Aerens GoldSouk International has announced plans of opening 10 gold souks (mega malls) across the country in the next five years, with the first gold souk becoming operational in Gurgaon in September 2004.
The locations planned for the other souks are Jaipur and Ludhiana in the north, Mumbai and Ahmedabad in the west, Bangalore, Chennai, Kochi and Hyderabad in the south and Kolkata in the east.
Negotiations were on to open the Mumbai and Chennai souk in parallel. Marketing of the two were expected to begin in three months.
While the land was still being finalised for the gold souk in Mumbai, the company said the Mumbai souk was expected to be operational by the end of 2005.
It has narrowed down the choice between land in Lower Parel and at the Bandra Kurla Complex, both in the surburbs of Mumbai.
With an estimated $20 billion as the jewellry market size, Aerens Goldsouk International would use the a gold souk concept to create a platform to unite the largely fragmented gold and jewellry market across India.
Each souk would cost an approximate Rs 35 crore to Rs 40 crore besides the land cost. This would be funded through internal funds of the main promoters of Aerens GoldSouk International, who have also promoted the Aerens real estate development business in New Delhi.
With plans of marketing this product abroad, G Pillai, president of Aerens GoldSouk International, said the company was targeting jewellers from Dubai, Singapore, Hongkong, Malaysia and Italy.
"For the Gurgoan gold souk, a Dubai based jeweller has already booked space," added Pillai.
The souks would sell gold jewellry and various kinds of studded jewellry including diamonds and coloured stones, platinum and silver jewellry , silver tableware and other high value accessories.
There would be separate areas for children. Souk would have a design centre showcasing latest designs of budding designers.
"We also plan centres for hallmarking the gold jewellry and certification of diamonds, for those vendors who will be present in the souk and choose to hallmark jewellry," said Pillai.
The company was in talks with various ministries to make available duty free facilities at these souks, making shopping at these souks attractive.
"We would be wooing non resident Indians by offering ambience and variety, as most souks will attract jewellers from all over the country," said Pillai.
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