The Hindu Business Line : Rajesh Exports unveils 9 diamond jewellery brands

Mr Rajesh Mehta, Chairman, Rajesh Exports (right), and Mr Kirti Turakhia, CEO, Laabh Jewellers, at the launch of diamond jewellery brands in Bangalore on Thursday.

Our Bureau

Bangalore, Jan. 3

Jewellery manufacturer Rajesh Exports has unveiled nine diamond jewellery brands to be sold both in domestic and international markets.

The nine ranges are Harmony, I-teen, Ghazal, Eternal, Filigree, Aishwarya, Solitaire, Southern and Sushmita.

“To avoid branding risks in the international markets, Rajesh Exports will get into strategic exclusive agreements with leading diamond jewellery chains across the world.

“Our objective is to target two distributors or direct retailers each in 100 countries across the world. We have been approaching retailers like Zales and JC Penney, although nothing has been finalised yet,” said Mr Rajesh Mehta, Chairman, Rajesh Exports.

Laabh stores

In India, the diamond jewellery – the price of which Mr Mehta promises will be “affordable” – will be sold through the company’s own Laabh jewellery stores.

Currently, there are about 30 Laabh stores across 23 cities.

“We expect sales worth Rs 250 crore from diamond jewellery in the next financial year,” said Mr Mehta.

The diamond jewellery comes in various styles — Western, traditional, Indian and Arabian.

This financial year ending March 30, 2008, the company expects revenues of Rs 8,000 crore. Majority of export revenues (40 per cent) comes from West Asia. About 15 per cent is from the US and 10 per cent is from Europe.

The company is keen to reduce dependence on bulk exports and is betting big on three growth engines – namely diamond jewellery, private label exports and domestic retail businesses.

Bulk exports contribute 92 per cent of revenues.

In five years, Rajesh Exports hopes the three growth engines will together contribute 75 per cent of the revenues, with bulk exports accounting for only 25 per cent.

Rajesh Exports plans to take its Laabh stores abroad too, maybe a year later. For now, the focus is on domestic retail. The company plans to set up 400 Laabh stores, 150 Shubh stores (the company’s mass market retail venture – which is set to be unleashed in a week or so) and 150 OyzterBay stores in three years. The company had acquired OyzterBay in 2006. The revamped OyzterBay stores will be launched in six months’ time.

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