Indian diamond industry king Nirav Modi, is planning to open a new store in the heart of London’s West End.
The news comes soon after Kate Winslet wore three creations by Modi, who lives in Mumbai, to the Oscars.
After opening stores in Delhi, Mumbai, New York’s Madison Avenue and Hong Kong over the past two years, Modi plans to open eight new stores this year including one at Bond Street in London, Miami, Bengaluru, Macau and two more in Hong Kong. Over time, he plans to expand to cities like Shanghai and Beijing in China, the designer has told journalists.
“Most of our new stores will be international and in prime locations. It’s not just about picking the right city, but the right street and the right location within that street,” Modi said.
In its fifth year of operations, Nirav Modi brand has evolved from a ‘by-appointment only’ format to having select stores across locations. With offices in all major diamond centers including Antwerp, South Africa, Armenia, New York and Hong Kong, the brand monitors and controls every step of the process from mine to market. It has its own cutting, polishing, design and production facilities, and is the only one in India to source the coveted Argyle pink diamonds found only in East Kimberley region in Western Australia.
In the next five years, Modi plans to have presence in 12 countries with 30 boutiques, besides getting a patent for his firm’s Jasmine cut.
Modi said the company is trying to broaden the base by lowering its price points. The lowest price point for a Nirav Modi creation is Rs 3 lakh now, down from about Rs 12 lakh. “We are trying to cater to a younger aspirational audience now.
We have so many occasions to wear and buy jewellery in India. It appreciates with time, and as a segment, is recession proof,” he said.
The designer said he will continue to sell only through his own stores. “We source the rough diamond, polish it, design and manufacture the jewellery, and retail it. It’s an end-to-end experience and quality is important to us. A Nirav Modi piece will be sold at a Nirav Modi store,” he said.