Tuesday, 29th March 2005 (4884 views)

Signity, a jeweller based in Switzerland, has announced it is moving into the Indian jewellery market.

The company has approached the Foreign Investment Promotion Board (FIPB) and looked into setting up a subsidiary to carry out wholesale cash and carry trading in various jewellery items, including gemstones, cubic zirconia and components.

Signity is looking into the new business venture as a result of continued growth in the jewellery sector, according to the Business Standard.

A liaison office for the firm is already open in India and Signity is a joint venture between Swarovski International and Golay Buchel.

According to sources close to the company, the Indian plans are part of an expansion initiative at the firm, with Indian jewellery wholesalers and manufacturers currently importing Signity products.

Gemstones and other products by the company are used by jewellers to make jewellery for domestic and export markets.

The jewellery market in India is worth around Rs 60,000 crore and gemstones make up around 20 per cent of the total gold jewellery market in India.

 

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