All that glitters may be gold

BANGALORE: Manappuram Jewellers Ltd inaugurated its ninth showroom in Bangalore city on October 20 . The showroom, to be launched in the new brand name of Riti Jewelry, is located in the Commercial Street area. This was announced at a press meet by VP Nandakumar, Chairman of the Manappuram Group of Companies.In the last one year alone, Manappuram has set up a chain of eight jewellery showrooms across the city. Coinciding with this launch, the existing showrooms of the group, functioning under the name of Manappuram Jewellery, will also be rebranded as Riti Jewelry. The rebranding became necessary as the jewellery business has taken off in a big way and there was need to carve an identity distinct from the parent brand of Manappuram.Nandakumar further stated that the Manappuram Group would invest nearly Rs 3,000 crore over the next four years in order to launch a chain of 100 jewellery showrooms across the country. He said that the major problem with the gold jewellery industry in the country is the lack of transparency in the trade and issues with the purity of gold.