GITANJALI GEMS LTD.

Gitanjali Gems Ltd is one of largest integrated diamond and jewellery manufacturers and retailers in India. The company is engaged in sourcing of rough diamonds from primary and secondary source suppliers in the international market, cutting and polishing the rough diamonds for export, manufacturing and selling of diamonds and other branded and unbranded jewellery. They also manufacturers and sell diamond and other jewellery through the retail outlets in India. The company sells their branded jewellery under the name, Nakshatra, Asmi, Gili and D'Damas. They are having two modern manufacturing facilities located at Borivali in Mumbai and at the Special Economic Zone in Surat. Further, the company has two modern jewellery manufacturing facilities at MIDC at Andheri, Mumbai and a facility at the Santacruz Electronic Export Processing Zone at Andheri, Mumbai. Gitanjali Gems was incorporated in the year 1986.The company was converted into a limited company September 2000. From being primarily involved in the cutting, polishing and processing of diamonds, Gitanjali emerged as one of the few organized and integrated players in the Indian gem and jewellery industry. In the year 1990, the company commenced production of diamond studded and other jewellery at their manufacturing facility at the SPZ at Andheri, Mumbai. In the year 1994, they commenced their retail sales though their associate company Gili India Ltd. During the year 2005-06, three groups of companies namely Gemplus Jewellery India Ltd, Prism Jewellery Pvt Ltd and Giantti Jewels Pvt Ltd were merged with the company. Pursuant to the scheme of amalgamation, CRIA Jewellery Pvt Ltd became a subsidiary of the company with effect from April 1, 2005 and D?damas Jewellery (India) Pvt Ltd became a joint venture company. Gitanjali Exports Corporation Ltd became a subsidiary on September 20, 2005 subsequent to increase in share holding to 51% by the company and in October 2005, Hyderabad Gems SEZ Ltd became a wholly owned subsidiary of the company. In March 2006, the company formed a joint venture company with Sanghavi Exports namely, Spectrum Jewellery Pvt Ltd for manufacturing and marketing the Sanghini brand of Diamond Jewellery. In May 2006, Shubalavanyaa Jewel Crafts Pvt Ltd became a subsidiary of the company and in July 2006, Desire Lifestyle Pvt Ltd has become a wholly owned subsidiary of the company. In July 2006, the company entered into a shareholder's agreement with Modern India Ltd to form a joint venture by way of subscription to equal number of Equity Shares of Modali Distributors Pvt Ltd. During the year 2006-07, the company increased their stake in Gili India Ltd, thereby the company became a subsidiary company. The company through their subsidiary Fantasy Diamond Cuts Pvt Ltd, along with Diadem Ranka International Pvt Ltd, formed a joint venture company Diadem Ranka Desire Lifestyle Pvt Ltd, engaged in the business of gold and diamond jewellery. During the same year, the company incorporated a wholly owned subsidiary company namely Gitanjali Infratech Ltd. Also, they incorporated Gitanjali Ventures DMC in Dubai for trading Diamonds, precious stones, diamonds jewellery and perals. The company acquired the majority stake in Samuels Jewelers Inc a US based company engaged in the business of merchandising jewellery and also purchased a majority interest in Tri-Star Worldwide LLC. During the year 2007-08, the company formed wholly owned subsidiaries namely Raigad Gems SEZ Ltd, Aurangabad SEZ Ltd, Nanded SEZ Ltd, West Bengal SEZ Ltd, Nashik Multi Services SEZ Ltd and Nagpur Multi-Products SEZ Ltd as Special Purpose Vehicle for development and execution of the project. The company has completed the process of acquisition of required land measuring 10.035 hctrs at Panvel, Raigad and in the process of acquiring required land in respect of their other SEZ projects at Aurangabad, Nanded, Nashik and Nagpur. They also expanded their diamond and jewellery manufacturing facilities by setting up state-of-Art Modern factory in Hyderabad SEZ for diamond processing. In April 1, 2007 D?damas Jewellery (India) Pvt Ltd, a joint venture company became a subsidiary company and in May 2007, the company set up a wholly owned subsidiary company, Gitanjali Lifestyle Ltd to build and promote luxury malls across the country. In September 2007, Ivida Technologies Pvt Ltd was incorporated as a wholly owned subsidiary company and thus they forayed into the software, technology and telecom business. In November 2007, the company acquired 100% stake in Rogers Ltd Inc, a US based company and also acquired the Brand Asset 'Nakshartra' through one of their wholly subsidiary Gitanjali Ventures DMCC. The company signed a joint venture agreement with Netherlands based ARMO Netherlands Finance BV to form a JV company Morelleto India Pvt Ltd, to carry on their business of manufacturing, assembling, importing, exporting etc. The company increased their stake in Brightest Circle Jewellery Pvt Ltd and thus made BCJPL became a wholly owned subsidiary and acquired Renaissance Retail Venture Pvt Ltd through their wholly owned subsidiary Gitanjali Lifestyle Ltd. Also, they signed a MoU with Mariella Burani Fashion Group of Italy through their wholly owned subsidiary Gitanjali Lifestyle Ltd to form a Joint Venture in India. In March 2008, Mohar Jewels Ltd was incorporated as a wholly owned subsidiary for carrying on the business of providing safe deposit vault, displaying and export of Gold Jewellery. The company acquired Trinty Watch Company Pvt Ltd, through their wholly owned subsidiary Gitanjali Life style Ltd engaged in the business of sale of watches under their registered premium brand Iris. Also, they acquired 100% shares of Modali Jewels Pvt Ltd, earlier a joint venture company. In May 2008, the company formed Kolkata Axis Mall Ltd through their wholly owned subsidiary Gitanjali Infratech Ltd. In June 2008, the company made Eureka Finstock Pvt Ltd and Decent Securities & Finance Pvt Ltd as wholly owned subsidiaries which were earlier promoter group companies. Also, the company acquired 100% stake in B Vijay Retail Ventures Pvt Ltd through their wholly owned subsidiary, Gitanjali Lifestyle Ltd. In October 2008, the company increased their stake in Gitanjali Exports Corporation Ltd to 100% and thereby made the company a wholly owned subsidiary company.