Thailand’s jewellery manufacturer Pranda Jewellery has planned to start retailing in India, and will invest around Rs 100 crore in the country.
The $150 million company has partnered Mumbai-based Gunjan Jewels to float a 51:49 joint venture, Pranda Jewellery, to market imported jewellery in India.
The company will market its products through a network of jewellers initially. “We will open shop-in-shops at major gold retail outlets across the country. Besides, we will also be setting up 50 standalone shops,” said Prida Tiasuwan, chairman, Pranda Jewellery.
Speaking about their target consumers, Tiasuwan said, “The jewellery range is targeted at middle and upper-middle class, fashion-conscious buyers. We will also launch the Cai range of silver jewellery in India soon.”
“India is one of the largest consumers of yellow gold in the world. We believe that the size of the gems and jewellery market in India will increase from $17 billion to $30 billion by 2015. Hence, it is an ideal plank for us to grow,” Tiasuwan informed.