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Gitanjali Gems acquires U.S. retailer Rogers

November 19, 2007

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Mumbai, India—Gitanjali Gems, one of the largest integrated diamond and jewelry manufacturers and retailers in India, has acquired U.S. retail jewelry chain Rogers for $18.5 million to boost the company's retail presence abroad, reports the Business Standard.

Gitanjali Gems has acquired a 100 percent stake in the specialty retailer, which has revenues of $80 million, according to The Hindu.

Headquartered in Middletown, Ohio, Rogers operates 46 retail stores under the brand names Rogers Jewelers and Andrews Jewelers.

The acquisition will allow Gitanjali Gems to leverage Rogers' existing retail infrastructure and access U.S. consumers, the company told the Business Standard.

Gitanjali Gems has already expressed interest in creating brands for the U.S. market. In December 2006, the company bought U.S.-based jewelry chain Samuels, marking its first acquisition in the gems and jewelry industry. Earlier this year, the company bought a 70 percent stake in Tri-Star Worldwide, a Canada trademark licensee and a direct customer of BHP Billiton.

Editor's note:: For related stories, see Gitanjali Gems acquires Samuels Jewelers and Gitanjali purchases majority interest in Tri-Star Worldwide.
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