Monday, September 11, 2006

Jewelry news

Economic Times reports:

Gitanjali Gems announced that it will be purchasing a US jewelry chain with 100 stores for $40 million. The company is at present in advance stages of negotiations with the company, which is one of the top 10 jewelry firms in the US and has an estimated turnover of $100 million. Gitanjali Gems has made a significant dent in the Indian jewelry market with its brands, Asmi, Gili, Ginatti, D’damas and Nakshatra and plans to grow its chain from its current 620 outlets to 900 outlets.

The Hindu Business Line reports:

Oyzterbay plans to form a JV with German company
Jewelry company Oyzterbay plans to enter into a joint venture with a German company to retail its products at its 56 Oyzterbay stores across the country. The company’s has 30 company owned standalone stores that will undergo a name change and will soon be called Labh Jewelers. Oyzterbay was recently purchased by Rajesh Exports.

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