Global diamond maker and retailer Orra is planning to take its retail chain ‘The Diamond Destination’ to tier-III cities such as Nashik, Rajkot, Amritsar and Ludhiana over next five years. The diamond retailer would set up five stores every year in the next five years to expand its footprint across India.
Orra launched its 30th store in Pune and also announced a foray in gold jewellery market.
Orra presently has eight stores in Mumbai and six in Delhi. It also runs retail diamond jewellery stores in 14 other large cities in India.
Speaking to Business Standard, Orra CEO Vijay Jain said, "We have been posting a robust growth in Indian market and we will continue to grow with five stores every year. Considering the inclination of Indians towards gold, we have launched special gold jewelery categories in our product range."
Orra has launched 22 karat and 18 karat gold jewellery in Pune and Delhi markets only. The same would be extended to other cities soon.
The Indian jewellery market is worth Rs 70,000 crore out of which, diamond jewelery constitutes Rs 9,500 crore.
"The diamond jewellery market is spreading outside the metro cities slowly. We would like to tap this market potential and hence, we plan to have presence in tier-III cities as well," Jain added.
The Orra stores, on an average, are set up at Rs 10 crore investment.
"We expect to break-even over a period of 12 to 15 months. We plan to have stores operational in cities like Nashi, Rajkot, Amritsar and Ludhiana over next five years," he added.
Jain however did not disclose the revenue and the profit margins of the firm.
