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Our Bureau,

Bangalore , March 18

SU-RAJ Diamonds and Jewellery Ltd, a leading manufacturer and exporter of Indian gem and jewellery, on Friday announced that it had picked up 49 per cent stake in Forever Precious Jewellery & Diamonds Ltd to focus on domestic market.

The company did not disclose the price.

Addressing a press conference here, Mr Jatin Mehta, Chairman and Managing Director, Su-Raj, said Forever, which has an equity base of Rs 7 crore, would be setting up a manufacturing unit in Ahmedabad at a cost of Rs 7 crore to Rs 8 crore.

Forever has emerged as a strong player in the B2B segment with its suite of jewellery being purchased by leading retailers and had a turnover of Rs 45 crore last year. It has so far been sourcing the products from Su-Raj.

Mr Mehta said: "Our objective in picking up a stake in Forever is to tap the high growth domestic gold and diamond jewellery segment. Forever's business is complementary to Su-Raj Diamonds, while jewellery from Su-Raj will cater to large international B2B clients."

Su-Raj, which has nine manufacturing facilities in the country, would be expanding its facilities in Goa with an additional Rs 25 crore investment to meet the growing export demand. Mr Jai Begani, Managing Director of Forever, said the tie-up with Su-Raj would help the company emerge as a one stop shop for the B2B segment for their requirements for diamond, gold, gem, platinum and silver jewellery.

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