India’s biggest jewelry house Gitanjali is intent on expanding its presence in Asia in 2012. Last Wednesday, the company announced the establishment of a new subsidiary in Singapore, Leading Singapore Jewels Pte, whose main task will be to cultivate Gitanjali’s retail business in Singapore and other Asian destinations.
The company’s founder was Aston Luxury Group established by Gitanjali in Hong Kong, which is an umbrella setup of the parent company focused on international business. Thus, the jewelry house will be able to minimize its taxes, as both territories, Hong Kong and Singapore, are low-tax areas and do not levy taxes on incomes derived from activities abroad.
Last Tuesday, it was announced that Gitanjali moved to complete the acquisition of another company in China. The official information about this will appear in 2 or 3 months. In December 2011, Gitanjali acquired Crown Aim, a Hong Kong based jewelry manufacturer.
In early March, Gitanjali Gems bought one of the leading jewelry retailers in Japan for $18 million to develop its business in Japan and adjacent regions, according to the Hindu.
"I expect our pure retail business to go up to 50-60 per cent of our total in the next two years," said Mehul Choksi, Chairman of Gitanjali Group.
Dasha Platonova, Editor in Chief of the Asian Bureau, Rough&Polished
