Thailand-based Pranda Jewelry Public Company Ltd plans to invest Rs 100 crore in India for its gold jewellery retail plans for the next three years.
The group has set up a distribution arm in Mumbai, Pranda Jewelry Pvt Ltd, under a joint venture between Pranda Jewelry PCL and Gunjan Jewels Pvt Ltd.
The company deals in 24 carat (99.9 per cent) gold jewellery under the brand Prima Gold, gold art work under Prima Art brand and silver jewellery.
"Our parent company plans to set up a dealership network of 10,000 retailers for our various portfolio brands by 2010. Apart from this, we intend to set up around 300 shop-in-shop outlets for our Prima Gold brand as well as 50 standalone stores by 2010," said Vinod Tejwani, director, Pranda Jewelry Pvt Ltd.
Pranda Group has seven manufacturing facilities for 24 carat gold jewellery in Thailand, Indonesia, Vietnam and China.
Tejwani added that the company aims to sell as many as 50,000 Prima Art pieces and over 300 kg per annum of Prima Gold jewellery by 2010.
"We are quite bullish about the Indian market and intend to peg a turnover of Rs 300 crore by 2010," he said. The group's products are priced at a premium due to high value addition.
"While value-addition on the purest of gold in India happens to be 25-40 per cent of the original cost, it touches around 80 per cent in the case of Prima Gold. Due to such high value-addition, the price range for our products is high and targeted at elite consumers," he added.
By the end of 2008, Pranda plans to set up its stores in at least seven states including Gujarat, Maharashtra and Karnataka. Retail outlets are also being opened simultaneously in Dubai, Japan, Egypt, Pakistan and Nepal, merchandise for which will be sourced from India, said Tejwani.
