Goenka Diamond to spread out

Goenka Diamond and Jewels plans to add 19 new outlets pan-India over the next 18 months,

taking the total number of outlets to 24. The company already has six standalone boutique stores under its two premium brands -- G Wild and Ceres. Of the 19 stores, 17 will be G Wild and two will be Ceres stores. The new stores will come up in cities like Chandigarh, Ludhiana, Ahmedabad, Kanpur, Delhi, Goa, Amritsar and Kolkata.

The Mumbai-based company has earmarked an investment of Rs 100 crores to fuel its growth. The company, which derives around 70 per cent of its total revenue from exports to countries like Russia and Malaysia, had clocked net sales of Rs 536 crores in the financial year ’10. It set a target of Rs 700 crores for the financial year ’11. According to Managing Director Navneet Goenka their position is getting stronger so they are expecting bottomlines to grow 35-40 per cent in the second quarter at Rs 175 crores. Perhaps what makes them so bullish is that soaring gold prices in the country has given a push to diamond jewelry sales and this trend is expected to continue in the coming years. Goenka adds that in the next three years, he expects retail revenues to grow by 20 per cent more.