Jewellery brand Divine Solitaires is eyeing up to 30 per cent growth in sales in 2019-20 on account of expansion following steady growth in consumer demand, a top company executive said.
"There is steady consumer demand for diamonds in the country. To cater to this, we are already on fast expansion mode and are planning to reach over 250 stores pan-India by 2020-21. With this expansion, coupled with growing consumer demand, we are expecting 20-30 per cent growth in sales in 2019-20," Divine Solitaires founder and Managing Director Jignesh Shah told PTI here.
Currently, the brand is present in 160 stores across 82 cities in India, he added.
This expansion is going to be mostly in the tier-II and -III cities, Shah said.
"We are seeing demand coming in from the smaller cities and towns. So, our focus is to expand in the smaller towns and cities and consolidate our presence in the metro cities," he added.
When asked about the funding, Shah said the company basically ties-up with local established jewellery stores as well as chain of stores to sell its products in multi-retail format, there is hardly any need for investment.
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Divine Solitaires also launched an e-commerce platform for selling its range of solitaire jewellery and diamonds.
A wide range of solitaire jewellery like rings, earrings, pendants, nose pins, oval bracelets, tennis bracelets, bangles, necklaces and mangalsutras is available online, Shah said.
He said the company is focusing on tapping the 'engagement' segment with affordable products.
"In India, there is a growing trend of buying diamond ring for engagement. There is a huge potential in this segment and we are looking to tap it through all price range, especially affordable rings which costs as low as Rs 25,000 and over Rs 80,00,000," he added.
The brand also has presence in the United Kingdom, Australia, New Zealand and Nepal.
When asked if the company is exploring new export markets, Shah said, "Currently, we have no such plans as we are focusing on strengthening our presence in these four markets.