Gitanjali Gems eyes China acquisition

Updated: 2011-08-03 09:17


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Gitanjali Gems eyes China acquisition
Models show jewellery and dresses made from Gitanjali Group during the IIFA Rocks show in Toronto.[Photo/Agencies]

India's largest jewellery retailer Gitanjali Gems Ltd will acquire a Chinese manufacturing unit and jewellery retail firm by the end of 2011 as it looks to expand its global footprint and boost sales, Reuter reported Tuesday.

Gitanjali, which retails diamond jewellery under the brands Gili, Nakshatra, Asmi and D'Damas in India, recently acquired four Italian jewellery brands from a unit of Dubai's debt-laden jewellery group Damas International.

"We plan to make an announcement by December this year. It will be something mid-sized as we plan to acquire it and then help it attain scale," Abhishek Gupta, head of corporate strategy told Reuters on Tuesday, without giving any financial details about the China deal.

The United States accounts for 35 percent of the total diamond jewellery market, while China, Japan, India and the Middle East each account for 10 percent of the demand globally.

Gitanjali, which the market values at $596.8 million, has a retail presence in the Middle East and the United States.


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