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Gitanjali diamond segment grows 15.21%

11 Aug '07

3 min read

Gitanjali Gems has set up another wholly owned subsidiary - Gitanjali Lifestyles (GLL). The new company will barter in the lifestyle business as manufacturers and or dealers in multiple areas, including accessories like jewelleries, watches, clocks, leather products, eye wares, perfume, cosmetics or similar products.

It will also work as a marketing agent on the basis of ready delivery or forward contracts, counter trade, switch over deal on commission basis or otherwise.

Gitanjali Gems has got approval from foreign investment promotion board for issuing 1,554,050 equity shares of Rs 10 each of the company to B III Capital Partners, L.P. and B III A Capital Partners L.P. towards acquisition of 97% shares of Samuels Jewelers, USA.The said shares are issued as part consideration for acquiring 97% shares of Samuels Jewelers, USA.

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The company is planning to launch a channel finance scheme for its distributors and franchisees. Gitanjali Gems will be introducing credit cards through a tie-up with credit card companies. The consumers can purchase the company`s products depending upon the individual credit limits.

The company is working on finance schemes wherein the consumers will be in a capacity to purchase through easy installments of 3 and 6 months. The scheme is targeting the working women population, who will now be in a state to buy the desired jewellery and pay later.

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Gitanjali Gems Ltd

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