Gitanjali Gems Ltd., an Indian diamond and jewelry manufacturer, retailer and distributor, said it now owns a majority stake of Italian firm Giantti Italia S.R.L., according to media reports.
The company acquired 90 percent stake in Milan-based company from its Dubai-located wholly owned subsidiary, Gitanjali Ventures DMCC, the company reportedly said in a filing with the Bombay Stock Exchange. Financial details of the acquisition were not disclosed.
The Italian firm has become a direct subsidiary of Gitanjali, according to the report. Gitanjali Gems has also incorporated a wholly-owned subsidiary, Gitanjali Resources, in Belgium with a view to explore and expand its businesses in Europe.
Gitanjali Gems provides rough diamond sourcing (cutting, polishing and distribution), jewelry manufacturing; jewelry branding and jewelry retailing in India and abroad.