Ishi's, the retail brand of Suashish Diamonds Ltd, unveiled what it claims to be 'the most expensive armband in the universe' on Friday in Mumbai.
The $1-million armband, worn by Miss Universe 2005 Natalie Glebova, is made of 1 kg gold and is studded with 10,000 diamonds. It has been designed by craftsmen in Mumbai.
Meanwhile, Suashish Diamonds Ltd managing director Ashish R Goenka said that the company will invest approximately Rs 250 crore (Rs 2.50 billion) in the next couple of years for expansion of its distribution network and to create more inventory.
"Ishi's has already spent $7 million in last three years and the current investment of Rs 250 crore will be two fold in inventory and distribution network," he said.
Ishi's want to encash upon the growing need for designs in diamond apart from increasing the distribution network to tier two cities like Ranchi, Bhubneshwar and shop-in-shop outlets," he said.
Ishi's has 80 outlets spread across 25 cities but has only three exclusive outlets with two at Mumbai and one at Kolkata, he said.
Group Suashish is exporting 90 per cent of its diamonds and jewellery worth Rs 800 crore (Rs 8 billion) to the United States, the Middle East, Hong Kong and China and is growing at 25 per cent, he said.
Talking about the marketing of the armband, Goenka said teh company is targetting at a niche market and already has buyers for the jewelled piece in the domestic market too.
(Above) Miss Universe 2005 Natalie Glebova wearing the $1-million Ishi's armband which is made of 1 kg gold and is studded with 10,000 diamonds, and has been designed by craftsmen in Mumbai.
Photograph: Jewella C Miranda