Gitanjali Group acquires DTC's Nakshatra Diamonds

Mumbai, Jan 8: Diamond and jewellery maker and retailers Gitanjali Gems Ltd has announced the complete acquisition in worth of Rs 100 crore of Diamond Trading Company's (DTC) Nakshatra Diamonds.

Gitanjali Lifestyle Ltd Vice President (sales) Mr Paresh Das told mediapersons here today that, ''This acquisition gives Gitanjali Group a sole right over the world's most supreme diamond jewellery brand and also hundred per cent stake in Brightest Circle Jewellery Pvt Ltd (BCJPL). Nakshatra was a brand owned by the DTC, with manufacturing, distribution and marketing rights held by BCJPL.

''Now, the Company plans to extensively broaden the Nakshatra brand portfolio hitherto restricted only as a diamond jewellery brand. The group will soon introduce other lifestyle accessories like designer bags, watches, belts and others to compliment the contemporary global citizen. Gitanjali aims to position Nakshatra as a jewellery and lifestyle brand worldwide and report sales worth Rs 1,000 crore over the next five years.'' On being asked about the change of brand ambassador, he replied that so far they have not decided onto it, as the present ambassador Ms Aishwarya Rai is one of the most beautiful woman on planet.

The company would pump in another Rs 100 crore in coming two years for expansion of existing units and brands and open 200 own stores across the country.

Meanwhile, Mr Amrish Masalia COO of BCJPL also stated that, ''This acquisition brings unparalleled depth and breadth of lifestyle and product offerings to existing and prospective customers of Nakshatra and Gitanjali. Nakshatra has been a key component in the rapid growth of the Indian diamond market since its launch in 2000. The acquisition is a significant step towards moving up the industry value chain and will provide synergy to Gitanjali's existing operations. With 170 per cent growth in value since its inception, Nakshatra has retained its position as the most preferred brand in the Diamond Jewellery Segment.''

UNI