APN News

  • Thursday, August, 2022| Today's Market | Current Time: 12:01:41
  • Lencia By NMS Jewels Inc Engages Francorp For Strategic Expansion In India

    Published on January 25, 2011

    New Delhi: NMS Jewels started its operations by outsourcing silver jewelry and exporting it to Europe. In the course of time, since 2004, it has grown to have its in-house designing and manufacturing unit. In November 2009, NMS jewels agreed to market a Silver jewelry Brand Lencia in India. The Brand Lencia is owned by Zlatarna Celje d.d. The brand has a history of 140 years and it has its presence in 8 countries with more than 100 retail stores. Mr. Dipesh Saria, NMS Jewels says, “We have successfully proven our credibility in manufacturing and designing and have substantial support backed by experience and industry knowledge. Jewelry manufacturers and retailers have been expanding their presence in India in precious, semi precious and silver segments, Lencia should concentrate on developing the Indian market.”

    The Indian Jewellery market is worth USD 19 billion; this is currently just 8.3 percent of the global market. The relevant fashion jewellery market in India consists of only about 15 percent of the entire market which is USD 2.85 billion. Hence there is a large scope for various semi precious jewelry segments to carve their own market space. India is one of the largest jewelry markets of which 97 percent are sales are by family jewelers. However, organized retail jewelry has increased from US$ 350 million in 2006 to US$ 2.28 billion 2010. There has been a shift in demand from only precious to both silver and semi precious branded jewellery amongst Indian women due to the rise in price of gold.

    “I’m delighted to work with Lencia, for its expansion program. India is a country fraught with enormous opportunities in the jewelry market. The retail and jewelry market is on a high and the future looks bright backed by a strong Indian economy and consumerism. This is definitely an opportunity to address the market with an extensive network which offers excellent products, exclusive designs, assured quality of product & service experience for the customer to come back. “says, Mr. Gaurav Marya, Managing Director, Francorp

    SEE COMMENTS

    Leave a Reply