Gitanjali outlines expansion in China

Gitanjali Gems is implementing some investment strategies, increasing its presence in the Chinese gem and jewellery industry, and selling its stake in Ivida Technologies, as reported.

Reports suggest that the retailer is preparing to scale the number of its retail outlets ion the country from the current 45 to over 100 within three years. It is expecting to invest around $3.5 million in its Chinese market expansion, citing large domestic demand for jewellery, and a preference for platinum jewellery. At present, Gitanjali has set up retail outlets, and two diamond and jewellery production facilities in China. Also, poor performance led the company to selling its stake in Ivida Technologies.