(Image source from: PYMNTS.com)

Iconic New York-headquartered luxury jeweler Tiffany & Co is setting foot in the Indian market in partnership with billionaire Mukesh Ambani’ s Reliance Industries, the company said.

The first store will be opening in Delhi this year and one in Mumbai next year Tiffany will be another leading name to join the ever-growing portfolio of Reliance.

Tiffany, which is known for its diamond engagement rings and robin's egg blue boxes, in a statement, said it will enter the Indian market through a joint venture with Reliance Brands Ltd.

"Through a joint venture, Tiffany plans to open new stores in Delhi in fiscal 2H 2019 and Mumbai in 2H 2020, capitalizing on its already strong image and brand awareness in this emerging and style-conscious luxury market," the statement said.

Tiffany is currently operating more than 320 stores in over 25 countries with more than 80 in Asia-Pacific, as well as e-commerce websites in 14 markets. It is targeting the world's second-biggest gold jewelry market.

"As a global luxury jeweler with stores in many of the world's most important cities, Tiffany's emergence in these Indian commerce centers with their growing luxury consumer base presents a unique opportunity," said Philippe Galtié, executive vice-president of global sales, Tiffany & Co. "We are proud to work with India's leader in luxury retail, RBL, to develop a meaningful presence and further expand our brand equity in this important market."

Reliance Brands Chief Executive Officer Darshan Mehta said Tiffany needs no introduction in India since it is iconic and timeless.

"We look forward to bringing Tiffany's renowned jewelry collections and superlative diamonds to India," he said.

In May, Tiffany had bought British toy-store chain Hamleys, which has 170 stores across 18 countries across the world.

By Sowmya Sangam