Kalyan Jewellers, one of the leading jewellery retailers of the country is now eyeing to dig dip into the jewellery market of Saudi Arabia. Kerala-based jeweller is planning to open its stores in the coming 6-8 months to further penetrate the jewellwery market of Middle East, brand has already marked its presence in Dubai, UAE, Kuwait and Bahrein. This move will certainly going to propel the company’s revenue to about US $2 billion in 2016-17.
Elaborating on the move, Ramesh Kalayanraman, Executive Director, Kalyan Jewellers said that Kalyan Jewellers would foray into Saudi Arabia in the next 6-8 months as part of an expansion drive that would push the Kerala-based jewellery major's revenues to about $2 billion (13,000 crore) in 2016-17. Kalyan is aiming to grow revenues by 30 per cent in 2016-17.
There is a huge shift from the unorganised jewellery to the organised sector. People are brand as well as quality conscious now, adds Kalyanraman. The jewellery retail giant who recently scored a tone by opening 100 stores in India and abroad, will be inaugurating five stores in Gulf region by the end of this financial year.
Company is investing 700 crore for expansion in the country and 200 crore for the overseas expansion. At the time of Diwali, kalyan Jewellers will be launching its own online retail portal to explore the online market; currently it sells its jewellery online through Flipkart.
Gifting jewellery is a huge business segment. The portal would help us in growing our presence in the segment. The portal would offer gold, silver and diamond gifting items, states Kalyanraman.