Damas now Gitanjali’s

Italian jewelry brands Stefan Hafner, IO Si, Roberta Porrati, and Nouvelle Bague , previously owned

by Dubai based Damas International have been bought out by Mumbai-based Gitanjali Gems for an undisclosed amount. Inside reports earlier had pegged the buyout at around Euro 20 million, but this figure stands unconfirmed. With this prestigious acquisition, Gitanjali Gems will have direct access to high skill set required for manufacturing contemporary designer jewelry and take over Damas International’s existing network in the Kingdom of Saudi Arabia, United Arab Emirates, Kuwait and Europe.

This Italian acquisition follows just about a year after Gitanjali Gems acquired the remaining 50 per cent stake in its Indian joint venture company Morellato India for an undisclosed sum. Morellato India is a 50:50 JV between Gitanjali Gems and Morellato & Sector Group of Italy, an Italian jeweler and watchmaker besides licensee for fashion groups. It also manufactures jewels, watches and accessories under its own brand. Morellato India holds marketing, promotion, sales and distribution rights of Morellato, Sector (non-Swiss made collection), Roberto Cavalli, Just Cavalli and Miss Sixty watches in India.

Acquisitions are a regular feature in Gitanjali’s agenda. In December 2009, the company through its subsidiary Gitanjali Lifestyle acquired majority stake in Salasar Retail, a Delhi-based retailer with 10 stores in northern India. The year before, the firm had snapped up Alliance Jewellers, a Lebanon-based company through its subsidiary Brightest Circle Jewellery, besides a 70 per cent stake in an Indian mobile retail store MobileNXT.

Global consultancy firm KPMG is reportedly working on restructuring the company and one proposal is to bring the entire domestic jewelry business, including rough diamond sourcing, cutting and polishing to branded jewelry retailing, under one roof.