Indian diamond jewelry brand Nirav Modi to open 8 international stores

By

Barbara Santamaria

Published
Feb 24, 2016

Indian diamond jewelry brand, Nirav Modi, is continuing its international expansion, after opening standalone stores in New York’s Madison Avenue, Delhi and Hong Kong in 2015.

The company, whose client list includes several billionaire wives, is planning to set up eight new international boutiques in prime locations, such as London’s Bond Street, said ETRetail on Wednesday. Further stores in Miami, Bengaluru, Macau and Hong Kong are expected to be added to the portfolio this year, with Shanghai and Beijing stores being analysed for a near future.

According to the Indian newspaper, the company plans to have presence in 12 countries with 30 boutiques by 2021. Since its launch five years ago, Nirav Modi has grown from an appointment-only concept to an international business. It counts with offices in Antwerp, South Africa, Armenia, New York and Hong Kong and monitors every step of the process.

Dubbed as the Diamond King in India, the brand’s owner, Nirav Modi, has a net worth of $1.4 billion. The company is the only one in India to source the coveted Argyle pink diamonds, found only in Western Australia, but is also looking to expand its product line with more affordable pieces.