Srenuj plans jewellery units in Mumbai

Shrenuj and Company,the Rs 490 crore diamond and jewellery manufacturer and exporter,plans to set up jewellery manufacturing facilities in Mumbai. Soon company will set up its Dubai office in addition to its US and Hong Kong operations, said Kirtial Doshi,chairman .

Addressing the annual general meeting Doshi said,The company also plans to increase its sale in the Hong Kong subsidiary, Joliesse." Shrenuj has recently re-positioned its retail subsidiary in Hong Kong, Daily Jewellery, as Joliesse.

"With the increasing prices of rough diamonds and continued resistance from the US retailers to pay higher prices, the outlook for 2005 is far more challenging", said Kirtilal Doshi.

"The manufacturers will have to continue to rationalise their capacities, streamline their value chain and increase volumes to offset reduction in their margins." he added.

By 2007, the company plans to have its own offices in all the major diamond and jewellery distribution centers across the world.

These offices are being designed to offer value added services to their clients, in addition to ensuring consistency in supply and customisation to local preferences. Shrenuj recorded a 20 per cent increase in its sales turnover to Rs 490 crore from Rs 410 crore in the previous year.