MMTC opens retail chain for gold, diamond jewellery (Lead)

April 21st, 2009 - 6:42 pm ICT by IANS  

Lara Dutta New Delhi, April 21 (IANS) Minerals and Metals Trading Corp (MMTC), tying up with jewellery house Gitanjali Group, Tuesday announced the launch of its retail chain across the country to sell hallmark gold and diamond jewellery.
The first Shuddhi Sampoorna Vishwas store was opened at Lajpat Nagar in New Delhi. The joint venture will open around 25 stores in India this year and 60 more next year, state-owned MMTC chairman and managing director Sanjiv Batra told reporters.

The store, inaugurated by film actress Lara Dutta, will have a gold testing machine and a certified gemologist for the convenience of customers.

Batra said the Delhi store would offer special incentives to all government employees, especially armed forces.

Said Gitanjali Group chairman Mehul Choksi: “We are expecting Rs.75-100 crore of turnover from these stores.”

The jewellery major plans to expand 500,000 square units in retail space and open about 100 shops internationally.

“We have earmarked about Rs.300-400 crore for the our expansion plans. The company will open about 100 stores in the US, China and the Middle East in one-and-a-half years,” Choksi told IANS.

The company is upbeat about the sales on Akshaya Tritiya that falls April 27 this year.

Akshaya Tritiya is an auspicious day according to the Hindu calendar for buying long-term assets like gold and silver, including ornaments made of the same, diamond and other precious stones, and the real estate.

“We foresee 15 percent revival of sales on Akshaya Tritiya,” Choksi said.

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