From correspondents in Maharashtra, India, 03:41 PM IST

Chandigarh based Mehrasons Jewellers has announced the company's new premium jewelry format: Mehrasons Just Diamonds. This was launched by Ajay Mehra, Managing Director, Mehrasons Jewellers on August 20th.

Mehrasons will be the 22nd company to announce their franchise plans in the gems and jewelry segment. The Indian Retail industry is in a state of flux. The share of organized retail at present is only 3% of the total market and is expected to go up to 10% by the year 2015. In the days to come, traditional retailers in most industries will face intense competition. They will need to come up with alternatives for survival and growth. Indian jewellery market with a size of Rs.70,000 crore is also undergoing changes.

He stated that it has got a premium positioning and will cater to customers who prefer contemporary designs in diamond jewelry. The company has also taken the franchise route for expansion across the country and is scouting for the franchising partners to expand their footprints all over.

Mehra said, "The targeted states for the first phase of expansion include Punjab, Uttar Pradesh, Rajasthan, Karnataka and Tamil Nadu."

"The new retail format will be the company's first distinctive jewelry format which will specialize in just diamonds and diamond jewelry. It will cater to the latent demand for versatile, au courant pieces of Indian jewelry which appeal to all age brackets," he mentioned.

Mehra affirmed, 'Introducing a new retail format for diamond jewelry was a natural progression for Mehrasons Jewellers. We wanted to demarcate and segregated our diamond division in order to draw focus to the product offerings," and added, "Our research indicates that there is a demand specific to contemporary diamond jewelry. In order to bridge this need gap and provide customers easy access to what they want we have introduced Just Diamond, which will specialize in diamond jewelry."

As per the Franchising Association of India, Official Franchise Directory, There are around 21 franchise brands in this lifestyle. Some of the prominent brands in this space are Sangini Diamonds, Tara and Just in Vogue. For more information on jewelry brands please visit http://www.franchisebusiness.in/Franchises/Jewellery. The jewelry market will pose healthy growth in this financial year based on increased consumer spending and the migration from the local jewelers to more lifestyle, fashion statement options.

As India’s jewellery market matures, it is expected to get more organized and the share of family jeweller is expected to come down.

Franchising Association of India is the only professionally run and recognised trade body fostering the healthy growth of franchising activity and entrepreneurship in the country.

Source: Press Release Distribution via India PRwire