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Major Players in the Jewelery Market

Of late, some of the world's biggest names in the jewelery and luxury items such as watches and cuff-links are making inquiries to set up shop in India. Multi-national jewelery brands such as Tiffany, Cartier, Zales and Harry Winston are all said to be interested in coming here following the Government's decision to allow foreign direct investment of up to 51 per cent in single brand retail stores. Most of these stores have been sourcing cut and polished diamond and gold items from Indian firms. Now they are making inquiries for possible tie-ups in India.

Other existing and new foreign players are drawing plans for expansion and launch of their operations in India:

  • De Beers has got permission to survey for diamonds in Jharkhand,
  • Italian luxury silverware manufacturer, Greggio Argento, will set up two exclusive stores in Mumbai and Delhi within the next three months, through a marketing tie-up with Gitanjali Lifestyle – a subsidiary of Gitanjali Gems.
  • Swarovski, the global crystal goods manufacturer and marketer, is on an expansion spree in India and hopes to achieve 5 to 10 per cent of the global turnovers from the country in the next ten years. The company plans to set up 30 stores by 2009, from the current 13.
  • Damas India, part of one of the largest jewelery retail outlets in the world, is adding 16 new stores to its present dozen stores in India.

Simultaneously, domestic players are also drawing aggressive plans:

  • Shrenuj & Company Ltd has acquired 84.6 per cent stake in the US-based jewelery distributor Simon Golub & Sons Inc for US$ 22.7 million.
  • Kerala-based jeweller Malabar Gold will spend US$ 48 million over the next year in order to expand its presence in southern India as well as abroad.
  • Gitanjali Gems Ltd, a Mumbai-based jeweller, has incorporated a wholly-owned subsidiary in Dubai, Gitanjali Ventures DMCC, whose main activity is trading in diamonds, precious stones, diamond jewelery and pearls.
  • Also, the Gitanjali Group has announced its foray into the luxury retail market through a new entity ‘Luxury Connexions'. The company will invest US$ 24.5 million over three years to set up luxury malls in eight leading cities across the country.

Two new special economic zones (SEZs) for gems and jewelery are to come up at Goregaon and Dhulia, both in Maharashtra. Also, the state-run Minerals and Metals Trading Corp. (MMTC), plans to establish a gems and jewelery special economic zone (SEZ) in partnership with a private company

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