· So simple, affordable and accessible that every Indian can now own a diamond.
· Initially 76 branches of Muthoot Fincorp Ltd to showcase Swarnavarsham Jewellery with Divine Solitaires Pratham diamonds.
· Easy one month and 3-6 months EMI schemes available for buying diamonds.
Mumbai, 16th February 2017: High quality diamond jewellery has finally become affordable and accessible for everyone. Muthoot Exim Pvt Ltd., the precious metals division of the 130- year –old business conglomerate Muthoot Pappachan Group, has launched Swarnavarsham diamond jewellery in association with Divine Solitaires Pratham diamonds. The launch was graced by dignitaries from both Muthoot Pappachan Group and Divine Solitaires which include Mr. Thomas Muthoot (Executive Director, Muthoot Pappachan Group),) Mr. Keyur Shah (CEO, Muthoot Precious Metals Division), Mr. Jignesh Mehta (Founder and Managing Director, Divine Solitaires), Mr. Shailen Mehta (Co-founder and Director, Divine Solitaires) and Mr. Hitesh Mehta (Director, Divine Solitaires) amongst others.
Initially, to begin with Muthoot Exim in association with Divine Solitaires, is offering 18-Karat gold ring studded with 0.14 cents diamond of EF color and VVS clarity. This ring is being offered in three sizes of 12mm, 14mm and 16mm with weight of gold as 2gm, 2.2gm and 2.4gm respectively. More variants of diamond studded gold Jewellery will be launched subsequently. Laser inscription of unique identification code is available on every diamond. Muthoot Swarnavarsham diamond jewellery with Pratham diamonds which is an extension of the parent brand Divine Solitaires is available in tamper proof see through packaging and comes with a Quality Guarantee Certificate & Buyback Guarantee.
Muthoot Exim’s Swarnavarsham Diamond Jewellery will be available initially at 76 branches of Muthoot Fincorp Ltd., which is the flagship company of Muthoot Pappachan Group, and one of the largest NBFCs in India, registered with the Reserve Bank of India. The Muthoot Fincorp branches in Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Madurai, Mumbai and Vijayawada locations will showcase the diamond jewellery in the first phase of launch.
Mr. Thomas Muthoot, Executive Director, Muthoot Pappachan Group, said, “Diamonds are forever and every Indian desires to own them but many feel that it’s a luxury beyond reach. In a
pioneering initiative, the Muthoot Pappachan Group Company Muthoot Exim Pvt Ltd., is now introducing an innovative offering – Swarnavarsham Diamond Jewellery with Divine Solitaires Pratham diamonds, which enable customers to purchase assured high quality diamond jewellery through easy monthly payments. We want to make quality diamonds affordable and within the reach of every Indian. Our focus is to empower underprivileged sections of society to buy and own diamonds and realize their dreams. The Swarnavarsham Jewellery with Divine Solitaires Pratham diamonds will be available initially at 76 branches of Muthoot Fincorp Ltd across 9 cities.’’
Customers can choose to buy the jewellery from various payment schemes offered as follows: 1) One month scheme: Customers can make entire payment in one shot and book the jewellery; and 2) EMI schemes: Customers can choose to make payment towards jewellery in monthly installments of 3/6 months. 20% of the invoice must be paid as down payment and balance in EMI’s. The price of gold and diamond in the jewellery will be frozen at the time of booking and any further changes in prices will not affect customer. Delivery of the jewellery to the customer will be effected only after completion of full payment.
Mr. Keyur Shah, CEO, Muthoot Precious Metals Division., said, “Muthoot Exim has set new standards of innovation, excellence, affordability and accessibility with Swarnavarsham gold jewellery and Swethavarsham silver articles. And now we present Swarnavarsham Diamond jewellery in association with Divine Solitaires Pratham diamonds – a revolutionary product with Buyback Guarantee for the masses. Buyback of solitaire diamonds will be offered at 90% of prevailing rates as per Nationwide Standard & Transparent Price List, which makes it very transparent process. Buyback will be facilitated through our Muthoot Gold Points – the first National level organised sector that allows you to sell your gold in a transparent and efficient manner. One year free insurance is also being offered on Divine Solitaires Pratham diamonds.”
Mr. Jignesh Mehta, Founder and Managing Director, Divine Solitaires, said, “Gold Jewellery have always lured masses across India because of its affordability, accessibility and transparency, unlike diamonds which have been though highly aspirational in the Indian culture. As a pioneering step, Divine Solitaires have revolutionized diamond buying by introducing Pratham diamonds, an extension of Divine Solitaires in association with Muthoot Exim’s Swarnavarsham Jewellery that now provides the same affordability, accessibility and transparency while buying the best quality diamonds by the masses across the country. Based on a stringent check on 123 parameters and guaranteed Hearts & Arrows craftsmanship in each & every diamond, Divine Solitaires Pratham Diamonds are guaranteed to be the brightest & most magnificent diamond. Divine Solitaires also brings in pricing transparency through its ‘Nationwide Standard & Transparent Price List ‘ and also provides Buyback and Upgrades that gives the benefit of price appreciation to the consumers. Current Prices can be tracked anytime on the Divine Solitaires mobile application.
So buying diamonds is now made easier with Divine Solitaires Pratham diamonds that symbolizes the stepping stone towards better future, be it in career, marriage, business or personal life.
We are very happy & excited to partner with Muthoot Pappachan Group.”
About Muthoot Exim Pvt. Ltd.
Muthoot Exim Pvt Ltd is the precious metal vertical of the Muthoot Pappachan Group, specialises in innovative products and offerings in the precious metal space. Customers have access to quality products that meet the highest standards, at an affordable price. The company’s flagship products are:
Swarnavarsham: A unique product, allowing customers to purchase BIS hallmarked 916/995 pure gold jewellery of low ticket sizes (1.5 to 9.5 grams), in tamper proof packaging, in easy and affordable monthly payments- a first of its kind in India.
Swethavarsham: First of its kind, offering purchase of silver bars and hallmarked Silver article under spot and monthly payment basis.
Muthoot Gold Point: First National level organised sector that allows to sell your gold in a transparent and efficient manner.
Mobile Muthoot Gold Point allows people to sell their old gold at their doorstep and convenience. The 'Mobile Muthoot Gold Point' is India’s first mobile gold buting vehicle to collect gold directly from customers at their doorsteps. Customers can call on 7356534111 or 9321171122 for the mobile van between to and fix an appointment at a mutually convenient time.
Corporate gifting: Muthoot Exim has set a new benchmark in Corporate Gifting by providing world class products with genuine purity and efficient service.
About Muthoot Pappachan Group
Muthoot Pappachan Group (MPG), the 130 years old business conglomerate has been providing solutions, services and expertise to lakhs of customers across the country in various domains like financial services, automotive, property, hospitality, and alternate energy. Over the years Muthoot Pappachan Group has grown to become a significant entity in the Indian business landscape. Currently it has more than 20,000 employees, serving over a million customers through over 3,800 retail branches. MPG's customer-centric approach and innovation in terms of new products that cater to changing customer needs have helped in winning the loyalty of innumerable customers, as well as attracting new ones. The Group adapts the latest technology and new ways to serve the customers, with an uncompromising stand on values, principles and ethics.
Muthoot Fincorp Ltd., the flagship company of Muthoot Pappachan Group, is one of the largest NBFCs in India, registered with the Reserve Bank of India. Muthoot Fincorp is a provider of retail finance in the form of gold loans. Decades of dedicated research and experience in rural areas have enabled the Company to provide quick and customized finance options and investment schemes for millions of customers who do not have access to mainstream commercial banks. Muthoot Fincorp is one amongst the largest Gold Loan companies in India and has an average of 50,000 walk in customers per day. The company has a diverse mix of retail offerings catering to the various needs of its customers including Loan products, Money Transfer, Foreign Exchange, Insurance Services and Wealth Management Services.
Muthoot Capital Services Ltd. (MCSL) is the first listed entity of Muthoot Pappachan Group. A Non-Banking Financial Company (NBFC) listed on the BSE and NSE, MCSL offers financial solutions including Vehicle Loans (2 wheeler loans). MCSL is presently active in retail financing and caters to the requirements of borrowers both in rural and semi-urban areas. The Company's direct approach helps arrive at solutions that best suit the financial requirements of individuals and small entrepreneurs. The Company being a deposit taking ‘Category A’ NBFC, also accepts deposits from public at attractive rates of interest. The company is currently servicing more than 2,200 dealerships in fifteen states with a strong presence in Hero and Honda, which together contribute more than 80% of the total business.
Five years back the Group entered the affordable housing finance arena throughMuthoot Housing Finance Company Ltd (MHFL), a subsidiary of Muthoot Fincorp Ltd. MHFL caters mainly to the housing finance requirements of customers in the middle and lower income category. The Company offers housing loan, primarily to the people in the unorganised sector to make their dream of owning a home come true. Loan amounts range from Rs 3 lakhs to Rs 15 lakhs, with a loan repayment period up to 15 years and a loan to property value of up to 80%. MHFL offers loans for the purchase of ready property, house/flats under-construction, self-construction on own plot and home extension.
The Muthoot Pappachan Group firmly believes that financial inclusion of the economically weaker section of society is important for the socio-economic growth of the country. With this belief Muthoot Microfin Ltd., the micro finance business unit was launched by the Group. The company recently received the license from RBI for NBFC -MFI. It follows the Joint Liability Group (JLG) model of micro-finance. Clients are organized in groups of five to ten women from economically weaker sections of society, living in rural and semi- urban areas or urban slums. Target clients are economically active women with regular cash flow through lawful, Sustainable and stable economic activity. Under this program, each individual in a JLG is offered a loan between Rs 10,000 to Rs 15,000 depending on her repayment capacity, for tenure of 52 weeks. It also fosters entrepreneurship skills among women and gives them basic financial literacy.
The Group has contributed to the tourist attractions of Kerala by setting up star hotels run by the Taj and Hilton Groups, Villa Maya the exclusive restaurant and Sky Chef the air catering unit, while contribution to Safe and Clean Energy comes in the form of electricity through wind farms and to Technology through the state of the art Muthoot Technopolis.
About Divine Solitaire
Divine Solitaires, a venture of R.S.Diamonds Pvt. Ltd. is the first & only solitaire diamond brand in India which provides its consumer with the world’s finest & perfectly crafted solitaire diamonds in an organized & transparent manner. Divine Solitaires has introduced Pratham Diamonds that caters to segment that aspires to own high quality diamonds with affordability and transparency and comes in association with Muthoot’s Swarnavarsham Jewellery.
Every Divine Solitaires diamond adheres to the highest standards of craftsmanship & stringent quality measures which go beyond any laboratory certifications. Divine Solitaires is the first diamond brand in India to bring Nationwide Standard & Transparent Price List that guarantees complete transparency & assures our customers to get true value for money. Every Divine Solitaires diamond is equipped with unmatched features like Hearts & Arrows cut, Easy upgrade & buyback options, a free all risk insurance cover and many more. Divine Solitaires consistently strives to provide the consumer with a perfectly cut diamond solitaires that has an ethical sourcing, quality certification, investment value and clarity in pricing put together in a state of the art packaging.
Divine Solitaires has strengthened its presence at 124 premium jewellery stores in 69 cities across the country.