New Delhi: State-run MMTC Ltd, the country’s biggest importer of gold, will be entering the rapidly-growing fashion jewellery market in joint venture with large retail chains which have showrooms in malls and prominent locations across the country.
MMTC, which sells the Sanchi brand of silverware, medallions and jewellery, has invited bids for the proposed joint venture from jewellery retailers with an annual turnover of Rs500 crore, sources said.
According to the bid conditions, the joint venture partner must have showrooms in at least 25 locations in the country and its net worth should be above Rs100 crore. The joint venture will sell Bureau of Indian Standards hallmarked gold jewellery, Sanchi silverware, gold and silver medallions.
MMTC is already selling silverware and gold through dealers and its own outlets.
With organised retail growing at a rate of more than 30% per annum and mushrooming of the malls, the market for fashion jewellery is set to grow manifold. MMTC, having already established its brand image in the gold trade, wants to corner a significant share of it.