Jeweller's Rs 100 cr investment plan

The Chemmanur Group plans to invest Rs 100 crore for setting up 15 jewellery showrooms in Karnataka and Goa.

Addressing a press conference in Bangalore, George Chemmanur, chairman Chemmanur Group of Companies, said that the company has identified a few towns in Karnataka having significant presence of families living in the Gulf, for setting up showrooms.

The Kerala-based company made it big in gold and diamond jewellery retail business in Dubai, Abu Dhabi and Bahrain and is now slowly gaining a foothold in Indian retail jewellery trade.

To gain entry into Karnataka's retail trade, the company plans to fix gold prices on a par with Kerala, Chennai and Mumbai markets. The group will launch a 'cash against gold' scheme.

With the installation of modern equipment in Kochi, the company plans to offer international standard 22kt (91.6 per cent melting purity) gold ornaments in all its outlets and bring down the cost of gold on a par with prices prevailing at Kerala, Chennai and Mumbai markets.

"For the group's retail expansion the company has sought assistance from Catholic Syrian Bank, Corporation Bank, Bank of India and Vijaya Bank", said George Chemmanur.