Gitanjali Gems buys Italian jewellery firm

Leading jewellery brand Gitanjali Gems said it has acquired Italy-based jewellery firm DIT Group SpA,which owns brands like Stefan Hafner,for USD 11 million.

Leading jewellery brand Gitanjali Gems today said it has acquired Italy-based jewellery firm DIT Group SpA,which owns brands like Stefan Hafner,for USD 11 million.

We have acquired DIT Group Spa for USD 11 million, Gitanjali Gems Ltd Managing Director Mehul Choksi told PTI.

DIT,a unit of Dubai-based jewellery group Damas International,had filed for bankruptcy and was under liquidation process with Civil Court of Alessandria in Italy.

The liquidation process has been completed and we have got permission to officially acquire the assets of DIT Group Spa, he said.

Along with DIT Group Spa,Gitanjali has acquired its operating vehicle BLU Srl,which was set up to help the four brands (Stefan Hafner,IO Si,Roberta Porrati,and Nouvelle Bague) keep working when DIT had sought to restructure debt, he said.

Choksi further said that there is good brand equity of these brands in Italy and the takeover of the company will help Gitanjanli with DITs Italian techniques and creativity for high-end products.

Gitanjali has brands such as Nakshatra,Asmi,Gilli and DDamas.

Story continues below this ad

Shares of the company closed at Rs 293.05 on the Bombay Stock Exchange (BSE),up by 1.81 per cent from previous close.