Gitanjali Gems, a leading Mumbai-based diamond and jewellery manufacturer and retailer, has announced that its wholly owned arm named Gitanjali Lifestyle, has clinched a Joint Venture (JV) pact with Kuwait-based Hassan`s Optician Company LLC.

According to sources, the proposed joint venture conglomerate will execute business of purchase, import, retail and wholesale trading of sunglasses, eyewear, contact lenses and opticals.

The JV will distribute other similar products and related accessory under different brand names.

Scrip of Gitanjali Gems settled on Friday at Rs 61, down 5.93 percent on National Stock Exchange (NSE). The total volume of shares traded was 214,232 on NSE (Friday).