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Thursday, 16th February 2006 (5505 views)

Indian jewellery and diamond manufacturer Gitanjali Gems is aiming to double its chain of retail outlets in the next three years, newsindpress.com reports.

Although India is the largest gold and jewellery market in the world, branded products make up just three per cent of the spoils.

But Gitanjali - which claims to be the leading player in the branded gold and jewellery sector - is preparing to open a glut of new stores in the belief that the patterns of Indian jewellery buyers are starting to shift.

"There is a change in consumers' behaviour pattern," explained company director G K Nair.

"Consumers are considering gold and diamond as fashion statement, rather than the traditional concept of it as an investment. It will push the sales of branded products in the coming years."

Gitanjali aims to double its empire from 620 to over 1,200 outlets "in the next three years", according to Nair.

Gitanjali opened its initial public offering today in order to help realise its growth strategy. The company plans to launch the brand in Asia, the UK and the US and will also upgrade its factories.

 

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