Mumbai: “Jewellery retailer and manufacturer Gitanjali Gems Ltd will extend its product range beyond gold and diamonds in order to cater to a wider category of consumers and boost sales,” an official said.
According to company’s jewellery and retail head R.K Menon: “The company is all set to launch a new range of jewellery and fashion accessories made from silver, alternate metals such as steel, combination of leather, metals and other precious stones.”
Earlier the company launched its ‘Rivaaz’ brand of gold jewellery which is studded with cubic zirconia (CZ) stones, often used as a cheaper simulant for diamond.
“The Indian market for CZ jewellery was estimated at 700-800 million rupees per year, and currently has four players,” he said.
The company would source the artificial stones from Signity, a subsidiary of gemstones seller Swarovski.
“We would be importing from their unit in south-east Asia but are also talking to them to set up a unit in one of Gitanjali’s special economic zones and that can be used for our captive purpose,” he said.
Gitanjali was looking at sales of 150-200 million rupees from its ‘Rivaaz’ brand by March through 1,500 outlets in 650 cities and towns across India. The company shares ended 1.7% higher at Rs239.80 in the Mumbai market.