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Ramnath Nalli, who had been toying with the idea of entering the gold jewellery business for a while now, was waiting to find a location close to their existing store in T Nagar to start the business, he says. The first store will open on September 19.
The Nalli brand will initially introduce gold and silver jewellery and soon follow it up with diamond and platinum jewellery. Their flagship store in Chennai will be the company's largest, and Nalli has plans to set up stores across south India as well. "We want to observe sales for the first year. If we meet our projections, we would go ahead with our expansion plans," Nalli says.
This is the company's second attempt at diversifying from the silk sari business.
The company which is said to have brought in the concept of organised retail in Chennai, entered the ready-made garment business, retailing kids wear and products like costume jewellery and accessories, but that business doesn't taken off as expected with the products haven't gone beyond the company's store in Chennai.
Nalli, however, is positive about the gold jewellery business, despite the volatility in the gold market and sharp increase in prices. "Increase in gold price is not a new phenomenon, it has been happening over the years now. Though gold rates are at a peak, our customers have not stopped buying for wedding or other auspicious occasions. Gold is considered a secure investment globally," he said.