Jurek Piasecki, former chairman of jewellery giant Goldsmiths, is understood to be mulling a business venture with jewellery tycoon Gerald Ratner.

Piasecki is thought to be searching for new business challenges after resigning as chairman of the Baugur-owned retailer Goldsmiths last month.

He held this position for 24 years, but was understood to have left after a boardroom bust-up.

Ratner is in talks to launch a web, home shopping and high street jewellery business with Indian partner SB&T and wants to recruit some high-profile non-executive directors.

He is keen to buy a 20- to 30-store jewellery chain to complement his jewellery site Geraldonline. Ratner said the latter will be upmarket and the high street chain will be mainstream.

He said: “About 80 per cent of what we’re selling online is diamond rings, but no one buys£10 earrings on the internet.”

Ratner would become chief executive of the new company, which he intends to float on AIM.