MMTC seeks partners for jewellery retail foray in India

State-run MMTC Ltd, the country's biggest importer of gold, will be entering the rapidly growing fashion jewellery market in joint venture with large retail chains having showrooms in malls and prominent locations. MMTC, which sells Sanchi brand of silverware, medallions and jewellery, has invited bids for the proposed joint venture from jewellery retailers with an annual turnover of Rs 500 crore, sources said. According to the bid conditions, the joint venture partner must have showrooms in at least 25 locations in the country and its net worth should be above Rs 100 crore. The joint venture will sell BIS hallmarked gold jewellery, Sanchi silver ware, gold and silver medallions. MMTC is already selling silverware and gold through dealers and its own outlets. With organised retail growing at a rate of more than 30 per cent per annum and mushrooming of the malls, the market for fashion jewellery is set to grow manifold. MMTC, having already established its brand image in the gold trade, wants to corner a significant share of it.

Courtesy: EconomicTimes
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