Mukesh Ambani owned Reliance Retail Limited or RRL is now venturing in the gems and jewellery trade with the aim of opening 300 'Reliance Jewels' outlets across the country during the next three years. Taking its first step towards the jewellery sector, the company has launched its first Reliance Jewels speciality store in Bangalore and then going to Hyderabad before it establishes a pan India presence. The store will offer gold, diamond, platinum and silver jewelry.
There is a huge potential for growth as the market size of jewelry market is estimated to be around Rs 18,000 crore. We are targeting about 10 per cent of that going forward. As of now Tata's Tanishq is the largest organised player in this market.
Reliance is betting big on the jewelry retail business as the company plans to open over 300 stores across metros and mini metros.
Customers have already started making a beeline towards jewellery stores what with the upcoming wedding season.
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