Gitanjali purchases Nakshatra from DTC

Gitanjali Gems Ltd. has purchased the Nakshatra brand from the DTC through its wholly-owned Dubai-based subsidiary, Gitanjali Ventures DMCC. The deal was worth Rs.100 crore ($25.4 million). Nakshatra has so far been marketed by Brightest Circle Jewellery Pvt. Ltd. which had as partners - Kirtilal Kalidas and Mahendra Brothers (together owning 67% stake) and Gitanjali Gems which held 33% stake. Gitanjali has now purchased the stake from both partners.

According to the deal, Gitanjali will own the manufacturing of Nakshatra, brand distribution and the marketing rights and the rights under the existing domain name www.nakshatra.com. Gitanjali has estimates to generate sales worth Rs.1,000 crore ($254 million) over the next five years, by promoting the brand in the global market.