Gitanjali Gems, the country’s largest jewellery retailer, reportedly close to acquiring jewellery retail company in China and hopes to announce the deal in the next 2-3 months. The company plans to expand in China, India and the US in the coming fiscal that begins April 1, 2012. The United States accounts for 35% of the total diamond jewellery market, while China, Japan, India and the West Asia each account for 10% of global demand.
Gitanjali retails diamond jewellery under the brands Gili, Nakshatra, Asmi and D'Damas in India. It also manufactures and wholesales gold and diamond jewellery, and has signed a sourcing pact worth $10 million with a consortium of diamond miners.
Earlier in December 2011, it acquired Hong Kong based jewellery manufacturing company Crown Aim, but has so far not disclosed the financial details of the deal.
