JEWELLERY manufacturer Flawless Diamond India Ltd has decided to invest Rs.50 crore ($11.14 million) to fund its entry into the jewellery retailing business, according to a company statement. Flawless plans to sell its own branded and non-branded jewellery through its own retail chain. It plans to open at least three outlets before December 2006 and 25 outlets before March 2007.

During its second quarter ended September 30, Flawless reported a 45 per cent drop in revenue to Rs.59.93 crore ($13.34 million) compared to a year earlier. However, its net profits increased eight-fold to Rs.1.25 crore ($280,120).

Flawless recently invested Rs.50 crore ($11.14 million) in the construction and realty development business, and will focus on developing shopping malls, residential complexes and projects.