``By the end of this fiscal (March 2001), we'll have 15 stores in place and by the end of 2003 we'll be 60 plus,'' Inter Gold's joint managing director Ms Sucheta Khandwala told The Financial Express here on Tuesday. Inter Gold is already present in Mumbai, Surat, Goa and Bangalore. The company opened its first outlet in the Capital on Tuesday and plans to set up four more stores in Delhi, and then move to Calcutta and Hyderabad. The company has adopted a three-pronged strategy to increase its distribution network: to target large metros and cities, it'll open exclusive flagship stores-of 1000 sq ft each, while to reach out to smaller towns, it's looking at opening 500 sq ft shops; and finally to increase penetration, it'll create 350 sq ft shop-n-shops in large jewellery stores.

According to Ms Khandwala, Inter Gold would opt for a mix of both company- owned showrooms as well as franchisee stores. The investments into the new retail initiatives would be made by Inter Gold's parent company B Arun Kumar which is one of the largest site holder of De Beers. Inter Gold, would make an investment of Rs 3 crore in each store in terms of stocks and furniture. The company has a collaboration with Hammer & Sohne, Germany. It has also ventured into Platinum and Italian jewellery. The company proposes to pull consumers with its `affordable' range and `different' designs. ``We want to break the myth that branded jewellery is expensive,'' says Ms Khandwala. The price range of products range between Rs 500 to Rs 4 lakh.

In the Rs 40,000-crore jewellery business in the country, the share of branded jewellery is only Rs 500 crore. However, it is growing exponentially. The company is also addressing the relatively unexploited segment of working women and teenagers with its Career Carats and Denim Diamonds range.