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Manappuram Group enters Jewelery Retail Business

24th Mar 2010
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Mumbai,March 23rd, 2010: Thrissur based Manappuram Group is entering

Jewelery retail business in a big way with its Trade mark “Manappuram

Gold”. The flagship Company of the Group, Manappuram General Finance &

Leasing Limited (MAGFIL) is India’s largest listed, highest credit rated and

highest capitalised Gold Loan Company with more than 1000 branches all over

India.

 

A Company named “Manappuram Jewellery (P) Ltd” has been incorporated for this new venture. “An investment of Rs.1000 crores is planned over the next five years to open 50 Jewellery outlets in South India” said Mr.V P Nandakumar, Chairman of Manappuram Group. The vision is to make “Manappuram Gold” a standalone brand that has unique collections and designer made choice, Shri. Nandakumar added.

Manappuram has gained tremendous insight and expertise in gold through its

gold loan business over 60 years. Retail gold Jewellery business is only a

horizontal extension of the existing business. According to data available,

over 15% of the 1.5 lakh tonnes of gold available in the world is held by

the households in India. Even if there is an increase in 2% in the private

buying of gold in India, it will amount to 300 tonnes and this provides a

very good opportunity for Manappuram to enter retail Jewellery

business. According to Mr.V P Nandakumar, the branch network and brand image of Manappuram will substantially help the new venture.


As a beginning, a modern show room of gold and diamond Jewellery will be

opened at Valapad at 11 am, on Sunday 28th March, 2010 by the well known

film actress Ms. Samvrita Sunil.


On the same day evening, Mr. K Shivram, Vice President of World Gold Council

(WGC) will inaugurate the new venture at a special function to be held at

Valapad. The meeting will be followed by cultural and music program.

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