The entry of new players into the jewellery market in the Kerala, which has the biggest jewellery retailers in the country, has raked up a controversy with the new players allegedly using religious identity and symbols to increase their market share. The All Kerala Gold and Silver Merchants Association (AKGSMA), a body of around 12,000 traders in Kerala, said the trend of openly using religion to sell products would set a bad precedent in a State like Kerala.
“These players source investment from the members of a particular religion who do not believe in claiming interest for their investment in commercial banks, and return their investment with a certain percentage of the guaranteed dividend earned from the business,” said S. Abdul Nassar, State treasurer of the AKGSMA. Further, they use religious identities in their shops for which they get considerable patronage from a section of religious scholars from this community,” said Mr. Nasser.
