Tiffany & Co. announced Aug. 7 that it will enter the Indian market through a joint venture with private equity firm Reliance Brands Ltd., confirming earlier reports.

The jeweler said it will open stores in New Delhi during the second half of fiscal 2019 and in Mumbai during the second half of 2020.

An earlier report specified that the Reliance Industries Ltd. unit will launch Tiffany at Mumbai's Jio World Centre mall, which is slated to open in April 2020.

"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," Philippe Galtié, executive vice president of Tiffany's global sales, said in a statement.