SB&T International, one of the leading jewellery exporters listed on the bourses, anounced Tuesday its joint venture with UK’s leading jeweller Gerald Ratner, Gerald Ratner a renowned name in the UK’s jewellery market. This joint venture therefore, helps the company to enter the UK’s vibrant retail jewellery market estimated to be valued at over 3.5 billion pounds.
The company already has its presence in the Middle East and the US markets. SB&T International, claiming to have over 30,000 designs, has since 1999 to 2003, more than doubled its revenues and profits. Its topline has grown from Rs 654 million to Rs 1,514 million and profits from Rs 40 million to Rs 112 million.
According to SB&T International managing director Varij Sethi, the company has already floated a subsidiary christened as SB&T International (UK), which is a 60:40 joint venture with Gerald Ratner.
While the quantum of the capital for the joint venture was not disclosed, Mr Sethi said “we intend to spend around one million pounds over a period of three years”.
“Through the joint venture Mr Ratner would help the company market its jewellery not just among the consumers but also among the jewellery wholesalers”.
One of the most interesting aspect of the joint venture is that Gerald Ratner would market the jewellery online using internet as the main medium. “Internet is the medium of the future for marketing jewellery to consumers and we hope to attain soon a substantial share of the UK’s online jewllery market”. Further, Gerald Ratner, now COO of SB&T Int’ls UK arm said: “We are convinced of our partner’s abilities and expertise and we will make it successful”.