Australia-based Rio Tinto is eyeing the Indian marriage gifting market with its 'Nazrana' brand of diamond jewellery, marketed through various retailers across the country, says a company official.
"The size of the wedding gifting market in the country is around Rs 10,000 crore. We want to tap this section through our Nazrana brand of diamond jewellery," says Manager of Rio Tinto India representative office Vikram Merchant.
He said the US, China and India are the three main jewellery markets in the world and Rio Tinto is entering all the three through the retailers of the respective countries.
Merchant said Rio Tinto supplies the rough diamonds mined abroad to diamond manufacturers, who under the guidance of Rio Tinto make the design and style of the jewellery.
"We are a mining company and have no aspirations to go into retailing," Merchant said.
He said Rio Tinto has tied up with 140 retailers across the country. "We plan to have 150 retailers by the end of the year," he said.
Regarding the Bunder project in Madhya Pradesh, he said the company has got the in-principle approval from the Mines Ministry for obtaining the necessary clearances required to start diamond mining activity.