Thursday, 12th June 2008 (676 views)

Fibre2fashion.com has announced a three-year expansion for Indian company, Fine Jewellery.

The business manufactures gold jewellery that is studded with diamonds and currently has stores in 27 cities throughout India.

Sohil Kothari, director of Fine Jewellery, said the business hopes to build 30 more shops across ten cities and towns in order to increase its manufacturing capacity, according to the textile and fashion industry portal.

The venture is expected to cost around $25 million (£12.8 million).

To raise the capital necessary to support the growth Mr Kothari said: "We propose to raise funds through private equity in the next six months for our famous brand Nirvana, which mainly targets age group of 25 to 45 years

It was recently announced by the Federation of Indian Chamber of Commerce and Industry (FICCI) that the gems and jewellery export level was to rise from $17.1 billion (£8.79 billion) in 2007 to $37 billion in 2012 Commodity Online reports. Last year, gold jewellery accounted for 30.47 per cent of total exports, according to the FICCI.

 

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