Gems & Jewelry Export Promotion Council (GJEPC) informed that the $180 million jewellery chain Verigold will invest Rs.1 billion in the country over the coming year.
The New York-based jeweller Verigold currently outsources its products from its manufacturing facilities in India.
Part of the investment, however, will also be devoted towards its foray in the home furnishing market.
The news comes within a fortnight of the Indian government announcing its decision to allow 51 per cent foreign direct investment in single brand outlets.
Gems & Jewelry Export Promotion Council
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