Swarovski Closes down its Gemstone Business in India

Mumbai: Swarovski has closed down its gemstone business in India. The Company that celebrated its 125th anniversary recently, Swarovski has churned out crystals in every imaginable shape and form, from sparkling dolphin figurines to encrusted fountain pens to glittering mobile-phone cases. An affordable indulgence rarely costing more than a few hundred dollars, Swarovski trinkets have invaded every corner of the world, providing a comfortable life for the family behind the empire and for the people of Wattens, the small town in the Austrian Alps where the company is based.

The brand entered India back in 2000 with a plant in Pune. Being one of the few mature brands in the country, it functions under franchisee based operators in India and is all set to offer enhanced experience through its direct store.

Mr. Rajendra Jain (outgoing MD), in an official announcement said, “It’s unfortunate to inform you all that Swarovski Gemstones Business operations will be closing in India by March 2021 due to an outcome of the new strategic direction, hence I & my entire team have left Swarovski and my incredible story with Swarovski ended on 31st December 2020.

“Everything has an end and every end is a new start. My another story is waiting to begin… still the same man with the same name, just a different mindset and a new game.

“I take this opportunity to thank some of the wonderful people, whom I met and got the opportunity to spend and build good professional & personal relationship in this industry, during my beautiful 18 years at Swarovski.

“I sincerely thank all the Swarovski associates & branding partners for all your passion, efforts and contributions to the long business partnership, this decision is unfortunate and not a reflection on what our partnership has achieved.”

Mr. Jain also announced the launch of SVAR Group of Companies. He said, “By the grace of god between January to March 2021, I am launching SVAR Group of Companies. SVAR is the acronym of my family members.”


  • SVAR FINE JEWELRY – Gold & Diamonds Retail Jewelry Business
  • SVAR GEMS – Created Lab-Grown Diamonds, Cubic Zirconia Gemstones & Licensed Jewellery technology Application
  • SVAR EVENTS & MEDIA NETWORK – Corporate & Private Events and Print-Digital Press Media (JewelBuzz)
  • SVAR CREATIVE & COMMUNICATION AGENCY – Consultants for Strategy, Branding, Marketing, Trends & Designs and Digital World Technology Solution
  • SVAR LIGHTING & CHANDELIERS – Collaboration with global brand
  • Every division will be conceived & executed by expert associates of the relative industries and will be one of the support pillars of SVAR Group.