Reliance Retail plans to ramp up jewellery subsidiary

NEW DELHI: Aiming at becoming a leading player in the estimated Rs 4,000-crore Indian branded gems and jewellery market, Reliance Jewels is planning ramp up presence with 20-25 new stores during this fiscal.

The company, a jewellery retail format of Reliance Retail, is keen to tap the markets in both major metros and smaller Tier II cities and has lined up a portfolio of over 20,000 designs in gold, diamond and bridal ranges.

"After a temporary downturn, the market is again moving upswing and we see lot of potential in the branded jewellery business. We have finalised a network-enhancement plan under which we plan to open 20-25 new Reliance Jewels outlets by March 2010," Reliance Retail Business Head and Vice-President (Jewellery) Ashok Kaul told reporters here.

He, however, refused to disclose the company's investment plans.

"Only four per cent of the estimated Rs 1,00,000-crore Indian jewellery market in India is organised. It offers immense potential for the few national players and we want to tap this by having a mix of correct merchandising, pricing and location," Kaul said.

Reliance Jewels has currently 12 outlets across the country, including nine standalone stores and three shop-in-shops.