Gitanjali Gems to add 150 stores in US

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Kolkata, Oct 8 Gitanjali Gems, an integrated diamond and jewellery manufacturer, is planning to add 150 stores in the US, taking the total there to 250 by next year.

In November last year, it had acquired a 97% stake in Samuels Jewelers Inc, a Texas-based chain that has 97 stores in the US and a turnover of $100 million.

"We are planning to increase the number of stores to 250 by next year," said Mehul Choksi, chairman of the Rs 4000-crore Gitanjali group, here to identify a site for a special economic zone for gems and jewellery.

"The US market is very mature and we are looking for expansion there through further acquisition of 150 stores," Choksi said. The group is also looking at expanding its base in China, where it has 25 stores.

"We are investing Rs 2,000 crore in the state over next few years to set up a SEZ for gems and jewellery. We would also set up a training institute and a luxury store." The group is looking for land at Rajarhat New Town or Kalyani.

The institute, to be set up at the Mani Kanchan SEZ, would train almost 10,000 people in jewellery manufacturing, diamond cutting and polishing over the next five years.

It has also acquired 80,000 sq ft in the 5 lakh sq ft Axis Mall in New Town being developed by Bengal Peerless, where its premium store will bring foreign brands.