Malabar Gold, a Rs 2,000 crore Kerala-based jewellery retail chain, has entered into a joint venture with Gujarat-based Mahendra Brothers, a DTC (De Beers) manufacturing sightholder since 1969. A sightholder is a company on the Diamond Trading Company’s (DTC) list of authorised bulk purchasers of rough diamonds.
The equal joint venture, MINE Diamonds Unlimited, will be a diamond jewellery brand and will be available through store-in-store retailing to start with.
The JV will see seven stores being operational in two-three weeks for an investment of around Rs 30 crore. With this project, Mahendra Brothers marks its entry into retail sales. This is perhaps a strategic move by Mahendra Bros to look inwards when the export markets are slowing down.
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