Kalyan Jewellers eyes 25% growth in revenue from jewellery purchase advance schemes

Kalyan Jewellers India Ltd (KJIL) is eyeing 25% revenue growth from its ongoing regulated jewellery purchase advance schemes.

On February 21, the government had passed the Banning of Unregulated Deposit Schemes Ordinance, which prohibited all deposit schemes (with or without interest) except those with regulatory approval.

Rajesh Kalyanaraman, Executive Director of Kalyan Jewellers, said, "Kalyan Jewellers is eyeing significant growth in its base of jewellery purchase advance scheme. We believe that there is a potential to grow our revenues from our jewellery advance schemes by 25 per cent."

The company is expecting a positive impact from the recent ordinance on its jewellery purchase advance schemes.

"The recent ordinance is consistent to the continued efforts to formalise the jewellery sector. The gap that existed in the governance of the jewellery advance purchase schemes has been corrected with a sole proprietorship and partnership firms being brought under the regulatory environment. It will result in a level playing field for the industry," Kalyanaraman added.