Flawless Diamonds to Acquire Dubai Jewelry Distribution Firm

Indian diamond jewelry manufacturer-exporter Flawless Diamonds plans to expand its international presence to explore the markets in the Middle East and Europe.

While the board of directors at its meeting on August 11 decided to “establish a subsidiary very soon in Dubai”, the Indian business newspaper Business Standard subsequently quoted Rajeev Kamdar, the company’s director of finance, as saying that it would acquire a Dubai-based diamond jewelry distribution company, possibly by December.

The board also decided to expand the Flawless’ domestic retail business, where it retails under the brand name ‘Aum,’ and open 75 additional outlets within the next 24 months. Other plans include “more effective E-trade business and some new innovative business models,” as well as “expand[ing] its product profile by adding lifestyle products and product in platinum, gold and silver along with watches and men's accessories.”

An estimated expenditure of Rs 750-850 million (approximately $17-19 million) would be met by internal accruals initially, while potential investors will be approached for longer term needs.