The Hindu Business Line : Suashish Diamonds plans global expansion

SUASHISH Diamonds Ltd (SDL), one of largest diamond exporters in the country, is expanding its presence in the global market and is looking at various options, including acquisition.

SDL is a sightholder of the Diamond Trading Company as well as a leading customer of Rio Tinto and other leading miners.

"The company has planned to enter the markets in developing and developed countries. Our strategy for each market is different," Mr Marzin R. Shroff, CEO of SDL, told Business Line. The Suashish Group is vertically integrated from rough diamond cutting to finished jewellery products.

"For developed markets, we follow the B2B route. Our objective being to be a preferred vendor for diamond jewellery to retails chains and stores; whereas in developing countries, we will prefer to establish our own brand," Mr Shroff said.

The company serves large and mid-sized jewellery chains, department stores and independent retailers. "The company has a strategic presence in key markets, including the US, West Asia and Asia. The location of each centre is based on market demands. Developed markets such as the US and Europe have large retail chains that are increasingly looking at Indian diamond jewellery manufacturers as vendors," Mr Shroff said.

The company's subsidiaries are Suashish Diamdeal (India) Ltd (SDIL), Suashish Jewellery Exports Ltd (SJEL) and Suashish Diamonds (Hong Kong) Ltd.

The stringent quality requirement for product and manufacturing facilities are significant entry barriers. "The company is aiming at constantly moving up the value chain in diamond jewellery manufacturing," he added.

For developing countries, such as India, West Asia and South-East Asia, including China, the company plans to retail through its own brand name "Ishi's".

Ishi's, the brand of Suashish Diamonds Ltd, has been growing at a rapid pace. Ishi's has made a foray in the international markets through its outlet in Dubai. The opening of its flagship store in Dubai, was part its global strategy.

Catering to the cosmopolitan markets Ishi's brand has a collection targeted for different segments in the Dubai market — European, Indian and Arabic.

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