Shree Ganesh buys Dubai jeweler

Shree Ganesh the Rs 5,800 crores jewelry house, is buying a Dubai diamond manufacturer

and retailer for $150 million. With 17 company-owned Gaja stores and seven franchisee stores, Shree Ganesh plans to have 50 company-owned stores in two years and 50 franchisee-run stores in one year. It expects the revenue from the retail segment to grow from Rs 400 to Rs 1,200 crores in two years. It is a government of India-recognized four star export house and is one of the leading manufacturers and exporters of handcrafted gold jewelry from India. Moreover the jeweler is also eyeing a 150-year-old Italian jeweler and wants to launch its brand in China, Korea and Japan.

Shares of the company are listed on the Bombay Stock Exchange and the National Stock Exchange of India. The Dubai facility produces diamond and gold ornaments of Arabian design. It has a manufacturing facility with a capacity of 10 tons of diamond jewelry and around 20 retail stores in UAE. With headquarters in Kolkata, Shree Ganesh has subsidiary offices in Hyderabad, Chennai, Bangalore, Delhi. The company is into manufacturing and exports of gold and diamond jewelry, gemstone studded jewelry and lightweight Italian jewelry.