Indian jeweller Gitanjali Gems is continuing its international expansion with a second acquisition in China nearing completion.

Without disclosing the name of the Chinese jeweller, Gitanjali Gems head of corporate strategy Abhishek Gupta said, “We are looking at another company in China as that market is very attractive for us. This time round we are looking to acquire a retailer with about 50 stores.”

The deal is expected to be announced within three months.

Gitanjali Gems’ first acquisition in China was the Hong Kong-based jewellery company Crown Aim.

Expansions in its home country and overseas markets including China and the US is foreseen throughout the next fiscal year, commencing April. In the US, which accounts for 35 per cent of the company’s total diamond market, Gitanjali will open another 20 stores.

Domestically, it plans to add another 485 points of sale.

Gitanjali Gems, whose market value is US$752.2 million, hopes to achieve a 45 to 50 per cent increase in its profits and a 30 to 35 per cent sales growth in the next fiscal year.

GB