Bhima, Indian jewellery chain is planning to set up five to six outlets in UAE as it is planning to enter UAE’s intensely competitive marketplace. The first is likely to be set up in Dubai, says a report.

Bhima has its traditional strengths in the southern Indian states of Kerala, Karnataka and Tamil Nadu. The company is looking at sourcing the inventory for Dubai stores not just from India but from Italian and other design selections as well.

The report further adds that it was last year that another Indian jewellery chain, Kalyan, made a entry into the UAE through one of the biggest promotional blitz seen in this market. At the time, it was reckoned there would be an onrush of other jewellery chains as well after the Indian government put in requirements such as a mandatory 20 per cent quota on exports and kept import duty on bullion at a steep 10 per cent. (The 20 per cent export requirement was subsequently scrapped late last year.)