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| Mehul Choksi |
We’re learning more about Gitanjali Group’s bid for five Italian brands.
Reuters reports that Mehul Choksi, Gitanjali chairman and managing director, is prepared to pay $32.7 million for the DIT Group (which owns four brands) and Valente and expects to reap $100 million from the acquisition in two years.
DIT is a unit of Dubai jewelry maker Damas International and owns the brands Stefan Hafner, IO Si, Porrati, and Nouvelle Bague. Meanwhile, Valente is owned by Mariella Burani Fashion Group.
Gitanjali Group, which trades in India under the name Gitanjali Gems Ltd., is India’s largest diamond jewelry manufacturer and retailer. Its business portfolio includes rough diamond sourcing, cutting, polishing, jewelry manufacture and distribution to its jewelry branding and retail operations. Its brands include Gili, Nakshatra, Asmi, Sangini, D’damas, Vivaaha and Giantti.