Muthoot Group ties up with Sunny Diamonds

Kochi, Apr 8 (UNI) Financial services provider Muthoot Group today announced a tie-up with Kerala-based importer of Belgium Diamonds, Sunny Diamonds, for easy loan and finance for diamonds.

Addressing a press conference here, Muthoot Group Managing Director George Alexander Muthoot and Sunny Diamonds CEO P P Sunny said that Muthoot, a Rs 20,000 crore turnover group, will now onwards accept Sunny Diamonds jewellery as security for giving loans.

Also, as a special 'Vishu' offer, the Muthoot Group announced a special diamond purchase scheme for the holders of its electronic MPower Card, wherein a one-month interest-free credit will be given for diamonds purchased from Sunny Diamonds.

The balance instalments can be paid back on a monthly basis at a flat interest rate of 7.5 per cent or 15 per cent diminishing rate.

The maximum loan amount is Rs 300,000 and the repayment period would be one to two years, Mr George Alexander said.

Assistant Commissioner of Customs, Nedumbaserry Airport, Mr Chandrashekhar received the first MPower Card under the scheme.

Mr Sunny said his company was the only authorized importer of Belgium diamonds in Kerala.

Stating that the young college and professional girls were turning towards diamond jewellery in preference to gold, Mr Sunny said it was his target to convert 30 per cent of the gold customers to diamond purchasers.

To this end, his company, which had an exclusive showroom in Kochi, had started a special scheme called ''Diamond for Everyone'', under which a gold chain with a diamond pendent, earings and ring were given for Rs 25,000 in collaboration with Dhanlakshmi Bank.

The company was also in the forefront of promoting Kochi as a ''diamond hub'', especially for tourists and had started ''diamond tour packages'' Next year, Sunny Diamonds planned to open 'diamond tourist offices' in the UK and Germany, under which customers buying Sunny Diamond jewellery in these countries would get return tickets and a seven-night stay in a Kerala resort for free.

UNI ARC DK1405