Chemmanur Jewellers plans Rs.1 bn spend on 30 new outlets

BANGALORE: The Rs. 4 billion Chemmanur group announced the opening of its fifth and sixth Karnataka jewellery retail outlets in Haskote near Bangalore. Chemmanur is already present at 15 different retails outlets world wide including Bangalore, Mangalore, Bhatkal, Marathahalli in Karnataka, in the middle east at Dubai, Abu Dhabi and Bahrain, besides three outlets at Kerala and five at Tamil Nadu.

The group envisages Rs. 1 billion investments in Gold, silver and Diamond retail showrooms within two years with the opening of 15 New Showrooms in and around Bangalore within this financial year and another 15 new mini-showrooms in select and different cities and towns of Karnataka having a population of more than one hundred thousand. Each outlet in an around Bangalore would entail an investment of approximately Rs.30 to 40 million.

An official release says, the support of financial institutions like Catholic Syrian Bank, Corporation Bank, Bank of India and Vijay Bank complemented by the growth of retail and financial customers and well-wishers are the motivation factors for the ambitious expansion plans.

For the new showrooms local candidates, both male and female, would be preferred and extensive training is imparted to them at Bangalore. Professional training is provided by the Chemmanur Gold Academy in the knowledge of Gold, Diamonds and Precious Stones to employees and also to improve their skills in Sales and Customer Satisfaction, the release adds.

The group is also planning to allot equities to the Senior Employees who have served the organization for more than five years.

For meeting temporary financial requirements without liquidating their jewellery, Chemmanur has come with a unique concept by which customers can sell their gold ornaments purchased from anywhere around the world to Chemmanur outlets and avail of cash. This purchased gold is not melted but is retained in the same form in the safe custody of a bank locker. The customer has the option of buy back the same gold within the specified period against a nominal charge. This scheme has garnered around Rs.90 million over the last 9 months since it’s inception and Chemmanur is upbeat about the future growth in this ‘Cash against gold’ scheme as Chemmanur terms it.

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