Laxmi Diamond group launches Cygnus brand  ( September '4,2003, HBL)

THE domestic branded jewellery market, which has players such as Tanishq, Gili and Carbon, now has another player. The Rs 1,000-crore Laxmi Diamond group on Wednesday introduced its Cygnus brand of 18K gold and diamond jewellery in the domestic market.

Priced in the range of Rs 1,000-30,000, Cygnus will be retailed at lifestyle stores, traditional jewellers and exclusive franchise outlets, Mr Vasant Gajera, Chairman, Laxmi Diamond group, told newspersons here on Wednesday. The group was set up in 1972, and says it is the second largest exporter of polished diamonds in the country.

The diamond jewellery market in India is valued at Rs 8,000 crore, while the market for branded diamond jewellery is valued at Rs 600 crore. According to industry estimates, India currently exports $7 billion worth of processed diamonds, and the figure is expected to increase to $10 billion by 2007.