Happy jewelers are selling off their inventory in India as part of an auction for its flagship luxury brands.
The sale is a big win for Kay Jeweler, which has been in the news lately for the sale of the brand to an Indian conglomerate.
It’s the latest big move by India’s top jewelers as it continues to grapple with a sharp decline in its global sales.
In a statement, Kay Jewelery said it has sold more than 1,000 of its luxury brands, and that it expects to continue to sell its luxury products as the global market has changed.
Kay Jewelry, which was founded in London in 1885, is the second-largest luxury jewelry brand in the world.
The company was founded by Indian-born businessman Jashodha Malani, who had amassed a fortune when he purchased the brand in 2005.
The company, which sold to a consortium of Indian companies in 2015, is not the only Indian company in the luxury jewelry business.
In India, Jaspal Gupta is the only owner of Jaspals jewelry brand.
The luxury jewelry company is also part of the Tata Group.
Tata Group is a conglomerate of Indian businesses that includes Tata Motors, the country’s largest automaker.
The conglomerate owns an 18 percent stake in Tata Group’s jewellery business.