Move over gold. All that glitters is now more of diamond than gold. Over past decade or so diamond jewelry has carved out a niche for itself, and now the niche is expanding like never before.
Brands like Nakshatra and Asmi now have pan-Indian presence, and the range spreads from economically priced to high priced. Both the brands are owned by Gitanjali Group, which also has Gili and Sangini under its stable.
As the retail fever gradually gains momentum in the country, which is readily visible in big cities, brand owners of end-solution products are jockeying to position themselves. Gitanjali Group too is planning likewise.
Axis, the retail mall being built by Peerless Housing at New Town has attracted large retail groups like Reliance, Pyramid and Globus. Now Gitanjali plans to take on lease 85,000 sq ft of space there for its diamond and lifestyle mall.
Considering the niche it is in, that’s a big area indeed. But then Gitanjali will offer not only its own brands, but also some 40 other brands including the international diamond and luxury brands like Nina Ricci, Iris and Greggio.
But mall is not the thing on Gitanjali’s radar. The group also plans to shortly commence a jewelry manufacturing facility, and a design and training institute near Kolkata. All together, the investment is pegged at about Rs.400 crore.
Brand ambassador Aishwarya Rai unveiling Nakshatra collections