Reliance Retail, an arm of Reliance Industries, has no plans to shut its jewellery business, the company said today asserting it has recently opened 7 new stores. As the company right sizes its chain of jewellery stores, run under Reliance Jewels brand name, a Reliance Retail spokesperson said, "Reliance as a group is committed to the retail business and its valued stakeholders." Terming as "incorrect and speculative" reports of Reliance shutting down jewellery business, the spokesperson said the company has opened seven new stores in recent times. Also, four new stores are in the process of being opened. The firm has more than 50 jewellery stores.