Damas, Gitanjali target India expansion

Middle East jewellery group Damas and Indias Gitanjali Gems Ltd. plan to open up to 60 stores by 2014 to tap into rising jewel demand in India, according to Prodyut Bannerjee from Damas Corporate Finance Department. Damas recently won approval to set up a joint venture with diamond and jewellery maker Gitanjali to trade jewellery and related accessories, according to a Reuters report. The companies will jointly invest up to USD $ 72.72 million, the minimum required by the Indian Government.