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Gitanjali Gems announces next acquisition

January 07, 2008

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Mumbai, India—Indian jewelry giant Gitanjali Gems will announce acquisition of a diamond-jewelry brand at a press conference on Tuesday in Mumbai, a company spokesperson confirmed to National Jeweler.

Gitanjali Gems, which made headlines last year with its $20 million acquisition of U.S. chain retailer Rogers Ltd., will acquire Nakshatra, which Gitanjali Gems describes as "India's premium diamond-jewelry brand."

The move is the latest in a series by the Mumbai-based company as it looks to raise its profile in India and around the world.

In addition to its November 2007 acquisition of Rogers, in February 2007, Gitanjali Gems purchased a majority interest in Tri-Star Worldwide LLC, a BHP sightholder, CanadaMark licensee, manufacturer and global distributor of Canadia-brand diamonds and diamond jewelry.

In July, the company launched its own brand of affordably priced loose diamonds, Ezee Diamonds, and in November, Gitanjali Gems unveiled its Wimbledon jewelry collection, which includes more than 100 pieces honoring the tennis championship.

The company also acquired Samuels Jewelers in December 2006.

Announcement of the acquisition is scheduled for Tuesday morning at 11:30 a.m. local time in Mumbai at the Hotel Taj Mahal.

Editor's note: For related stories, see Gitanjali Gems acquires U.S. retailer Rogers.
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TOPICS
Company Activities and Information | Mergers and Acquisitions

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