Gitanjali Jewellery Retail Private Limited, a unit of Gitanjali Group, has decided to expand its business aggressively with opening of exclusive brand outlets in all major towns of the country. At least, 35 such show rooms will be launched during this calendar year.
The company, a leading manufacture of diamond and gold jewellery and known for its brands like Gili, Asmi, D’damas, Maya and Nakshatra, has opened a new exclusive showroom in Berhampur, the biggest commercial town of south Orissa on Wednesday.
Currently, Gitanjali Group has nearly 150 outlets throughout the country out of which 45 are selling branded jewellery in 30 towns. The remaining outlets of the group sell fashion, lifestyle and luxury products.
In Orissa, the company has exclusive outlets at Bhubaneswar and Rourkela. “We are planning to aggressively expand our business with opening of at least 35 exclusive outlets in the country including some in Orissa during 2010” said Santosh Srivastava, the managing director of the Gitanjali Jewellery Retail Private Limited.
Srivastava was here to inaugurate the new showroom. Besides Berhampur, the other Orissa towns where company intends to open new outlets include Sambalpur, Jharsuguda and Balasore.
The global financial meltdown and rising prices of gold and diamond will not deter the company to embark on its retail expansion plan, Srivastava said, adding, the people considered gold as a safer investment compared to any other form of investment. The demand for gold jewellaery has increased many fold, he said.
The wide gap in demand and supply of gold jewellery in the country was stated as the reason for increase in gold prices, which is mainly controlled by the international market. The present demand for gold in the country is about 850 tonnes per annum, he pointed out.