The Gitanjali Group is proposing to look beyond jewellery manufacturing and retail, and foraying into building infrastructure for the diamond and gem industry. It has recently cited interest in setting up a SEZ for the diamond processing industry, in Bengaluru (formerly known as Bangalore).

The project has caught the interest of companies like Laxmi Diamond, Asian Star and C. Mahendra and foreign companies like the Israel-based Meirow Group and Italian firm Mariella Burani Fashion Group. The estimated investment in the project will be to the tune of Rs.400 crore ($93.6 million) and the company is thinking of increasing this by about Rs.500 crore to Rs.700 crore ($117 million to $164 million) which it will source from local and foreign firms.

The SEZ is proposed over 50-100 acres close to the Bengaluru International Airport, for which a formal request will be presented to the Karnataka government. According to the company, the selection of site at Bengaluru is prompted by the city’s profile as the third-best modern city in the country and proximity to the airport will facilitate exports from the SEZ.