Nirvana jewellery to have standalone stores

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Nirvana, the diamond jewellery brand from Fine Jewellery India Limited (FJIL) will soon open its exclusive brand outlets.

“To start with, we will launch five Nirvana standalone stores in FY 2008-09 in Gujarat,” Sohil Kothari, director, Fine Jewellery India, said in a statement.

FJIL is focusing on Gujarat as the state contributes around 11 per cent of the company‘s turnover, which is over Rs 40 crore.

FJIL will also focus more on the domestic market instead of exports. “Domestic sales will contribute 50 per cent to our overall business, from the present 30 per cent,” Kothari said.

Besides, the company is also planning massive expansions and raise Rs 200 crore through an initial public offering.

“We are expanding our capacity from 2,500 units per day to 4,000 units per day, which will cost between Rs 15 crore and Rs 20 crore, and are contemplating raising the funds through an IPO,” said Kothari.

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