Mumbai-based jewellery major Gitanjali Gems Ltd is all set to take over DIT, the Italian unit of Dubai jewellery maker Damas International, that owns brands such as Stefan Hafner, IO Si, Roberta Porrati, and Nouvelle Bague for an undisclosed amount.

Earlier reports had suggested Gitanjali has earmarked around €20 million for proposed acquisitions that included all four brands of DIT Group and one from Mariella Burani Fashion Group SPA.

Gitanjali said, DIT is under liquidation process in Italy and the acquisition will provide it with new skillset for high end products besides access to DIT’s existing network in Saudi Arabia and Europe.

This comes just about a year after it acquired the remaining 50% stake in its Indian joint venture company Morellato India Pvt Ltd for an undisclosed sum. Morellato India was a 50:50 JV between Gitanjali Gems and Morellato & Sector Group of Italy, an Italian jeweller and watch maker 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.

In December 2009, the company through its subsidiary Gitanjali Lifestyle Ltd also acquired majority stake in Salasar Retail Ltd, a Delhi-based retailer having 10 stores in northern India. Earlier, the firm had snapped Alliance Jewellers Pvt Ltd, a Lebanon-based company through its subsidiary Brightest Circle Jewellery Pvt Ltd, besides a 70% stake in a Indian mobile retail store MobileNXT.

The company has also been in the news related to a proposed fund raising programme worth $100 million in a new holding company for all its brands. According to reports it is in talks with Blackstone, CX Partners besides Bain and Advent to sell a minority stake.

Global consultancy firm KPMG is reportedly working on restructuring the company and one proposal is to bring the entire domestic jewellery business, including rough diamond sourcing, cutting and polishing to branded jewellery retailing, under one roof. This entity will be positioned as a holding company under the parent firm. Rothschild is the investment banker for the proposed deal, separate reports suggested.

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