One of the largest diamantaires in India, Mahendra Brothers, which has also been a DTC sightholder since 1969, has entered into a joint venture with Malabar Gold, the Rs.2000 crore Kerala based jewellery retail chain. Malabar Gold has a chain of 25 stores mainly in south India. The name of the new company will be MBMG( Mahindra Brothers Malabar Gold) and the product will be known as “Mine”. “The name of the diamond jewellery has been derived from the source of all diamonds,” discloses Saunak Parikh, director of MBMG. “ ‘Mine’ signifies ownership as well as the source of all diamonds in the world. We have a lot of synergies with Malabar Gold, hence a JV with the company was possible.”

The jewellery marketed by the company will be predominantly diamond jewellery with a smattering of precious stones.

Parikh discounted the possibility that the current recession having forced Mahendra Brothers’ entry into the retail business. “This JV has been on the horizon for a while, in fact, we have been planning for it for quite some time,” says he. The company, which will be headed by professionals, has already started retail operations in seven stores, mainly in the south.