Date:30/05/2006 URL: http://www.thehindubusinessline.com/2006/05/30/stories/2006053003210300.htm

Back Gitanjali plans retail push for diamonds

Sravanthi Challapalli

Chennai , May 29

The Gitanjali Group, a major player in the branded jewellery market, has drawn up plans for exclusive retail ventures. It is also launching an EzeeDiamonds scheme to allow people to invest in diamonds.

Speaking to Business Line, Mr Anuj Rakyan, Vice-President, Gitanjali Group, said the company would roll out the EzeeDiamonds through distributors to retailers. Diamonds are as much a commodity as gold but consumers know little about the prices and their liquidity, he said.

Transparent pricing

To make pricing transparent and provide consumers with a benchmark, it would publish a price chart of diamonds every fortnight in the newspapers. Consumers could use the certified and sealed diamonds for gifting or investment, or for their own use. If they return the diamonds to the retailer for cash, they will get their money back within a week, he said. The retailers who would offer the EzeeDiamonds scheme could range from lifestyle stores to gift stores to sari stores.

By end-2006, Gitanjali aims to set up ten stores to exclusively retail its jewellery brands - Gili, D'damas, Nakshatra, Asmi and Sangini. It has set up Gitanjali Retail Ventures and its Infinity Fund will finance 50 per cent of the inventory as its contribution to the franchisee's investment, apart from management and marketing knowhow, Mr Rakyan said. Some of these retail stores would be owned and operated by the company, he added.

Gitanjali will also soon launch a new collection of international brands called Desire, which would include real and costume jewellery, watches and accessories from some of the biggest brands in the world, Mr Rakyan said.