Gitanjali Gems, a leading manufacturer and exporter of diamonds, has informed that Gitanjali Lifestyle Ltd, the 100% wholly owned subsidiary of the Company, has decided to set up a joint venture Company in India in association with Damas LLC, Dubai for retail trading of all kinds of jewelleries and related accessories.

It should be noted that, Damas LLC, Dubai has already secured necessary approval from Foreign Investment Promotion Board for setting up the said joint venture in India.

Under the arrangement, Damas would invest about $38 million in the joint venture to pick 51% stake in the company, while the rest stake in the JV company will be held by Gitanjali Lifestyle.

Sources revealed that Damas will run about 100 stores which are due to open over a span of three years with a total investment of over $63 million.

The JV company is schedule to open its first store in Delhi by next month.

Gitanjali Gems Limited engages in the manufacture, sale, export, and retail of diamonds and jewellery in India. The company sells jewellery under the Gili, Nakshatra, Asmi and D'Damas brands in India