Gitanjali Gems acquires Samuels Jewellers INC, USA

Mumbai, Dec 20 (UNI) The Rs 2500 crore Gitanjali Gems Ltd, India's largest integrated diamond and jewellery manufacturer and retailer, today announced the acquisition of Samuels Jewellers Inc, the 8th largest jewellery chain in United States.

Gitanjali Chairman Mr Mehul Chokshi told reporters that the company has acquired 97 per cent stake in the 'Special Retailer' which operates 97 stores spread across 18 states with current revenues of USD 100 millon, for an investment of Rs 200 crore.

The acquisition is being financed through internal accurals and proceeds of the recently concluded USD 110 millin FCCB. This is one of the first acquisitions by an Indian company in the organized US jewellery market, which commands 35 per cent of the global jewellery market in a landmark step for the industry.

Significantly, the US is a predominantly diamond jewellery market, with over 55 per cent of the total jewellery sold being diamond studded jewellery, which fits in well with Gitanjali Gems' manufacturing expertise. With the US accounting for over half the global diamond jewellery sales, it also marks a significant consolidaton in Gitanjali's global footprint.

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