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Tuesday, 29th March 2005 (6399 views)

Signity, a jeweller based in Switzerland, has announced it is moving into the Indian jewellery market.<br/><br/>The company has approached the Foreign Investment Promotion Board (FIPB) and looked into setting up a subsidiary to carry out wholesale cash and carry trading in various jewellery items, including gemstones, cubic zirconia and components.<br/><br/>Signity is looking into the new business venture as a result of continued growth in the jewellery sector, according to the Business Standard.<br/><br/>A liaison office for the firm is already open in India and Signity is a joint venture between Swarovski International and Golay Buchel.<br/><br/>According to sources close to the company, the Indian plans are part of an expansion initiative at the firm, with Indian jewellery wholesalers and manufacturers currently importing Signity products.<br/><br/>Gemstones and other products by the company are used by jewellers to make jewellery for domestic and export markets.<br/><br/>The jewellery market in India is worth around Rs 60,000 crore and gemstones make up around 20 per cent of the total gold jewellery market in India.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8144417"/>

 

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