Gitanjali Gems Ltd. has bought over Rogers Ltd., a jewellery retail chin in the U.S. The deal was worth US$18.5 million and Gitanjali has plans to further invest US$20 million within the coming months.

With the acquisition, Gitanjali now owns all 46 retail stores of Rogers which are currently operational across 11 states, and which generate annual revenues of $80.6 million. The stores are operated under the names Rogers Jewelers and Andrews Jewelers, and offer jewellery for the middle upper income consumers. The group intends to operate the stores though its back-end supply chain in India.