Gitanjali Gems announces new retailing initiatives
Mumbai, May 2 (UNI) Gitanjali Gems Ltd,leading diamond and jewellery manufacturing company today announced major expansion plans in retail through multi branded exclusive stores based on four new formats across the country.
Addressing a press conference here, Gitanjali group chairman Mehul Choksi said his company will undertake its new initiatives through its division Gitanjali Retail Venture (GRV) for fundamentally improving the jewellery purchasing experience of the Indian consumer by increasing transperancy and enhancing credibility.
''The four formats are -Giantti, Gitanjali Signature, Gitanjali Exclusive and independent brand outlets, based on varying consumer profiles and product mix,'' Mr Choksi said.
He said, ranging from 250 to 5000 sq.ft, these stores would be a mix of company owned and franchised outlets and would cater to aspirational, occasion, value and impulse jewellery purchase respectively.
This retail thrust would be supported by the jewellery sector's first dedicated retail fund -''Infinity'' with a corpus of Rs 50 crore. It aims to bring global best practices to assist India's 300,000 jewellery retail outlets, build consumer confidence and customer satisfaction,thereby giving th entire Rs 100,000 crore jewellery retail industry a significant boost.
Another initiative called ''EzeeDiamond''-an online and onground venture aimed at integrating the retailing of loose diamonds with a transparent issue of its price list,thus creating a new diamond index, was announced.
Gitanjali Gems will also take the lead in creating and offering a new benchmark,''Tiesa-The Preferred Jewellers of India'', which is aimed at building consumer confidence of jewellery retail outlets.
Gitanjali Gems also unveiled two new collections; the ornate Nizam Royal collection and the contemporary Ritu Beri collection.
Mr Choksi said the retail industry comprises 12 million outlets but only three per cent is organised. He said Rs 20,000 crore investment is in the pipeline for retail infrastructure.
UNI MR PP AW1730