Paris-based luxury goods group LVMH Moët Hennessy Louis Vuitton opened a Louis Vuitton jewelry store on Paris's Place Vendome earlier this week, in an effort to expand the brand's image within in the global luxury jewelry market,  which, sources say, could grow by 10 percent a year until 2014.

"The store and the workshop are an important step, a foundational decision, indicating that we look ahead with optimism," said Hamdi Chatti, Director of the group's jewelry and watches divisions, as quoted by Reuters.

The new Paris store will sell both mid-range items, from as little as US$820 (€650) to diamond and sapphire-encrusted necklaces and rings that could fetch as much as millions of dollars, according to the news source.

Louis Vuitton will reportedly design high-end jewelry on the premises, both in a series of collections and as made-to-measure pieces.

"We are considering opening new stores for jewellery and watchmaking in major international capitals," a Louis Vuitton spokeswoman told Reuters.

LVMH's jewelry brands include Chaumet, Fred and De Beers. In 2011, the group acquired the Italian Bulgari brand.