Laxmi Dia to boost exports

The Surat-based Rs 1,000 crore Laxmi Dia Jewel Pvt Ltd (LDJL) will push further its Cygnus brand of diamond jewellery across the country and expand its export network.

The company introduced its branded diamond jewellery in India during mid-2003 mainly to test the Indian branded jewellery market. To market Cygnus, which is mainly targeted at women in the age group of 18 to 30 years, LDJL will open 15 exclusive outlets across the country in the next one year and will start selling Cygnus through 350 multi-branded lifestyle stores.

"Though the Cygnus range was introduced in the US market in 2000 and then launched in Mumbai last year, the brand has received immense response from the Indian market. It is received well in the US and Europe. Realising the higher demand for such product range, we have decided to push Cygnus diamond jewelleries further in the country," Vasant H Gajera, managing director of LDJL, said on Wednesday.

"We have already opened an exclusive outlet at Andheri in Mumbai and another in Chandigarh. We will soon open another outlet in Delhi. Cygnus stores will be opened in Kolkata this month. We expect to open two more in Mumbai and Ahmedabad by the end of March," Gajera said.

The company has offices in Antwerp, New York, Los Angeles, Bangkok, Hong Kong. It opened an office and diamond jewellery manufacturing unit in China recently.

"From our unit in China, we are able to cater to the demands to the US and European countries' market in a cost-effective manner. The China facility is also catering to the Far East. We are also eyeing more European countries," Gajera said at the launch of Cygnus in Ahmedabad.

"We are also launching 'Noor' collection, a range of expensive diamond-studded jewellery, targeting mainly the high-end segment during the next year. With the launch of the new collection and the major expansion of our network, we hope to increase our sales to Rs 1,500 crore, a 50 per cent jump over our last year's turnover, by the end of fiscal 2004-05," said Shekhar Wadke, chief executive officer of LDJL.

Last year, LDJL sold diamond jewellery worth Rs 70 crore in the overseas market and Rs 30 crore in the Indian market. The company plans to increase the domestic sales to Rs 150 crore in the next two years.

Wadke said LDJL is aiming at making Cygnus a global brand. The prices start from Rs 1,000 per piece in the Indian market. In 2004, LDJL will launch five collections of Cygnus brand -- Zodiac, Bridal, Little Star, Universal, Gifting and Love-me-Do.

The company is planning to sign a brand ambassador and at present is in talks with Bollywood stars including Ria Sen.