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Jewelry sector to dazzle with Reliance presence
Feb '08
After proving its worth in almost all aspects of life, Reliance Industries Limited, has decided to foray into one of the most traditional but lucrative gold jewelry market worth nearly Rs800 billion which is growing at a rate of 10 to 15 percent a year.

Reliance Retail Limited through its jewelry specialty store, Reliance jewels, aims to capture 10 percent of the highly profitable jewelry segment, in which organized retail has just a 3 percent share.

Mr Ashok Kaul, Business Head and Vice President, Reliance Jewels, in an exclusive interview, with Fibre2fashion, told, “We will cater to domestic customers only, as one-fourth consumption of gold across the world is done in India.”

The first stand-alone store of Reliance jewels in Bangalore registered sales beyond company's expectation. In order to grab the projected market share, Reliance Jewels plans to add 300 more jewelry shops across India within the next 3 years.

Further Mr Kaul divulged, “We manufacture fine jewelries made of gold, diamond & platinum. For this purpose we have our in-house production team who will be creating new designs of jewelries. However, partly we will be sourcing from vendors too.”

The Reliance business head seemed so confident when he said, “Our diamond jewelleries will be hallmarked and be certified by an International Labarotary, which no other company has till now. I can assure you, we offer high quality and exquisitely designed gold and diamond jewelleries. Competitive pricing and strong values are our unique selling proposition."

Value added services will be customized jewellery design and purity assurance, the main focus for making our customer base stronger."

"The customer today is very intelligent. What they require, is a good shopping environment coupled with a brand name, and we are going to offer them the same.” a smiling Mr Kaul concluded.

Fibre2fashion News Desk - India

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