Su-Raj Diamonds arm to step up retail presence

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Forever Precious Jewellery and Diamonds, part of the Su-Raj Diamonds group, is targeting "substantial growth" and reaching a turnover of Rs 500 crore within two years from Rs 150 crore currently, by expanding its B2B clientele and stepping up its retail presence.

The company, which supplies gold, diamond and gem-stone jewellery to over 100 outlets in the country such as Tanishq, Khazana, Alukkas, Vummidi and GRT, is looking at 500 clients by the end of this fiscal. It is also eyeing a foray into the East and is looking at Kolkata, Bhubaneshwar and Guwahati.

Primarily an operator in the B2B segment, Forever Jewellery ventured into retail last year by tying up with Pantaloon's Big Bazaar.

Forever Precious' jewellery is sold at its exclusive Gold Bazaar outlets in Big Bazaar. There are 12 such outlets across Bangalore, Mumbai, Ahmedabad, Nagpur, Hyderabad and Gurgaon. The company plans to add 12 more this fiscal in centres such as Mumbai, Nashik and Mangalore. "We plan to have 40 stores by 2007-08," said Mr Jai Begani, Managing Director, Forever Precious.

According to Mr Prabhakar Parshi, Regional Manager (South & East), Forever Precious: "The tie-up with Pantaloon has given us a good retail exposure and a database of customers. Even if we get 5 per cent of the walk-ins into Big Bazaar, it translates into good mileage for us. Of course, its too early to comment on contributions to sales."

The company will invest Rs 30 crore on its plans for this fiscal.

As a marketing initiative, Forever Precious has associated itself with the ongoing road show organised by the World Gold Council and the Diamond Trading Corporation. The company is one of the sponsors of the show, which was kicked off on July 17 in Mumbai. The show, which will travel all across the country, ends on August 22. "The road show is for promoting unity among the jewellery fraternity and inviting jewellers from across the country for an All-India jewellery festival to be held in September," said Mr Parshi.

Taken from Business Line

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