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Mumbai Feb. 14 Gitanjali USA Inc, a subsidiary of Gitanjali Gems Ltd, a Rs 3,000-crore conglomerate, has announced the purchase of a 70 per cent stake in Tri-Star Worldwide LLC, a US-based manufacturer and global distributor of Canadia brand diamonds and jewellery.

Tri-Star is a BHP Billiton sightholder and a CanadaMark licensee. This means that the company has the right to directly purchase rough diamonds from the Australian miner BHP Billiton.

The new arrangement will create an opportunity for marketing Tri-Star's Canadia diamond brand through Gitanjali's existing customer base of 1,200 independent retail jewellers.

"The Tri-Star venture is an ideal fit for Gitanjali and is consistent with our downstream strategy. Our group will enhance the Canadia model and enable it to reach new heights," said Mr Mehul Choksi, Chairman, Gitanjali Gems.

"We are going to invest $5 million in Tri-Star this year and are projecting a top line of $20 million this year," said Mr Choksi.

"Gitanjali has extensive global distribution channels and is the most vertically integrated diamond house in the world. This will help Tri-Star propel Canadia to new levels not only in our existing markets in North America and the United Kingdom, but also in the Indian and West Asian markets where Gitanjali has well established retail networks, said Mr Oren Sofer, CEO, Tri-Star.

In December 2006, Gitanjali had acquired majority interest in Texas-based retailer Samuels Jewellers.

More Stories on : Mergers & Acquisitions | Gems & Jewellery

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