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The Kochi-based Richmax Group, a leading financial services organisation, has entered the jewellery business by opening an outlet in the city.
Known by the name Valath Jewellers, the outlet would focus mainly on women-oriented customers and the lower middle-class segment by introducing the concept of mini jewellery, where making charges for gold will be lower. There will also be a facility to buy gold in an EMI scheme in the outlet, said George John Valath, Managing Director of Richmax Group. There are also plans to introduce various consumer friendly schemes in gold jewellery marketing.
The group also plans to open 50 large showrooms across Kerala and outside in the next 10 years, he said.
According to him, traditional gold plays an important role in Kerala society, where the average minimum gold purchase for marriages in households is around 25 sovereigns, while it was in the form of cash in other states.
The Richmax Group also plans to expand into business areas in marketing and consultancy, insurance and home appliances. It also offers gold loans, property loans, home loans and auto loans under Richmax Nidhi Company Ltd.
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