Jewellery Malls set to Dazzle in Retail Space

March 14, 2008	(Be the first to rate this story!)  Loading ...
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Jewellery malls’ are the hot news in the $12 billion Indian retail industry. With the burgeoning disposable income of shoppers and easy availability of loans, retailers and real estate developers see a huge market for large jewellery formats in the country.

Vardhaman Developers Ltd, in association with Bherumal Shamandas, an old time jeweller, is launching ‘Jewel World’ mall at Zaveri Bazaar in Mumbai at an investment of Rs 35 crore. The mall will have 70 national and international branded jewellers as anchor tenants. Rajesh Vardhan, managing director, Vardhaman Developers Ltd, told FE, “We are targeting jewelers from Dubai, Singapore, Hong Kong, Malaysia and Italy and are in the process of converting the eight-floor Cotton Exchange Building into ‘Jewel World’ mall by renovating the interiors so that it’s ready by May. Of the Rs 2 lakh crore gold and diamond jewellery market, 70% is contributed by Zaveri Bazaar. The high-security mall will comprise a basement with locker system, apart from eight floors of retail shopping zone.” Vardhan said, “The positioning and target audience of Jewel World is high-end customers, including the young generation, apart from semi wholesalers-cum-retailers. After all, the youth will drive retail mall shopping in India.”

Meanwhile, Gitanjali Gems Ltd too is evaluating plans to launch jewellery malls. Sadanand Pawar, president, Gitanjali Gems, said, “Plans are afoot to launch 18 ‘Gitanjali Lifestyle’ malls in metros with an area size of over 70,000 sq ft each in the next two years. We may eye areas such as Shivaji Park in Mumbai for setting up a mall. As for Gitanjali Lifestyle mall, we will have national as well as international branded jewellers and also sell cosmetics, watches, apparels and accessories.”

DLF retail sales division is also understood to be contemplating the jewellery mall concept in India. A company official said, “The concept is expected to pick up in India and we aim to tap the opportunity.” Aerens Gold Souk International too is in the process of opening a number of ‘Gold Souks’ (mega malls) across the country by the year-end.

News Published Under:   Mumbai, Retail Market in India |

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