Gitanjali Gems buys Italian jewellery firm

Leading jewellery brand Gitanjali Gems today said it has acquired Italy-based jewellery firm DIT Group SpA, which owns brands like Stefan Hafner, for $11 million.

"We have acquired DIT Group Spa for $11 million," Gitanjali Gems Managing Director Mehul Choksi told PTI.

DIT, a unit of Dubai-based jewellery group Damas International, had filed for bankruptcy and was under liquidation process with Civil Court of Alessandria in Italy.

"The liquidation process has been completed and we have got permission to officially acquire the assets of DIT Group Spa," he said.

"Along with DIT Group Spa, Gitanjali has acquired its operating vehicle 'BLU Srl', which was set up to help the four brands [Stefan Hafner, IO Si, Roberta Porrati, and Nouvelle Bague] keep working when DIT had sought to restructure debt," he said.

Choksi further said that there is good brand equity of these brands in Italy and the takeover of the company will help Gitanjanli with DIT's Italian techniques and creativity for high-end products.

Gitanjali has brands such as Nakshatra, Asmi, Gilli and D'Damas.

Shares of the company closed at Rs 293.05 on the Bombay Stock Exchange, up by 1.81% from previous close.