Once a stock market darling, the jewellery chain heads for liquidation.
Gitanjali Gems is foraying into the business of providing gold loans and safe deposits vaults. The company has also acquired Trinity Watch Co and Renaissance Retail Ventures for undisclosed sums. It has also formed a subsidiary, Mohar Jewels. It will soon launch the fashion retail format through its retail subsidiary Gitanjali Lifestyle. The company has tied-up with three fashion designers to introduce fashion apparels and private labels and will also open exclusive stores.
The slowdown in the world's largest jewellery market could provide an opportunity for acquisitions. Following the acquisitions of two jewellery chains in the US, Samuel Jewels in December 2006 and Rogers in November 2007, Gitanjali Gems is eyeing a few more buyouts in the world's largest jewellery market.
Vipul Chitalia was apprehended at Mumbai airport and brought to the CBI office at the Bandra-Kurla Complex in Mumbai for questioning, he said, but did not divulge any other details about Chitalia's alleged role in the PNB fraud.
Designer Pria Kataaria Puri held back-to-back showings over the weekend, putting on display a tantalising array of bridalwear and red carpet specials alongside jewellery by TBZ Nirmal Zaveri and Gitanjali Jewels. Check it out.
The Silver Jubilee celebrations of the historic 1983 World Cup win will kick-off on Sunday with the re-union of the champion team members for a series of programmes, including a grand felicitation by the BCCI. The BCCI will felicitate the heroes of the nation, who had grounded the mighty West Indies to clinch the coveted Cup at Lord's on June 25 in 1983.
The Enforcement Directorate has attached assets worth over Rs 14 crore belonging to the Gitanjali Group and its promoter and jeweller Mehul Choksi, one of the prime accused in the alleged over Rs 13,000 crore PNB loan fraud case. The properties attached, under the anti-money laundering law, include a flat measuring 1,460 sq feet located at O2 Tower in Goregaon area of Mumbai, gold and platinum jewellery, diamond stones, necklaces made of silver and pearls, watches and a Mercedes Benz car, the ED said in a statement. A provisional order for attachment has been issued under the Prevention of Money Laundering Act (PMLA) for the assets worth a total Rs 14.45 crore that are in the name of Gitanjali Group of companies and its director Mehul Choksi, it said.
Mumbai-based diamond processing and jewellery manufacturer Gitanjali Gems aims to become a global retailer. Lately, the Rs 3,500-crore (Rs 35 billion) company has been in the news for international acquisitions, consolidation in the domestic market and diversification in lifestyle retailing.
In one of the first global acquisitions by an Indian firm in the retail space, gems and jewellery major Gitanjali Gems has bought US-based Samuels Jewellers for Rs 200 crore
The 26-yr-old actor from Punjab has a million followers on social media.
Gitanjali Group, the Rs 4,500-crore (Rs 45 billion) diamond-studded jewellery manufacturing firm, has evinced interest in setting up a special economic zone (SEZ) for diamond processing industry near Bangalore.
Regulator probing jewellery houses for violation of collective investment scheme rules, says Shrimi Choudhary.
Change in strategy to reduce cost, as prices and cost of funds increase, with lease charges being much cheaper than purchase
Building a global brand was Choksi's idea, which Modi borrowed from him.
Precious ornaments are estimated to become 3% costlier under GST
India's biggest jewellers' association has asked members to stop selling gold bars and coins.
The ED has filed a fresh chargesheet against absconding jeweller Mehul Choksi, his wife Priti and others under the anti-money laundering law in connection with the over Rs 13,000-crore PNB loan fraud case, officials said on Monday. This is the first prosecution complaint filed by the central agency against Choksi's wife Priti Pradyotkumar Kothari. She has been charged by the Enforcement Directorate (ED) with "helping her husband in layering of the proceeds of crime".
Given how everything has played out, Mehul Choksi, now 62, achieved all that he wanted but for all the wrong reasons, says Pavan Lall.
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
Choksi, along with his nephew and millionaire designer jeweller Nirav Modi, is being investigated by the ED for allegedly defrauding PNB, the country's second largest lender.
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
The CBI has filed a fresh case against absconding diamantaire Mehul Choksi, wanted along with his nephew Nirav Modi in a loan fraud case of Rs 13,500 crore, for allegedly inflating the value of diamonds and jewellery pledged to get Rs 25 crore loan from IFCI, officials said on Monday. The CBI has booked Mehul Choksi, his company Gitanjali Gems and valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah, they said. The central agency has acted on a complaint from Industrial Finance Corporation of India (IFCI) Ltd alleging that Choksi had approached it in 2016 seeking Rs 25 crore working capital loan for which he had pledged shares and gold and diamond jewellery.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
Gold prices fell by Rs 180 to Rs 27,520 per 10 grams on Monday, while silver prices also dropped by Rs 300 to Rs 45,500 per kg taking weak global price trend.
Here's a first look at the best catwalk moments from Day One of India International Jewellery Week.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
PNB issued a formal appointment letter to Belgium-based consultancy firm BDO
Glimpses from the closing day of India International Jewellery Week.
Finance Minister Nirmala Sitharaman on Thursday said that fugitive businessmen Vijaya Mallya, Nirav Modi and Mehul Choksi are "coming back" to India" to face the law.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
The jewellers and companies linked to Nirav Modi and Mehul Choksi had allegedly colluded with PNB officers to obtain fake bank guarantees to get loan from overseas branches of Indian banks including Allahabad Bank, Axis Bank and UCO Bank.
The jeweller, who had left the country before Punjab National Bank approached the CBI with complaint against him and Nirav Modi, said the media continued to conduct a trial by itself blowing each and every issue out of proportion.
Analysts expect more downside in this sector, with Titan still the preferred bet.
The scheme, touted as a panacea to burgeoning CAD, was a huge flop that fostered a spike in smuggling and allowed several Gitanjali-like players to make a killing
Shares of gold loan companies like Manappuram Finance and jewellery makers on Monday fell sharply by up to over 13 per cent, following weakness in gold prices which hit over 15-month low.
Buying had been muted in the past few weeks.
Shares of jewellery makers on Monday fell sharply by up to 20 per cent following dip in global prices of gold.
A quick computation puts the following value to the seizures.
Only three or four tonnes is estimated to have been mobilised under the scheme.
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