Founded in 1966 as a single company cutting and polishing diamonds for the jewellery trade at Surat, Gujarat in India, the Gitanjali Group became a pioneer among major diamond and jewellery houses, and was the first major diamond and jewellery house to be launched and run by modern entrepreneurs rather than dynastic jewellers.
The group has received over 50 National and Council awards from the Ministry of Commerce. Operations span the globe, all the way from USA, UK, Belgium, Italy and the Middle East to Thailand, South East Asia China, and Japan.
Gitanjali has gone on to become the leading player in branded jewellery in India with an entire range of branded offerings for every segment of the market. At all levels, its name is an assurance of quality –in materials, in manufacture and finish, in design and in service. Today, seven of the top 10 brands in India are from Gitanjali.
The group has some 3,000 points of sale across India, as well as around 550 exclusive and multi-brand outlets; in the USA it has 130 stores under the Rogers and Samuels brand names, as well as a branded presence in over 100 shops in Japan and over 50 in China.
During the past year, Gitanjali’s major expansion has taken place in India, where the economic slowdown provided an opportunity of sorts in terms of more realistic rentals and property rates; it also entered the smaller Tier 2 and Tier 3 cities in the country where there are clearly many exciting opportunities.
“We plan to expand significantly in India over the coming year, with new brands and new retail formats helping to drive overall growth by about 30-35 per cent,” comments Chairman Mehul Choksi. “Although there are signs of a slow recovery in the US we are not planning any major expansion, but we have begun plans to expand in China and Japan, and are also looking at the Middle East where we recently opened our first store.
“Longer term, we plan to strengthen our presence in our existing markets and also develop plans for entering new ones,” he says.
The new markets that Gitanjali are considering for future expansion include Russia, some parts of South America, particularly Brazil, and a number of African countries.
Gitanjali makes every effort to cater to every segment of consumer demands – for the love for jewellery and ornamentation cuts across different segments of society. Each brand has its specific targets, from a luxury store like Giantti that offers a range of high-end international and Indian brands, to brands that interpret traditional Indian motifs in a contemporary style and so on.
For the full article, please see the September 2010 issue.
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