Gitanjali Gems Aiming to Expand Diamond Jewelry Retailing

(IDEX Online News) – Indian diamond and jewelry giant Gitanjali Gems plans to raise money for a proposed expansion plan in the Indian and global markets.

"The company is going in for diamond jewelry retailing all over the world and also for more profitable items," said Managing Director Mehul Choksi.

It plans to add 50 more stores in the United States, to expand its presence by 50% in the world's largest diamond jewelry consuming market.

It will also establish distribution centers in China and the Middle East to increase its base, he said.

Gitanjali also plans to increase its shop-in-shop model by 3,000 outlets all over the world to increase penetration. In addition to the money the firm will inject, private investors will provide the rest.

"While focusing on branding and retail, the company plans to increase its reach in the shop-in-shop model. In the US, we are planning to open at least 15-20 stores by November," said Choksi.

After America, it plans to concentrate on the Indian markets, followed by China and West Asia.