Gitanjali Gems acquires US jewellery company

Chennai, Nov 20 (UNI) Gitanjali Group today announced the acquisition of Rogers Jewellers, one of the oldest family-run jewellery chain in the US, making it the world's largest and the only fully integrated diamond jewellery retailer.

Gitanjali Gems has acquired 100 per cent stake in the 'Speciality Retailer', which runs 46 stores across 11 states in the US with a revenues of US Dollar 80.6 million, with an investment of Rs 80 crore (US Dollar 20 million), a company release here said. The further investment planned over the course of a few months was five to 20 million US dollar.

This comes as the Group's second acquisition after Samuels Jewellers Inc in December 2006, establishing its footprint in the US jewellery market, which commands 35 per cent of the global market.

The acquisition would benefit the Group, enabling it to manage both Samuels and Rogers with the same back-end supply chain from India.

By providing back-end integration both the chain stores have the unique benefit of cost-efficient sourcing and deeper control of marketing and merchandising, the release added.

UNI