Gitanjali Gems Gets Approval for R5 Billion SEZ Project

Indian diamond and jewelry firm Gitanjali Gems Ltd. announced yesterday (Wednesday) that it has received final approval to set up a gems and jewelry special economic zone (SEZ) project outside Hyderabad.

The plan, approved by the central government, calls for a 5 billion rupee ($108.4 million) investment, Chairman Mehul Choksi told Reuters.

Gitanjali, a Diamond Trading Company (DTC) Sightholder, plans to set up production units, an international trade center, and a convention center on the 200-acre area. The project is slated for completion in 2008.

Reaction to the news was enthusiastic, as Gitanjali shares jumped 5.5 percent to 159.30 rupees.