While the gems and jewellery market has remained stagnant of late, Mehul Choksi, chairman & managing director, Gitanjali Group, tells Ujjval Jauhari that the company is likely to record 15 per cent growth this year. Excerpts:

How do you see the growth of the organised gems and jewellery market in India?
Indian gems and jewellery market is growing steadily, with the organised sector recording even stronger growth. Europe is a very small market, so economic slowdown has not affected us to that extent. On the contrary, we have seen a four-six per cent growth in the US market in the past few months.

Click here for Cloud Computing

Also Read   Related Stories News Now - Gili will invest Rs 200 cr to expand retail network in FY11 - Supply cramps may push diamond prices up 15-20% - Gitanjali to evaluate four more brands by December - Gitanjali Gems to develop real estate in Mumbai - De Beers takes the mass market route - Gitanjali Gems forays into real estate biz

Also Read   Related Stories News Now - Wall Street opens higher on Greek deal - Oil cos seek compensation for losses on petrol - Centre for 6% road tax on cars, two-wheelers - RBI raises bank rate to 9.5% - Axis Bank reappoints Shikha Sharma as Managing Director More

What is the retail footprint of Gitanjali Gems in India and international markets? Do you plan to increase it further?
We have around 3,000 retail outlets in India and another 500 independent stores. We are introducing many new formats and expect around Rs 2,500-3,000 crore sales from the Indian retail market.

In the US, we have around 150 retail stores and get around $200 million sales from these. China is another high-potential market and we plan around $20-30 million sales from the country. Around $250-300 million sales come from diamond sales in the global market. Currently, we are concentrating on India and China.

We are being a little cautious with the US, but are expanding our retail in the UAE.

Gitanjali Gems is in news because of its foray in the real estate sector. Can you elaborate?
We are looking at a revenue of Rs 500-550 crore from the real estate sector in the next couple of years. At present, we are in the process of unlocking value from our existing properties. We will develop our own properties in a phased manner. While some three-lakh sq feet area is now being developed, more will be developed in coming years.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Wall Street opens higher on Greek deal - Oil cos seek compensation for losses on petrol - Centre for 6% road tax on cars, two-wheelers - RBI raises bank rate to 9.5% - Axis Bank reappoints Shikha Sharma as Managing Director

Tags : Mehul Choksi | Gitanjali Gems | Indian gems and jewellery market | US market   Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  High Growth Business Opportunities in Africa - Register to explore -  We live for our family. have you secured them? -  Financial Learning now made easier and more convenient. -  Earn fuel worth Rs.2400 with Citi -  India's No. 1 Property Site. Click here to know more.. -  Get 5% cashback on telephone bills with Citi -  Exim Bank Conclave on India - Africa Project Partnership. Know more.. -  Be part of it The World's Largest Aircraft. -  Creating Wealth made simple the SIP way. Know more.. -  Only Developer to give a guarantee on time space & rate. -  Office 365 for professionals and small businesses. -  Buy Your Property with Our Triple Guarantee in India. -  Improve Patient Care & Experience. Click here to know more -  Win a Business Class Ticket to Europe..Know more.. -   Introduce a New Automotive Luxury Car.. know more -  Health is Wealth..... Insurance + Savings... Know More...