Tuesday, 3rd January 2006 (3573 views)

Indian jewellery manufactures and dealers are being offered a chance to purchase what has been described as the country's first full risk insurance package.

Cholamandalam MS General Insurance has launched its Jeweller's Block product, aimed specifically at the local jewellery industry.

The product covers firms for losses obtained from the time jewellery hits Indian shores to the time they are exported.

The timing is particularly poignant, given the recent fluctuations in the price of gold.

It's not just gold jewellery that's covered, with the insurance extending to all transactions involving diamonds, precious stones and bullion.

Conforming with international standards, Cholamadalam claims this is the first time such a package has been offered to Indian firms.

Based in Chennai, Cholamandalam is a joint venture between Murugappa Group and Japanese firm Mitsui Sumitomo Insurance.

The company says the new product reflects its desire to serve every customer segment of the insurance market.

 

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