Classic Diamonds plans foray into Indian market  ( May '3,2003, HBL)

EXPRESSING high expectations of capitalising on its edge over competitors in the crowded domestic diamonds market through skills attained by blending Eastern and Western fashions and designs over the last four decades, Classic Diamonds (India) Ltd (CDIL), the $100-million global manufacturer of diamonds, has announced its decision to enter the Indian market with its own brand `Classic Jewels' and opening its flagship showroom at Hyderabad.

The company has also chalked out plans to tap the growing potential in the Indian market for diamonds by opening a slew of retail outlets. CDIL, mostly into diamond manufacturing and exporting and as one of the key Sight Holders with the Diamond Trading Company (DTC), has already set up 30 shop-in-shops in major shopping malls across the country.

"We have now decided to open five exclusive showrooms with exquisite collection of jewellery under the brand `Classic Jewels' at Bangalore, Chennai, Hyderabad, Mumbai and Pune before the end of next year, involving an investment of over Rs 30 crore," the CDIL Managing Director, Mr Nirav Bhansali, told reporters here on Friday.

Stating that `Classic Jewels' comprise collection that was the outcome of in-depth study of international design trends, he said, the company's in-house design team is trained at the National Institute of Fashion Technology.

"The entry of our brand `Classic Jewels' has been timed to capitalise on the current strong position of Classic Diamonds in the jewellery segment.

The collection ranges from meticulously crafted diamond studded jewellery that is easy to wear, lightweight, simple and yet elegant, for the workingwoman of today. We also offer a collection of specially imported, contemporary jewellery for teenagers and also gold jewellery that caters to customers with conventional tastes," he said.