Salem based AVR Swarnamahal Jewellers has inducted its 5th Generation as Directors in the company. The ceremony was conducted at the company’s sprawling showroom at Swarnapuri in Salem, Tamil Nadu.
In a traditional way, the senior members of the family led by Thiru. AB Sudarsanam, Chairman, Thiru. ABS Sanjjay, Managing Director, Tmt. Suganthi Sudarsanam, Director, and Tmt. Soumya Sanjjay, Director, handed over the “Sengol” to AVR Siddhanth and AVR Shree Saman as a mark of transfer of powers.
Trained at GIA, USA, Siddhanth joined the company when he was 19 years old. His singular iconic achievement has been the launch of a new, path-breaking silver jewellery brand, “Vendi”.
AVR Jewellers started its first store in the 1930s at the quaint, temple town of Kumbakonam in Tamil Nadu. Over the last 95 years, the company has endeared lakhs of customers across India and the world over with its traditional designs blended with contemporary styles offered at affordable prices with exemplary customer experience.
The company operates 18 franchise-invested as well as its own showrooms across Tamil Nadu, Puducherry and Bangalore city. In 2022, the company opened its flagship store in Chennai.
From a single store established by Thiru. AB Sudarsanam over three decades ago at Salem, the company has rapidly increased its footprint under the leadership of Thiru. ABS Sanjjay along with his able set of advisors. The company is said to be planning an IPO in the coming years and has a reported turonver of Rs. 2,000 Cr annually.
The jewellery industry contributes to around 7% of India’s GDP and employs over 50 lakh people. In 2021, Indians bought 611 tonnes of gold jewellery, second in the world only to the Chinese (673 tonnes), according to a report released by the World Gold Council in Jan. 2023.
The estimated market size of jewellery in India is said to be Rs. 62,757 Cr (USD 76.77 bn). There are an estimated 130,200 jewellers in India, who sell BIS hallmark jewellery products.