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Niche global jewelry brands eye Indian markets

17
Mar '06
Leading international jewelry brands are making their way into Indian markets, seeking to make profits from its jewelry-crazy citizens.

Major brands including Tiffany, Cartier, Harry Winston and Zales are all showing keen interest after the Government decided to permit upto 51 percent of foreign direct investment for single brand retail outlets.

These brands were earlier importing cut and polished diamonds as well as gold products from Indian companies, and now want to know about business opportunities here.

India is one of the biggest markets with middle-class population ranging over 300 million.

Experts at business intelligence and consultancy firm McKinsey anticipate that the branded jewellery market in India will touch Rs1000 crore mark or US $2.28 billion by 2010.


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