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Our Bureau

Mumbai , Aug. 31

SHRENUJ & Co Ltd, the Rs 490- crore diamond and jewellery manufacturer and exporter, plans to set up a new jewellery manufacturing facility in Mumbai and expand its global distribution centres.

However, the cost of the proposed expansion and means of finance are yet to be finalised.

The company will soon set up its Dubai office in addition to its US and Hong Kong operations, Mr Kirtial Doshi, Chairman of the company, said.

Addressing the 32th Annual General Meeting (AGM) of the shareholders, Mr Doshi said, "The company also plans to increase its points of sale in its Hong Kong subsidiary, Joliesse".

Shrenuj recently re-positioned its retail subsidiary in Hong Kong, Daily Jewellery, as Joliesse, from a discount store to an upmarket brand.

With increasing prices of rough diamonds and continued resistance from the US retailers to pay higher prices, the outlook for 2005 is far more challenging, he said. By 2007, the company plans to have its own offices in all the major diamond and jewellery distribution centres across the globe.

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