Jewelry Malls: The New Glitterati

The Cotton Exchange building in Jhaveri Bazaar, Mumbai is set to undergo a makeover and emerge as the bejeweled ‘Jewel World’. This is keeping with the emerging trend of specialty malls. The first in the specialty category are the jewelry malls with the latest additions coming up in Mumbai, the commercial capital of the country.

Jewel World mall, a joint venture of Vardhaman Dev elopers and Bherumal Shamandas, will bring access to seventy names from the domestic and international market for the Indian customer.  On completion, this Rs 350 million project will house an Rs 2000 billion gold and diamond jewelry market spread over eight floors. Apart from the high security the mall will include a locker system in the basement.

Another possible entrant in the field is Gitanjali Gems who are looking forward to launching the Gitanjali Lifestyle brand retail spaces across the country. Shivaji Park is being considered as a location in Mumbai.

Dubai to India: Gold Souk mega malls from Aerens were among the pioneers of introducing the concept of specialty malls in India. With India ranking as the largest consumer of gold in the world there business was attractive. With traditional jewelry markets often presenting themselves as comfort-deprived shopper’s nightmare the jewelry mall had scope. Taking a leaf out of Dubai’s specialty malls and developing it further to include international jewelry brands, high end designer wares to introduce variety had the concept on the roll.

The Mall Crawl: Apart from jewelry malls, medical, apparel and lifestyle products are the other concepts being worked out for specialty malls. Targeting the increasing disposable incomes, consumerist lifestyles the large format retail trend is not only here to stay but is also growing at a burgeoning pace.

The shopping mall experience is not new to the Mumbai residents. There is already a range existing across the busy metro’s landscape. The mall culture offers security, variety, hospitality and comfort to both those in a hurry or for a family experience. Malls are now the new urban community spaces with specialty malls catering to the elite and eclectic.