Rs 3500 crore Gitanjali Gems Ltd., one of the largest integrated diamond and gold jewellery manufacturer and retailer acquired Nakshatra Diamonds, a brand previously owned by DTC and Lucera Jewellery, a premium silver jewellery brand from Renaissance Jewellery.

Gitanjali aims to position Nakshatra as a known lifestyle brand worldwide by introducing accessories including designer bags, watches and belts and by acquiring Lucera the group aims to strengthen its position in the silver jewellery market. The group will consolidate Lucera’s position as a premium jewellery & lifestyle brand and has plans to open five more stores across country this year in Aurangabad, Nagpur, Pune, Rajkot & Kanpur.

With this acquisition Gitanjali wants to move up in the industry and thus offer a wide range of products to customers, said Mehul Choksi, Chairman, the Gitanjali Group. The group had earlier introduced renowned brands such as Asmi, D’Damas, Gili, Gianti and several others into the market.