IndiaRetailBiz

Gitanjali Group, one of the country’s largest jewellery makers, is planning to sell around 400 kilograms of gold coins during Akshaya Tritiya– an auspicious day in Hindu calendar. The demand for precious yellow metal always remains very high during this festival. Akshay Tritiya will be celebrated in the country on April 27, this year.

Founded at Surat in 1966, the $1 billion Gitanjali group boasts of 25 jewellery brands including Asmi, D’damas, Nakshatra, Gili, Diya, and Sangini, among others. The group has now joined hands with the state owned MMTC to form a 74:26 joint venture to sell pure gold to customers across the country. The joint venture is setting up a chain of retail stores under the brand name of ‘Shuddhi-Sampurna Viswas.’

‘Shuddhi-Sampurna Viswas,’ has launched its first store in south Delhi. The store was inaugurated by film star Lara Dutta. Lara Dutta is also the brand ambassador of Gitanjali group’s D’damas brand of diamond jewellery. According to Sanjeev Batra, CMD, MMTC, the joint venture will set up around 25 stores this year, while 60 more stores will be set up in the next year.

According to Mehul Choksi, MD, Gitanjali group, MMTC, being the country’s largest gold trader, provides a strategic fit to Gitanjali to make forays into the gold jewellery, after the group has created a strong market for its diamond brands.

Currently, Gitanjali operates 150 exclusive stores. However, in a major expansion drive, it has planned to increase their tally three-fold to 450 stores. The new stores, according to Choksi, are expected to come up in the next 18-odd months at an estmated investment of over Rs 300 crore.