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Tuesday, August 31, 2010

Gitanjali to Pay Up To $15M for Italian Brand

Mehul Choksi
India’s largest diamond jewelry manufacturer and retailer is about two weeks away from acquiring a major Italian brand, according to media reports.

Mehul Choksi, chairman and managing director of Gitanjali Group, told India’s MoneyControl.com the company is spending about $10 to $15 million for the acquisition of the yet unnamed brand. The idea is to market this brand’s products throughout the company’s growing international network, which includes the Samuels and Rogers jewelry chain in the U.S., more than 20 retail brands in India and retail outlets in the Middle East, China and Japan.

He said the purchase could result in a 10 to 15 percent growth in revenue for the company.

A transcript and video of the interview can be found here.

Gitanjali Gems Ltd., its trading name, is an integrated diamond and jewelry retailing and manufacturing company in India. 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. It has two segments: diamond and jewelry. In the diamond segment, it engages in an end-to-end diamond processing chain which begins with marking, cleaving, sawing, cutting and polishing. In the jewelry segment, process for the manufacturing of diamond studded and other jewelry flows from designing, model and mould making, waxing and wax setting, casting, sprue binding, filling, polishing, metal setting and rodium polish.

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