By Satish Kanady
DOHA: After consolidating its position in West Asia, India-based Kalyan Jewellers is looking to expand its footprint to South East Asia. Kalyan will foray into Singapore, Malaysia and South Asia’s Sri Lanka in the coming years, its Executive Director Ramesh Kalyanaraman told The Peninsula.
“Market studies are progressing in these countries. It is too early to disclose the size of investments and which country would be the first to make the debut. But I can tell you we will be an active market player in these countries in the coming years”, he said in an interview.
The jewellery maker which has invested QR600m in the GCC, including QR200m in Qatar in the past two years, is sitting on QR500m in dry powder that targets GCC in 2017.
“We are on track with our expansion plans and look forward to open more showrooms in the GCC, including five outlets in UAE by the end of next fiscal”, Ramesh said. The branded jewellery retailer is also looking to open new showrooms in Saudi Arabia as well.
On doing business in the GCC vs India, Ramesh said: “We cannot compare India and Middle East in terms of doing business. Here it is different set of rules and regulations. Everything is in black and white in GCC. It is transparent .You need to follow the law and regulations and everything will be fine.”
“In terms of trading, doing business in India and GCC are same. Regulations in India varies from province to province. Here it is almost uniform. But we enjoy what we are doing in India and what we are doing in GCC markets.”
The jewellery market in the region is witnessing a perceptible shift in terms of consumption pattern. Arabs are increasingly showing a liking for Indian jewellery. The GCC showrooms have dedicated sections featuring Kalyan’s most popular house brands such as Ameera- exclusive Arabic wedding jewellery. Bespoke collections such as Turkish, Antique and Omega are also be available in the showrooms. The designs provide a sparkling range of contemporary and traditional designs to suit every celebration apart from elevating everyday wear.
“ Of our total customers in Dubai and Kuwait, Arab customers would make up 10 to 20 percent”, he said.
Kalyan has been rapidly expanding its distribution operations, both in India and West Asia. The company was the first to attract the largest private equity investment of $200m by Warburg Pincus in the jewellery sector in India in 2014. Kalyan had made an emphatic entry into the GCC by launching six showrooms on a single day in the UAE.
The company leverages its strong roots of over a century in the business of textile trading, distribution and wholesaling. Starting with the first jewellery showroom in 1993, Kalyan Jewellers has enjoyed a long-standing presence in the Indian market of over two decades. Beyond gold, Kalyan Jewellers is aiming to tap the real estate market, banking on the trust that it has built with its transparency and ethics in jewellery business.
The Peninsula
