Now gold jewellery comes with insurance package — Pantaloons ties up with ICICI Lombard  ( June '27,2003, HBL)

"We will be the first ones in the gold retailing industry where every piece of gold jewellery will come with a built-in insurance package,'' says Mr Chheda.

IT'S the first time for both the retail and the insurance industry. Gold ornaments will now be sold with an insurance cover. Pantaloons Retail India Ltd has tied up with ICICI Lombard and is offering insurance on every piece of gold jewellery sold by Gold Bazaar - its latest retail division.

Flagging off its first Gold Bazaar store at the existing Pantaloons owned Big Bazaar outlet in Mulund, in the eastern suburb of Mumbai, Mr Ambrish Chheda, Chief Business Development Officer, Pantaloons Retail India Ltd, said: "We will be the first ones in the gold retailing industry where every piece of gold jewellery will come with a built-in insurance package.'' Paying up the premium amount for the first year, Pantaloons expects its customers to renew their policies from the second year onwards and pay their premiums thereafter.

Adds Mr Chheda, "At the moment we do not want to reveal the amount of premium we would pay for the first year but it would up to our customers to renew their policies from the second year onwards.'' The insurance package will primarily cater to all thefts and damage to the jewellery bought under the Gold Bazaar brand.

Gold Bazaar will initially retail gold jewellery from within the premises of its six Big Bazaar discount hyper markets and some of the Pantaloon family stores, but expects to have its standalone stores thereafter and its first store is expected to come up in Vashi, in Greater Mumbai.

Gold Bazaar will be sourcing its supplies from the Mumbai-based Chintamani Jewellers and would be pricing its products (mainly lightweight daily wear jewellery) at a 20 per cent discount compared to the existing market rates.

Adopting a discount pricing mechanism to cater to the middle and lower middle class residing in metros, Gold Bazaar just like Big Bazaar and Food Bazaar (the other divisions of Pantaloon Retail) will be a value for money destination.

Adds Mr Chheda, "While the back end operations like design and manufacturing will be handled by Chintamani Jewellers, we will be retailing the products under the brand of Gold Bazaar.''