a visitor at the fair, said, "I came to buy a necklace, thinking that the price will be reasonable, but I have not found anything I like yet. Most businessmen offer discounts only on the making charges. If I get a discount on the overall price of the product, then I will buy it."

Around 50 jewellery companies are participating in the fair which is open from 10 am to 9 pm at the International Convention City Bashundhara (ICCB).