The Indian diamond market is poised to grow at 20 per cent annually to over Rs 1-lakh crore in the next five years on the back of improved demand, a top industry player said today.
"Demand for diamond jewellery is improving world-wide and people in India are buying more diamonds these days as it is a good mode of investment. The Indian diamond market is likely to grow at 20 per cent to touch Rs 1-lakh-crore in the next five years whereas gold will grow at 8-10 per cent year- on-year," Vivek Jain, Chief Executive of leading diamond retail chain Orra, told PTI here.
At present, the domestic diamond market is pegged at Rs 12,000 crore, Jain said, adding the total jewellery market in the country is worth Rs 70,000 crore.
Orra, a part of the USD 1.8 billion Belgian Group Rosyblue, is poised to grow at 20 per cent year-on-year, Jain said, adding it will be opening five large-format exclusive stores in the next three years at Delhi, Mumbai, Bangalore and Hyderabad.
"We will open five large format stores (3,000 sq ft) in the next three years at an investment of Rs 70 crore. We will be raising funds through the private equity route by August this year. The process has already started and we have shortlisted three investors," Jain said.
The company, that has 30 stand-alone stores across 20 cities in India, exports diamonds to 15 countries, the largest market being the US.
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According to Jain, the economic downturn in the US has not affected Orra from a price point of view. The company is expecting a double-digit growth in its exports to the US in the current year.
Jain also said the company's same-store sales rose by 30 per cent month on month.
Meanwhile, Orra today unveiled a Rs 5-crore diamond -- Crown Star -- in the presence of Belgian Prince Phillipe.
The diamond star with 100 facets, inspired by the 700 -year-old legacy of Belgium, has been launched for the first time in India. The company plans to make 1,000 such stones in the next 15 months.
The company, which has 30 stand-alone stores across 20 cities in India, exports diamonds to 15 countries, the largest market being the US.
According to Jain, the economic downturn in the US has not affected Orra from a price point of view. The company is expecting a double-digit growth in its exports to the US in the current year.
Jain also said the company's same-store sales rose by 30 per cent month on month.
Meanwhile, Orra today unveiled a Rs 5-crore diamond -- Crown Star -- in the presence of Belgian Prince Phillipe.
The diamond star with 100 facets, inspired by the 700 -year-old legacy of Belgium, has been launched for the first time in India. The company plans to make 1,000 such stones in the next 15 months.