Kochi, Oct 24 (UNI) To turn Kerala into a hub of diamond purchase, a leading jewellery shop here today tied up with Dhanalakshmi Bank to launch a new scheme called 'Diamonds For Everyone'.
Inaugurating the scheme, launched by Sunny Diamonds, Ernakulam District Collector A P M Mohammad Haneesh hoped that in the near future, the city of Kochi would boast of its very own 'diamond street', which would attract both tourists and locals alike to shop for the sparkling stone.
Giving details of the scheme, Sunny Diamonds owner P P Sunny said 1anyone could take part in it by investing Rs 5,000 or Rs 1,000 per month through any branch of Dhanalakshmi Bank for 12 or 22 months respectively. At the end of the 13th or 24th month, the participants can take home original Belgium diamond jewellery worth Rs 25,000 (consisting of a diamond pendent with chain and ear ring) or jewellery worth Rs 65,000 (diamond necklace and ear ring) respectively.
The jewellery would have free insurance benefit and 100 per cent money back guarantee, he said.
Sunny Diamonds had deposited Rs five crore for the project. While the participants' deposits would earn about 8.5 per cent to nine per cent interest, another six per cent would be contributed by Sunny Diamonds so that the investors can take back diamond jewellery worth more than the amount they had remitted.
Talking of the growing interest in diamond jewellery in Kerala, he said the sector had seen 300 per cent growth in the last year.
The best quality diamonds could appreciate by as much as 15 per cent every year while a growth of five per cent could be expected for the average quality ones. ''Unlike gold, there is little fluctuation in diamond prices,'' he added.
Stating that there was a good response to Sunny Diamond's initiative to start ''diamond tourism'' in the state, he said the shop was expecting the first batch of 39 tourists on October 28.
With diamond purchase on the upswing in Kerala, the state could hope to have a better representation in the advertising campaigns of the Diamond Trading Corporation (DTC), he said.
On the occasion, Sunny Diamonds also became the first registrant of the 'Grand Kerala Shopping Festival', announced by the District Collector here yesterday. He remitted Rs 20,000 to take the highest category participation in the shopping festival, to be held throughout Kerala from December one to January 15.
Dhanalakshmi Bank General Manager Shreedharankutty and Kochi Deputy Mayor C K Mani Sankar were also present at the function.