Reliance plans to open 300 Reliance Jewels stores

Hyderabad, Mar 7 (UNI) Enlarging its foray into jewellery market, amidst 'gold boom', Reliance today said it planned to open 300 'Reliance Jewels' stores across the country to garner a minimum Rs 10000 crore revenue by 2011-2012.

As organised sector account for a measly three per cent of the Rs 80,000-crore Indian jewellery market, Reliance was offering "lowest" gold price, 100 per cent 'BIS Hall' marked jewels and best diamonds at its speciality store open in Hyderabad with Rs 25 crore investment, the second Reliance jewels store in India, since its launch at Bangalore in November last.

The company, which planned to open more 12 stores in the State in the next three years, was exploring an own-franchise mix to expand its business.

There will be a minimum 100 franchise "Reliance Jewels" outlet over the next three years, each with Rs 15-crore investment. The company had tied-up with 37 gold and diamond jewels manufacturing groups to supply the ornaments for its 300 planned stores.

"Beyond 300 stores, the majority will be franchise outlets", said Bijou Kurien, President and CE of Reliance Lifestyle.

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