India’s largest diamond jewelry retailer is on the verge of acquiring a jewelry diamonds retailer in China.
According to Reuters, Gitanjali Gems will likely announce within the next three months that a deal has been reached to buy Crown Aim, which is based in Hong Kong. The financial details of the transaction have yet to be disclosed.
Abhishek Gupta, who heads Gitanjali’s corporate strategy department, said that the firm is looking to acquire a retailer with about 50 stores, and that it is very interested in expanding its operations in China.
Gitanjali is valued by the market to be worth $752.2 million. It seeks to extend its reach in India, China, and the U.S. for the coming fiscal year.
Most significantly, it recently signed a sourcing deal with $10 million with a consortium of diamond miners. Gupta said the deal will help bring down costs by as much as 10% while keeping supply consistent.