Gitanjali Plans International Acquisition

Leading Indian diamond and jewelry manufacturer Gitanjali Gems is on the verge of a major international expansion, with plans to acquire two jewelry retail chains in the U.S. According to reports in the Indian business press, the chains that are being acquired each have turnovers of approximately $100 million. The deal is reported to be worth about $100-120 million. While no official statement has been made by the company, industry sources report that talks are at an advanced stage and that the purchases may be completed in the next few months.

Gitanjali has also expanded in the retail segment of the domestic market. Domestic initiatives include the acquisition of a 51 percent stake in Shubalavanya Jewel Crafts Pvt Ltd, which specializes in traditional handcrafted jewelry, and a 100 percent stake in jewelry retailer Desire Lifestyle Pvt Limited.

Gitanjali has also announced a joint venture with Modern Mills Limited, primarily in the field of distribution of jewelry and jewelry products and with the aim of operating a chain of jewelry shops.