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Muthoot Exim, Divine Solitaires to make diamonds affordable

Press Trust of India  |  Mumbai 

To provide high quality diamonds at affordable prices, Muthoot Pappachan Group's precious metals division Muthoot Exim today launched 'Swarnavarsham diamond jewellery' in association with Divine Solitaires' Pratham diamonds.

Initially, the company will showcase the diamond jewellery in the first phase of launch at its branches in Ahmedabad, Bengaluru, Chennai, Coimbatore, Delhi, Madurai, Mumbai and Vijayawada, Muthoot Pappachan Group Executive Director Thomas Muthoot told reporters here.

"Through this we want to make diamond more affordable and accessible to all income groups. We also hope to break the barrier on several myths surrounding diamond," he said.

This is an extension of our retail jewellery business which we started three years ago, Muthoot Precious Metals Division CEO Keyur Shah told reporters here.

"We have set new standards of affordability and accessibility with Swarnavarsham gold jewellery and silver articles. Now, through this we have launched Swarnavarsham Diamond jewellery in association with Divine Solitaires Pratham diamonds - a affordable product with guaranteed buyback policy," he said.

Muthoot Exim's Swarnavarsham Diamond Jewellery will be available initially at 76 branches of Muthoot Fincorp, the flagship company of Muthoot Pappachan Group, he said.

"After seeing the performance of the product, in a couple of years we will expand to 3,600 branches," he said.

The buyback of solitaire diamonds will be offered at 90 per cent of prevailing rates as per 'Nationwide Standard and Transparent Price List', which makes it a very transparent process, at Muthoot Gold Points, he said.

To begin with, Muthoot Exim is offering 18-Karat gold ring studded with 0.14 cents diamond of EF colour and VVS clarity with a minimum ticket size of Rs 22,000-23,000. The ring is being offered in three sizes of 12mm, 14mm and 16mm.

"We are also planning to expand to jewellery like nose pins, earrings and pendants under Swarnavarsham Diamond Jewellery," Shah said.

Divine Solitaires Founder and Managing Director Jignesh Mehta said, gold has always lured masses across India because of its affordability, accessibility and transparency, unlike diamonds which have been though highly aspirational.

"By introducing Pratham diamonds, an extension of Divine Solitaires, in association with Muthoot Exim's Swarnavarsham Jewellery, it now provides same affordability, accessibility and transparency while buying the best quality diamonds by masses across the country," he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 16 2017. 17:07 IST