Gitanjali to invest Rs 300 cr

Gitanjali Group, part of the Rs 2,000 crore Digico Group which is into gold retailing and exports, along with its partners plans to invest Rs 300 crore over the next three years to promote a slew of gold retail brands.

The company, which promotes jewellery brands such as Gili, Collection G, Nakshatra, Asmi and D'damas, is now introducing Damas brand into India through one of its retail arms, Mast Jewellery Distributors. Damas is the brand of the Dubai-based $1 billion Damas Group which is also into gold retailing and exports.

Said Mehul Choksi, MD, Gitanjali Group: "India is a leading consumer of gold globally and branding is a key differentiator. We are making significant headway in this. We are now bringing one of Asia's leading brands, Damas, into India to expand the scope of the market for branded jewellery market here."

The Damas brand will be sold in exclusive stores along with other international jewellery brands such as Aprile, Bersani, Aura. "The first exclusive store is being set up in Bangalore and we plan to spread across India at a fast clip over the next year. Cumulatively, we along with our partners in all regions will be investing close to Rs 300 crore for this expansion and also for upgrading our manufacturing units," Choksi added.

Commenting on the positioning Damas will take in India, Shaheeda Abdul Kader, MD, Mast Jewellery said: "Affordable luxury is our motto and with a range of trendy jewellery starting from Rs 3,000, we promise to change the consumer's outlook towards style and beauty. We also have plans to introduce a range of ethnic Indian jewellery shortly."