Mini Diamonds India Ltd (MDIL) announced today, a strategic business arrangement with Parasmani Inc., a Toronto-based jewellery company, to enter the Canadian lab-grown diamond jewellery market. This partnership marks MDIL’s latest move in its global expansion strategy.
MDIL is under the Periodic Call Auction System (PCAS), with shares trading at ₹114.88, up by ₹2.25 or 2 per cent, on the BSE at 12:51 pm today.
Parasmani Inc., with over a decade of experience in the Canadian wholesale jewellery market, will market and promote MDIL’s lab-grown diamond jewellery across Canada. The collaboration aims to leverage Parasmani’s established network of retailers, wholesalers, and distributors to boost MDIL’s sales in the region.
MDIL, specializing in cut and polished diamonds and jewellery manufacturing, operates a facility in Mumbai equipped with cutting-edge technology. The partnership is expected to capitalize on the growing demand for eco-conscious diamond alternatives in Canada.
Upendra N. Shah, Chairman and Managing Director of MDIL, said, “This partnership allows MDIL to capitalize on the growing demand for lab-grown diamonds in Canada, as more consumers become conscious of ethical and environmentally friendly alternatives to mined diamonds.”
“Parasamani will play a crucial role in helping MDIL cater to this demand by positioning its products in key retail outlets, offering Canadian consumers a luxurious yet eco-conscious option for their jewellery purchases.”
This Canadian expansion follows MDIL’s recent partnership with A V PALACE DMCC in Dubai on August 19, 2024, demonstrating the company’s rapid international growth in key markets for lab-grown diamond jewellery.