Reliance Industries has launched the first outlet of its proposed jewellery chain ‘Reliance Jewels’ over 6,000 sq ft store in Bangalore. The store is has been set up at an investment of about Rs.120 million ($3 million) and will offer over 10,000 designs. Keeping pace with its plans of setting up three outlets by first quarter of 2008, two stores are being planned in Hyderabad and Ludhiana. Reliance Jewels is also expected to open in Mumbai soon.

The estimated total investment in the venture is valued at around Rs 60 billion ($1.5 billion) till 2010, and revenues are positioned at Rs 100 billion ($2.5 billion). Jewellery will be sourced from both smaller and major manufacturers.

The jewellery venture is an initiative of RIL’s retail arm - Reliance Retail. The company plans to open 300 jewelry stores all across India over the next three years, ranging from 2,000 to 15,000 sq ft each.