Background

Gitanjali Gems Ltd was established in 1986 as Gitanjali Gems Pvt Ltd. In 1991, the company began its jewellery operations and in 1994 acquired its present name. Later that year, the company launched its first branded jewellery ‘Gili’. Gitanjali is a diamond and jewellery manufacturing and retailing company in India.

Company Profile

Gitanjali Gem’s operations include rough diamond sourcing, cutting, polishing and distribution, jewellery manufacturing, jewellery branding and retailing for Indian and international markets. It also produces and markets diamonds and other branded & unbranded jewellery. The company’s plants are located at Surat, Mumbai and Hyderabad. Gitanjali Gems has successfully launched various brands which include Asmi, Gili, D’Damas and Nakshatra. The company’s operations and exports span through US, Belgium, Europe, Middle East and Asia. For the third quarter ended Dec 09, Gitanjali Gems posted net revenues of Rs 8.76 bn, a growth of 60% as compared to same quarter of 2008 (54.5% of the revenue was generated by exports). It also reported a

17% (y-o-y) rise in net profits to Rs 314 mn. The company is also involved in infrastructure and retail segment through its subsidiaries. In Nov 2007, the company acquired Rogers Ltd, US which operates 46 retail jewellery stores under the brands- Rogers Jewelers and Andrews Jewelers. In FY08, Gili India, which owns the Gili brand, became a wholly owned subsidiary of the company. During the same period, Gitanjali also acquired Renaissance Retail Venture Pvt Ltd, engaged in diamond studded jewellery under the brand- Lucera and the brand - Nakshatra from DTC. In 2007-08, it entered into MoU with MMTC to form a JV for operating jewellery showrooms with Mariella Burani Fashion Group, Italy to launch the latter’s brands in the domestic market. In Jun 2009, the company decided to set up a joint venture company with with Damas LLC, Dubai for retail trading of all kinds of jewelleries and related accessories.