Indian gold jeweller Shree Ganesh Jewellery is to enter a joint venture with an Italian jeweller worth US$100 million.

Shree Ganesh Jewellery MD Umesh Parekh said the joint venture is likely to be operational by the end of the first quarter of this fiscal. He declined to name the Italian jeweller, but described it as a famous Italian premium jewellery brand. The joint venture will initially target West Asia as the prime focus.

“Expansion of our product portfolio to include Italian fusion jewellery will not only enable us to cater to a diverse customer base, but will also add substantially to volumes going forward,” said Parekh.

Shree Ganesh Jewellery also plans to establish a wholly-owned subsidiary in Beijing as demand among Chinese grows.

The company is also in a partnership with another Italian jeweller SALP Spa manufacturing light gold jewellery to be retailed across India.

Shree Ganesh Jewellery has 46 retail stores in India.

GB