Muthoot Exim has tied with Divine Solitaires Pratham to retail Swarnavarsham diamond jewellery.
To start with, the company will offer 18-Karat gold rings studded with 0.14 cents diamond of EF color and VVS clarity (most preferred in south India). This ring is being offered in three sizes of 12mm, 14mm and 16mm with weight of gold as 2gm, 2.2gm and 2.4gm. One year free insurance is also being offered on diamonds.
Subsequently, more variants of diamond studded gold jewellery will be launched, said Muthoot Exim.
Unique identification code will be inscribed on diamond as sort of quality assurance and help in traceability.
The jewellery will be available in tamper proof package with quality certificate and buyback guarantee at 76 branches of Muthoot Fincorp, the NBFC arm of Muthoot Pappachan Group.
Initially, it will be made available in Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Madurai, Mumbai and Vijayawada.
Thomas Muthoot, Executive Director, Muthoot Pappachan Group said the initiative would enable customers to purchase assured high quality diamond jewellery through easy monthly payments.
"We want to make quality diamonds affordable and within the reach of every Indian. Our focus is to empower underprivileged sections of society to buy and own diamonds," he said.
Customers have the option to pay 20 per cent of the diamond ring value upfront and take delivery of the ring after paying the rest in equated monthly installments of three and six months.
Solitaire diamonds will be bought back at 90 per cent of prevailing rates as per Nationwide Standard and Transparent Price List at Muthoot Gold Points which allows customers to sell their gold jewellery.
Jignesh Mehta, Founder and Managing Director, Divine Solitaires said unlike diamonds, gold Jewellery has always lured masses across India because of its affordability, accessibility and transparency.
Divine Solitaires brings in pricing transparency and provides buyback and upgrades to give the benefit of price appreciation to the consumers, he said. Diamond prices can be tracked anytime on the Divine Solitaires mobile application.